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Cincinnati Ranked 6th Best Market for Recent College Grads by Apartments.com

19 Apr 2014, 5:16 am

By Adrian Maties, Associate Editor

Each year, thousands of students graduate from the numerous colleges and universities in the Cincinnati area. The University of Cincinnati alone will award degrees to 6,272 students at the end of April, the largest spring-term graduating class in the university’s history.

Many of the students that graduate from Cincinnati colleges and universities choose to remain in the city. And, according to the seventh annual Apartments.com “Top 10 Best Cities for Recent College Graduates,” this is a wise move, because Cincinnati is number 6 on this year’s list.

Apartments.com’s list is meant to help people  fresh out of college find the right place to start. It takes into account factors such as availability, employment opportunities, salary, affordability, age and even the city’s singles scene.

“Conventional wisdom has been to go where the job takes you,” Dick Burke, president of Apartments.com, said in a statement. “However, for today’s young professionals who want to have more input into where they start their lives, our list helps identify cities that offer the best overall opportunity for employment and long-term career growth, affordable living and a vibrant culture that caters to young adults.

Cities with unemployment above 7% were eliminated from the list. According to the
Bureau of Labor Statistics, the unemployment rate in the Cincinnati metro area was 6.5 percent in February, 0.3 percent lower than in January. And Marcus & Millichap Real Estate Investment Services Inc. also noted in its 2014 National Apartment Report that local employers are expected to add 22,300 jobs this year.

The list also takes into account affordability versus median income, giving an edge  to cities where the average rent for a one-bedroom apartment is no more than 25% of gross median income. Forbes recently named Cincinnati the third most affordable city in the United States.

The rental market had a great 2013 and, even though rents are expected to continue to increase for the fifth consecutive year in 2014, Cincinnati still has the lowest average rent for a one-bedroom apartment of any city in Apartment.com’s Top 10.

Young people aged 20 to 34 were largely responsible for the city’s high ranking. These young professionals, with their live-work-play lifestyles, have sustained rental demand in the city’s urban areas. Thanks to them, vacancy dropped to 4.5 percent, the lowest year-end level in years. And, as developers are expected to deliver 800 new units this year, the risk of running out of inventory is low.

Click here for more market data on Cincinnati.

PBY Partners Buys Central Parke in Norwood for $34M; Port Authority Taps CBRE to Market TechSolve II Expansion

15 Apr 2014, 5:48 pm

By Adrian Maties, Associate Editor

In one of Greater Cincinnati’s largest commercial real estate deals of the year, 4600 Smith Road Holdings L.L.C. sold its Central Parke Business Park Portfolio in Norwood to PBY Partners, a group of local investors . The price of the transaction was $34 million.

The 811,670-square-foot portfolio consists of five office buildings, five flex buildings and a retail building called Grand Central Station, plus a seven-level parking structure with 1,400 spaces. Central Parke’s tenant roster includes Cincinnati Bell, Education at Work, Oak Ridge Associated Universities, U.S. Bank, TriHealth, ITT Educational Services, Fitworks and ADT Security Services.

Cassidy Turley represented the seller, 4600 Smith Road Holdings L.L.C. The Cassidy Turley team consisted of Executive Managing Director Jim O’Connell, Vice President Mike Sullivan and Executive Managing Director Tom Powers.

Just minutes away, another major business park is working to position itself for growth. The Port of Greater Cincinnati Development Authority has tapped CBRE Group Inc. to market the expansion of TechSolve II Park in Roselawn.

The 12.6-acre business park is being developed by the Port Authority in partnership with the city of Cincinnati and TechSolve. It is located just northeast of the fully leased, 143-acre TechSolve business park, where more than 2,000 people are employed. TechSolve II includes a newly renovated 25,000-square-foot building suitable for light, high-tech manufacturing, office use or distribution space. It can also accommodate 150,000 to 175,000 square feet of build-to-suit space. Michael  Whitten, Timothy Schenke and Jason Williams of CBRE”s Cincinnati industrial services group are marketing the property.

“TechSolve II is an ideal site for continued growth of advanced industry. It is unique in that it offers a modern, high quality, central location within the region that is easily accessible to the entire regional workforce,” said Gary Conley, president of TechSolve Inc., in a statement.

Photo credits: Google Maps.

Luxury Home Sales Rise in Metro Cincinnati: Comey & Shepherd

4 Apr 2014, 5:56 pm

By Adrian Maties, Associate Editor

Last year was an excellent one for luxury home sales in Greater Cincinnati and Northern Kentucky, according to Comey & Shepherd Realtors.  In its recently released annual report, the Cincinnati-based real estate services firm said that the luxury market has not seen such levels of performance since before 2009.

Comey & Shepherd looked at single-family homes and condominiums in 22 neighborhoods that sold for at least $500,000. The number of properties in that category totaled 790, a 60 percent increase compared with the previous year.

“The psychology of the buyer matters significantly at this price point. Clearly economic indicators have had an effect on consumer confidence in both buying and selling homes,” commented Comey & Shepherd CEO Scott Nelson in a statement. “The numbers are telling – to have 300 more home sales in the higher end of the price segment from 2012 vs. 2013 clearly demonstrates that consumer psychology is on the upswing.”

The average time that high-end homes spent on the market also dropped significantly. Downtown Cincinnati, Over-the-Rhine and the riverfront area registered the most dramatic decreases,  from 719 days on the market  in 2012 to only 53 in 2013.

Indian Hill was last year’s star performer, tallying the most sales (90) and the highest average price ($1.2 million). Sales for the neighborhood totaled $108.25 million.

The complete report is available on Comey & Shepherd’s website.

Photo credits: Comey & Shepherd Realtors

TriHealth, Select Medical Plan to Open New Rehabilitation Hospital in Evanston

1 Apr 2014, 4:13 am

By Adrian Maties, Associate Editor

TriHealth, one of the largest health systems in the region, is looking to expand and open a new hospital in the Cincinnati area. Last week, TriHealth and Select Medical, one of the largest providers of acute care in the country, announced plans to form a partnership and build and operate a new inpatient rehabilitation hospital in Evanston.

The new TriHealth Rehabilitation Hospital will serve Cincinnati’s growing need for inpatient rehabilitation. It will have 60 beds and will provide care for people suffering from spinal cord injuries, brain injuries, stroke, amputation, neurological disorders and musculoskeletal and orthopedic conditions. In a press release, TriHealth said that Select Medical’s renowned Kessler Institute for Rehabilitation will also provide support for new clinical program development, specialized services, enhanced access to research and clinical education.

Work on the project is expected to start later this year. The hospital is scheduled to open by late 2015. It will be located in Evanston’s Keystone Parke office campus, at I-71 and Dana Avenue. Keystone Parke is also home to the American Red Cross Cincinnati Area Chapter.

TriHealth currently provides acute rehab services in a 16-bed unit at its Bethesda North Hospital and a 30-bed unit at its Good Samaritan Hospital. Both units will be managed by Select Medical until the TriHealth Rehabilitation Hospital is finished. They will then be transferred to the Evanston facility. Select Medical will serve as managing partner of the new location, which will employ 180 people.

“This higher level of specialty care benefits our rehabilitation patients by allowing us to combine our existing units and expertise at a single, larger location specifically designed to meet their rehabilitation needs,” said John Prout, president & CEO at TriHealth, in a statement for the press. “Select Medical is a national leader in providing acute rehabilitation services and we felt it important to make these services available to meet the needs of our community.”

“The partnership builds on the patient-focused rehabilitation care already offered at TriHealth,” said David Chernow, president & CEO of Select Medical. “We think very highly of TriHealth’s reputation for clinical excellence and dedication to providing a great patient experience, and truly look forward to building a lasting relationship together.” TriHealth and Select Medical have been working together since 1997.

Photo of Bethesda North Hospital credit: TriHealth

CBRE Cincinnati’s Mike McMillan to Represent Proposed Technology Park in Oxford

25 Mar 2014, 1:43 pm

By Adrian Maties, Associate Editor

A proposed 74-acre technology park next to Miami University could transform Oxford into Ohio’s Silicon Valley. Or, as Ryan Howard, a character on the popular TV show “The Office,” called it, a “Silicon Prairie.” And it is ready to move forward, now that Mike McMillan of CBRE Cincinnati’s Data Center Solutions Group has been selected to represent the build-to-suit project, find tenants and help get it off the ground.

Todd Dockum, a 1988 Miami University alumnus, is the project’s creator. He first announced it in 2007. According to plans, the proposed Miami Heritage Technology Park will be constructed at the intersection of Oxford Trenton Road and Oxford Milford Road. The multimillion-dollar project is expected to include a variety of buildings, including research-and-development facilities, data centers, offices and labs. The proposed tech park is designed to be “green,” with all the buildings LEED certified.

The project has already secured a $3.5 million “Job Ready Site” grant from the state of Ohio. The money will be available to start construction once a tenant signs a $3 million commitment to construct the first building. It will be spent on infrastructure and utilities.

“The goal for the Miami Heritage Technology Park is to help bring innovation to the Oxford market,” McMillan said in a statement for the press. “Uniting business leadership and university quality will accelerate business growth and retain quality skilled labor in the community.”

The 74-acre park is expected to provide an important economic boost to the city of Oxford, attracting businesses and creating jobs. Businesses will also benefit from the location’s skilled labor market. Citing 2010 Census data, CBRE said that 51 percent of the 23,000 people who live in Oxford have college degrees.

Photo credits: CBRE

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