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The SIOR Great Lakes Regional Conference

Top 10 Key Takeaways from the SIOR Conference

Introduction

 The Society of Industrial and Office Realtors (SIOR) Great Lakes Regional Conference was held in Cincinnati last month. SIOR members from IN, IL, KY, MI, OH & WI met to network and learn. The conference was comprised of two main educational sessions:

  • Regional Economic Growth Presentation by REDI Cincinnati and Cincinnati/Northern Kentucky International Airport (CVG)
    • A case study on how growth at the Cincinnati/Northern Kentucky International Airport (CVG), with DHL’s massive operation and Amazon’s $1.5 billion air hub, is leading economic recovery coming out of the pandemic in the tristate region of Southwestern Ohio, Southeastern Indiana, and Northern Kentucky. This session was presented by Cierra Clymer, Director, International Business Development from REDI Cincinnati and Seth Cutter, Director of Communications and Government Affairs at CVG Airport. 
  • A Panel Discussion: COVID’s Impact on How Companies Operate in the Industrial Real Estate Sector 
    • The panel, led by Patrick Sentner, Executive Vice President at CBRE & Global President - Elect for SIOR included industry leaders: 
      • Timothy McElroy, VP of Development at NorthPoint Development
      • Geoffrey Kasselman, SVP of Workplace Strategy at CRG
      • John Randall, Senior Vice President – SBA M&A and Owner – Occupied Real Estate Lending at Live Oak Bank

Top 10 Key Takeaways

  1. As North America’s 7th largest cargo airport, CVG’s air cargo growth has provided an economic lifeline for the airport during COVID and bolstered regional employment in Ohio, Indiana and Kentucky. Compare the Passenger trend data to the Cargo trend data: 

    Picture1Picture2

     

  2. E-Commerce is a key driver of air cargo growth at CVG:
    • CVG is home to one of three DHL global super hubs and more than 90% of DHL’s Americas volume passes through CVG every day. 
    • Atlas Air Worldwide has built a new $34 million operations center in Erlanger, KY, located near CVG to support its sizable presence at the airport
    • Amazon has built its primary North American air hub at CVG

     

  3. The Amazon Air Hub project is being described as the “Deal of the Decade.”  Here are the key reasons CVG was selected by Amazon:
    • Strategic Geographic Location:  Proximity to U.S. Population Centers and within the Eastern Time Zone
    • Highway/Road Infrastructure (I-71, I-74, I-75, I-275) 
    • Airfield and Airspace Infrastructure
    • Skilled Aviation Workforce
    • Moving at the Speed of Business
    • Land Availability at CVG

     

  4. Investments at CVG, such as infrastructure upgrades to the airfield and Amazon Air’s $1.5bn cargo hub, are having a ripple effect on economic development throughout Ohio, Indiana and Kentucky. In addition to the Atlas Air operations center located nearby CVG in Erlanger, KY, recent announcements across the region that have noted wanting to be in close proximity to CVG include: 
    • Amify: Erlanger warehouse & Cincinnati office - March 2019
    • Satco: Miami Township facility – October 2019
    • Vanderlande: Deerfield Township office -  August 2020

     

  5. Companies in manufacturing make up over half of the companies currently considering our region for their operations. 

     

  6. The regional economy has navigated the pandemic well: Fundamental shifts have occurred that may benefit the region in the long term: 
    • Supply Chain & E-Commerce Disruption 
    • Healthcare Investment 
    • Remote Work/Quality of Life Focus 
    • Diversity Equity and Inclusion efforts

     

    When asked about how COVID has (and continues) to impact their organizations, the panel of developers, brokers and lenders in industrial real estate concluded that:

  7. Companies in industrial real estate are across the board in terms of work-from-home policies. Some companies believe that in-person work is key to success while others think that flexibility for employees with the use of technology (Zoom meetings, etc.) is required for resiliency.

     

  8. It has become evident that newer team members want nurturing and personal interaction for job satisfaction and success. Certain roles, such as brokers, require in-person training.  

     

  9. For clients/users, automation and robotics are ramping up quicker. This is changing their building requirements and brokers, developers and builders are adjusting.

     

  10. Supply chains are challenged now. Contingency planning will be a critical success factor. Companies in industrial real estate need to be ready for whatever the world throws at us.   

About SIOR:

Celebrating its 80th anniversary in 2021, the SOCIETY OF INDUSTRIAL AND OFFICE REALTORS® (SIOR) is the leading global professional office and industrial real estate association. With more than 3,400 members in 42 countries, SIOR represents today's most knowledgeable, experienced, and successful commercial real estate brokerage specialists.

Among the leading commercial real estate firms, Colliers ranked #1 for having the most SIOR members nationally and the most SIOR Global members of any firm in the last 20 years.


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Norm Khoury

Brokerage Senior Vice President

Cincinnati

I specialize in creating innovative solutions and competitive advantages for my clients.  I am a seasoned real estate professional and have a long history of successful transactions over 100,000 SF.  I focus on cities and properties along the I-75 corridor in KY and OH.  This area has become extremely vibrant and I’m proud to have contributed to its growth.  Over the past 30 years, I’ve completed more than 325 transactions totaling more than 40 million SF and valued at over $400 million to date.  Long-term clients include Delphi, Gap, W. P. Carey, and General Motors.

I am a natural born connector and love negotiating on behalf of my clients.  There’s nothing I like better than solving problems.  I have a large network of real estate professionals that I am continually developing and expanding.  I serve in leadership roles with SIOR (Society of Office & Industrial Realtors, an educational international association of 3,000 brokers, developers, and investors), and am members of the elite Colliers Logistics and Transportation Solutions Group, and CSCMP (Counsel of Supply Chain Management Professionals).  As I tell my family and friends, everything comes down to logistics!

I am known for my deep real estate knowledge of the Greater Cincinnati area, my persistence, representing my clients the way they want to be represented, and operating at all times with honesty and integrity. 

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