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OVERALL VACANCY RATETHE KNOWLEDGE REPORTCINCINNATI, OHwww.colliers.com/cincinnatiEXECUTIVE SUMMARYThe Greater Cincinnati Office Market continued its slow down in the 4th quarter of 2012, as marketuncertainty held back companies from making any real estate decisions. The Fiscal Cliff weighedheavily on the minds of most real estate participants during this quarter, as the direction of theeconomy was yet to be determined. Net absorption for the quarter was down 320,686 square feet,as year-to-date net absorption totaled negative 651,835 square feet. This raised the overall vacancyrate for office properties from 19.43% to 20.03%. Rental rates crept up slightly, averaging $18.13 persquare foot for all classes of office space.CENTRAL BUSINESS DISTRICTThe Central Business District saw a small increase in positive absorption for the quarter, but notenough to swing the year-to-date numbers into positive territory. The year-to-date total was negative145,399 square feet. The vacancy rate for the Central Business District finished at 18.09% overall.Class A and B space finished at 22.06% and 17.86% respectively. Larger transactions of note thisquarter included the investment sale of Centennial Plaza to Neyer Properties. Neyer Propertiescontinues to remain active in the acquisition of underperforming assets, and has closed on these twobuildings located on Central Parkway. Neyer immediately sold Centennial Plaza One to JedsonEngineering for $1.167 million, and the engineering firm plans to relocate its headquarters in Milfordto the CBD in 2013. Another notable item included Chiquita Brands officially vacating 250 E 5thStreet, producing over 120,000 square feet of negative absorption in this Class A building. While themarket has known of Chiquita’s plans for several months, the space was still partially occupied untilthis quarter.SUBURBAN MARKETSMost of the negative absorption that occurred in the Office Market occurred in the suburbs, and thecombined suburban net absorption for the quarter came in at negative 326,094 square feet. Thisnegative absorption pushed the vacancy rate to 21.01% in the suburbs, and the year-to-date netabsorption totaled negative 506,436 square feet. Much of this negative absorption through out 2012occurred at Madison Place and RiverCenter Two in Northern Kentucky. Combined, these two Class Aassets produced 365,267 square feet of negative absorption, primarily from two tenants, Omnicareand Nielsen, leaving Northern Kentucky and relocating to Ohio.CONSTRUCTIONOn the construction side, developers are starting to dust off plans which were created before 2008and are starting to market sites once again. Kenwood Towne Place is set to break ground “again” in2013, while Jeffrey R. Anderson’s plans for office space at Rookwood Exchange are heating up as thefirst retail phase is underway. In addition, several build-to-suit projects are also in the works, with aheavy concentration on smaller medical office buildings.MARKET INDICATORS*Projected Change toFollowing QuarterQ4 12 Q1 13*VACANCYNET ABSORPTIONCONSTRUCTIONRENTAL RATEQ4 2012 | OFFICEUNCERTAINTY HOLDING OFFICEMARKET BACK$20.99 $15.87 $17.90$20.98 $15.80 $18.13-250,000-150,000-50,00050,000150,000250,000350,000450,0003Q104Q101Q112Q113Q114Q111Q122Q123Q124Q1216%18%20%22%24%Vacancy12%14%16%18%3Q104Q101Q112Q113Q114Q111Q122Q123Q124Q12CLASS ARENTAL RATES (GROSS)CLASS B
FORECASTAs demand has been pent up for the last half of 2012, expectto see some positive activity with the Fiscal Cliff behind us.Even though the direction of our economy has yet to be figuredout, market participants are expected to jump back in andmake decisions on their real estate portfolios. There is stillsome uncertainly about how real estate will be affected by thedecisions of our congressional representatives in Washington,but an increase in demand should occur in the second half ofthe year. Construction will continue to perk up and rental ratesshould remain relatively flat.UPDATE YTD TransactionsSALESPROPERTY SUBMARKET TENANT/BUYER SIZE229 West 7th Street CBD CyrusOne Inc. 350,000Centennial Plaza One and Three CBD Neyer Properties 239,807Crowne Pointe One and Two Tri-County Neyer Properties 148,242Hawthorne Center Blue Ash OA Development 133,857125 E Court Street CBD Court Street Partners, LLC 97,902Olympic Corporate Center I NKY Neyer Properties 89,040Center Hill Business Park Central/Midtown The Regis Investment Co. 86,292Century Business & Service Center Tri-County RGW Development 82,775Centennial Plaza One CBD Jedson Engineering 75,5545155 Financial Way I-71 Corridor North Top Gun Sales Performance 67,0001700 Edison Drive East FLF Milford LLC 58,920Kenwood Executive Center Kenwood/Montgomery BRG 54,207LEASESPROPERTY SUBMARKET TENANT/BUYER SIZE237 William Howard Taft Midtown Christ Hospital 152,0004690 Parkway Drive I-71 Corridor North MedPlus 60,000312 Plum CBD KAO Brands 55,0004445 Lake Forest Place Blue Ash G.E. 54,000525 Vine CBD Weltman, Winberg & Reis 37,36577 Comair Blvd. NKY The Kenton County Airport Board 33,8245300 Kings Island I-71 Corridor North ACT, Inc. 30,014Holiday Office Park Building CBD Periphery Hamilton Co. Dev. Disability Svs. 28,306302 W 3rd St. CBD BHDP Architecture 23,425Kenwood Park Place Kenwood/Montgomery Jewish Hospital 21,742Blue Ash Corporate Center I Blue Ash Lifesaver #1 Inc. 20,4008600 Governor’s Hill Drive I-71 Corridor North G.E. 20,0007116 Office Park Drive I-75 Corridor North ITT Tech 20,0004680 Parkway Drive I-71 Corridor North Gensuite, LLC 19,000311 Elm CBD Trivantis Corporation 18,618Governor’s Pointe I-71 Corridor North Summit Funding Group 17,50410615 Montgomery Road Kenwood/Montgomery Bethesda Hospital, Inc. 16,830Fountain Pointe I Blue Ash Arcadis US 16,278Transactions are believed to be accurate but not guaranteed.5.5%6.0%6.5%7.0%7.5%8.0%8.5%9.0%9.5%10.0%10.5%11.0%Jan-09Feb-09Mar-09Apr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-09Jan-10Feb-10Mar-10Apr-10May-10Jun-10Jul-10Aug-10Sep-10Oct-10Nov-10Dec-10Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12June-12July-12Aug-12Sep-12US Unemployment Rate Ohio Unemployment RateCincinnati Unemployment Rate Columbus Unemployment RateCleveland Unemployment RateTHE KNOWLEDGE REPORT | Q4 2012 | OFFICE | CINCINNATIP. 2 | COLLIERS INTERNATIONAL
SUBMARKET Total InventoryTotal VacantSF4Q 2012 NetAbsorptionYTD NetAbsorptionVacancy Rate Avg. RateBlue Ash 4,598,290 755,630 29,021 24,003 16.43% $17.80CBD 18,047,286 3,264,001 5,408 (145,399) 18.09% $19.24CBD Periphery 3,495,606 913,769 (23,692) 2,026 26.14% $17.14East 2,556,179 498,308 13,173 (56,245) 19.49% $15.69I-71 CorridorNorth4,464,807 907,973 (23,048) 127,318 20.34% $18.97I-75 CorridorNorth2,271,896 185,764 (143) 53,029 8.18% $19.94Kenwood /Montgomery2,070,071 211,835 36,139 53,135 10.23% $21.51Midtown 3,317,554 621,410 (33,268) (157,159) 18.73% $18.08NorthernKentucky7,366,882 1,788,388 (146,676) (405,595) 24.28% $18.45Tri-County 4,824,584 1,455,543 (196,870) (163,411) 30.17% $15.44West 752,742 165,473 19,270 16,445 21.98% $17.29Market Totals 53,765,897 10,768,094 (320,686) (651,835) 20.03% $18.13SUBMARKET DATAAVG. ASKING RATES (PER SF-FULL SERVICE GROSS)$12.00$13.00$14.00$15.00$16.00$17.00$18.00$19.00$20.00$21.00$22.003Q104Q101Q112Q113Q114Q111Q122Q123Q124Q12CLASS ACLASS BOVERALL (GROSS)3Q114Q111Q122Q123Q124Q12CLASS ACLASS BOVERALL (GROSS)3Q12 $20.99 $15.87 $17.904Q12 $20.98 $15.80 $18.13-250,000-150,000-50,00050,000150,000250,000350,000450,0003Q104Q101Q112Q113Q114Q111Q122Q123Q124Q1218%20%22%24%Vacancy18%QUARTERLY NET ABSORPTIONSquareFeetTHE KNOWLEDGE REPORT | Q4 2012 | OFFICE | CINCINNATICOLLIERS INTERNATIONAL | P. 3
CEO | PRINCIPAL:Shenan P. Murphy, CCIM+1 513 721 4200522 offices in62 countries on6 continentsUnited States: 147Canada: 37Latin America: 19Asia: 36ANZ: 165EMEA: 118• $1.8 billion in annual revenue• 1.25 billion square feet undermanagement• Over 12,300 professionalsColliers International statistics are audited annuallyand may result in revisions to previously reportedquarterly and final year-end figureswww.colliers.com/cincinnatiColliers International | Greater Cincinnati425 Walnut Street, Suite 1200Cincinnati, OH 45202Office Services | Greater Cincinnati38INT’LAIRPORTI-75 NORTH OFI-275OUTLYING WARRENCOUNTYI-71 NORTH OF I-275TRI-COUNTYBLUE ASHKENWOOD/MONTGOMERYEASTMIDTOWNCBD-PERIPHERYNORTHERN KENTUCKYWESTFred A. Macke, Jr., SIORBrokerage Senior Vice PresidentPrincipal | Cincinnatifred.email@example.comDIR +1 513 562 2233Richard P. MederBrokerage Senior Vice PresidentPrincipal | Cincinnatirichard.firstname.lastname@example.orgDIR +1 513 562 2253Chris Vollmer, Jr.Brokerage Vice Presidentchrisjr.email@example.comDIR +1 513 562 2242John P. Schenk, CCIM, SIORBrokerage Senior Vice PresidentPrincipal | Cincinnatijohn.firstname.lastname@example.orgDIR +1 513 562 2279Chris Vollmer, SIORBrokerage Senior Vice PresidentPrincipal | Cincinnatichris.email@example.comDIR +1 513 562 2244Matthew H. SmythBrokerage Senior Associatematt.firstname.lastname@example.orgDIR +1 513 562 2260Brian T. Graham, CCIMValuation Advisory ServicesDirector of Research | Ohiobrian.email@example.comDIR +1 513 562 2214THE KNOWLEDGE REPORT | Q4 2012 | OFFICE | CINCINNATI