John Gartner, brokerage senior vice president and principal with Colliers, said...
Cincinnati Business Courier
In the past five years, Greater Cincinnati has seen a burst of industrial development activity.
Since 2016, more than 26.5 million square feet of industrial real estate buildings have been completed, according to data provided by Colliers International. Of that the majority, or just under 19 million square feet, was built on a speculative basis, meaning the buildings went up without any tenants signed up to lease the space.
John Gartner, brokerage senior vice president and principal with Colliers, said as first-tier markets on the coast became increasingly expensive in the past decade, regional and national industrial developers started looking for opportunities in Cincinnati. The region has become a first-tier market as companies such as DCT Industrial (now part of Prologis), Core5 Industrial Partners, NorthPoint Development LLC, VanTrust Real Estate LLC, Clarion Partners, CA Ventures and others have come into the market, buying up land and constructing speculative buildings.