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Cincinnati Industrial 22Q2 Report

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Strong Demand Continues to Drive Unprecedented Activity

As the Greater Cincinnati industrial market seemed to have hit its peak during the first quarter of 2022, sustained demand pushed the market even higher for another record-breaking quarter.

  • Quarterly net absorption increased to 3.6 million square feet, a 10% quarterly increase.
  • The overall market vacancy rate decreased by 100 basis points to a record low of 2.3%
  • Overall average asking rates increased by 4.7% resulting in a YOY increase of 16.8%.
  • Construction activity rose to record levels with 11.4 million square feet of space under construction despite significant developable land constraints.

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Cincinnati Industrial 22Q2 Report

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Shenan Murphy

Vice Chairman

Cincinnati

Growing up, I always knew I wanted a job where I would be in control of my career path, and commercial real estate has allowed me to do that both personally and professionally. I began my career as a retail and investment broker in 1989. Today, I leverage my previous brokerage experience and knowledge to oversee the strategic and daily operations of Colliers International | Greater Cincinnati and Dayton. Additionally, in 2012 founded the Colliers Cleveland office. As the Vice-Chairmain leading multiple offices, I prioritize providing the best strategic leadership and oversight to a truly remarkable team. In addition to commercial real estate, I have created a diversified and innovative family of companies providing brokerage sales, investment, construction, information technology, and property management services.

The experience I gained from holding various positions throughout my career has allowed me to reach a broad base of clients and establish valuable relationships throughout Greater Cincinnati and Dayton. These relationships have provided the opportunity to aid some of the region’s most successful companies in making sound real estate decisions.

In addition to my daily responsibilities with Colliers, I'm part of a great family, three great kids and  spouse who is so supportive. 

I find great joy in being involved in my community. One of my personal goals is to help the Cincinnati community and those around me to move forward and grow with energy and purpose. I am a member of various organizations serving the community such as the University of Cincinnati Foundation (Board Member), the University of Cincinnati UCATS (Board Member), the University of Cincinnati Diamond Club for Baseball (Chairman), the University of Cincinnati College of Business (Real Estate Board Member), the Greater Cincinnati Regional Business Committee, and Cincinnati Young Presidents Organization.

I hold the CCIM commercial real estate designation and have affiliations with ICSC (International Council of Shopping Center), ULI (Urban Land Institute), and NAIOP (National Association of Industrial and Office Properties).

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