In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets, including Cincinnati, Cleveland and Columbus.
Details Unveiled for Scioto Peninsula Development
More details for the 21-acre mixed-use development along the Scioto Peninsula have been released. After being chosen as the site’s developer, Buckingham Companies announced plans for the following:
- 1,700 total housing units, made up of condos and apartments
- 800,000 square feet of office space
- 150,000 square feet of restaurant and retail space
- A boutique hotel with nearly 150 rooms
Developers cautioned that while plans have projected 19 buildings for the site, the final design would ultimately depend on market demand. Groundbreaking is expected to begin later in 2018.
Construction and Development Anticipated in Cincinnati in 2018
New year, new space—or spaces if you’re in Cincinnati. In a recent story, Soapbox Cincinnati highlights some of the most anticipated development projects expected to break ground next year. Among them include plenty of mixed-use, residential and office spaces.
One project includes an 18-story mixed-use tower, which will incorporate residential space and a two-story downtown Kroger. The project is expected to be complete by summer 2019, but preparation and construction will likely begin soon.
Of the projects that will be completed in 2018 includes Duveneck Square. The site will be comprised of both multifamily units and retail space. To add to the modern setup, there will also be an outdoor beer garden neighboring Braxton.
Cleveland’s Law Market Heats Up
Downtown Cleveland’s law firm market has continued to tighten in recent years, leaving limited space for new firms to enter the market. As a result, rental rates have increased and landlords have lessened concessions.
Today’s typical lease terms for new firm development include a $32 base rent and 12-year lease term, as well as a 2.5% escalation each year. The market is hot with demand and low vacancy, but that hasn’t stopped some firms from moving in.
For instance, Cincinnati-based law firm Dinsmore & Shohl LLP recently established a Cleveland office hoping to continue its success in the region. In a Crain’s article, Managing Partner George Vincent recognizes all Cleveland has to offer, commenting, “Cleveland is probably the most significant legal market in the state. Everyone is interested in Cleveland.”
Photo Credit: Canadian Pacific