RealEstateJournal | Real-Estate Boom Snubs Cincinnati, a Midwestern Hub
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Cincinnati, a Midwestern Hub
By Maura Webber Sadovi
Special to The Wall Street Journal Online
Since 1837, when two brothers-in-law founded a soap and candle company in Cincinnati called Procter & Gamble, the region has carved a niche for itself as a town for big business. Yet while the metro area is home to more Fortune 500 companies per capita than even New York or Washington, D.C., the Queen City's real-estate performance continues to lag behind much of the country.
Cincinnati's office, retail and apartment vacancies were above the national averages in the third quarter and rents were below, though all but office rents are strengthening, according to Property & Portfolio Research Inc., a Boston-based real-estate consulting firm.
Duke Realty Corp. recently broke ground on an approximately 178,000-square-foot office building in the Cincinnati suburb of Blue Ash.
Office sales also were tepid. Cincinnati, the Kansas City area and Detroit were the only major Midwest cities to report average office-sales prices below $100 a square foot for the year ended in September, although one suburban Cincinnati property sold for $152 a square foot, according to Real Capital Analytics. In addition, one local property owner said the average price data were skewed because of an unusual sale as well as relatively few transactions. Housing, too, has largely missed out on the boom seen in many other areas of the country. Median home prices rose 3.9% to $148,700 in the third quarter from $143,100 in the year-earlier period, below the median of $173,300 for the Midwest, the nation's lowest-cost region"
Cincinnati, a Midwestern Hub
By Maura Webber Sadovi
Special to The Wall Street Journal Online
Since 1837, when two brothers-in-law founded a soap and candle company in Cincinnati called Procter & Gamble, the region has carved a niche for itself as a town for big business. Yet while the metro area is home to more Fortune 500 companies per capita than even New York or Washington, D.C., the Queen City's real-estate performance continues to lag behind much of the country.
Cincinnati's office, retail and apartment vacancies were above the national averages in the third quarter and rents were below, though all but office rents are strengthening, according to Property & Portfolio Research Inc., a Boston-based real-estate consulting firm.
Duke Realty Corp. recently broke ground on an approximately 178,000-square-foot office building in the Cincinnati suburb of Blue Ash.
Office sales also were tepid. Cincinnati, the Kansas City area and Detroit were the only major Midwest cities to report average office-sales prices below $100 a square foot for the year ended in September, although one suburban Cincinnati property sold for $152 a square foot, according to Real Capital Analytics. In addition, one local property owner said the average price data were skewed because of an unusual sale as well as relatively few transactions. Housing, too, has largely missed out on the boom seen in many other areas of the country. Median home prices rose 3.9% to $148,700 in the third quarter from $143,100 in the year-earlier period, below the median of $173,300 for the Midwest, the nation's lowest-cost region"
posted by Patrick Leblanc at 5:13 AM
