Cincinnati market expected to surge this year

The Cincinnati market is expected to have a successful 2014.

The Urban Land Institute's Cincinnati chapter recently released its Emerging Trends in Real Estate report, which showed that commercial real estate development is expected to have a flurry of activity in 2014. The report, drawn from interviews with more than 1,000 people in the global real estate sector, was conducted with consultant PwC.

Andrew Warren, director of real estate research for PwC, said he expects that investors that typically look for opportunities in major U.S. cities like New York City and San Francisco will instead funnel money into secondary markets like Cincinnati, The Cincinnati Enquirer reported. Tom Powers, executive managing director of Cassidy Turley, expects the same trend.

"I believe we'll have a number of major new investors that none of us have ever heard of that will be major owners some time by the end of this year," said Tom Powers, executive managing director of Cassidy Turley, one of the country's most active commercial real estate companies.

The level of confidence from people interviewed for the report is exponentially higher than in recent years, The Enquirer reported. Sixty-eight percent said their outlook for profitability this year is good, while in 2010, just shy of 18 percent of respondents felt that way.

2014 is expected to be more successful than 2013, which itself was marked by stability and moderate growth, according to a third quarter 2013 report from Colliers International. Vacancy rates in Cincinnati's office, industrial and retail sectors decreased 17.88, 7.9 and 9.36 percent, respectively. The unemployment rate in the city also dipped to 7.1 percent in that time, compared to the overall national rate of 7.4 percent. 

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