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Q3 2011 | RETAIL



CINCINNATI, OH

THE KNOWLEDGE REPORT




                                                                                             Retail Market Continues to Move
                                                                                             in the Right Direction
                                                                                             EXECUTIVE SUMMARY
                                                                                             The Greater Cincinnati retail market continued to post positive gains in net absorption, a
                                                                                             trend noted in all three quarters of 2011. The third quarter posted 32,432 square feet of
                                                                                             positive absorption, bringing the year-to-date net absorption total to 586,696 square feet.
                                                                                             The vacancy rate remained at 12.6% which is 180 basis points less than the same period
  MARKET INDICATORS                                                                          last year.
                                                          Q3 11              Q4 11*

                                                                                             As occupancy numbers continued to improve, new retail developments came back to life in
                        VACANCY
                                                                                             many submarkets. Several new retail developments were announced, while existing
         NET ABSORPTION
                                                                                             projects continued to move forward. These projects run from downtown Cincinnati to
              CONSTRUCTION                                                                   midtown, with Northern Kentucky and Anderson Township getting their fair share of activity
                RENTAL RATE
                                                                                             as well.

                                               *Projected Change to
                                               the following Quarter.                        The average overall asking rate for retail space remained unchanged from last quarter at
                                                                                             $11.75 per square foot. Owners of retail space have found some comfort in the stability of
                                                                                             the rental market over the past several months.

                                                                                                                                                                                                      The Cincinnati Retail Market
 OVERALL VACANCY RATE                                                                                    QUARTERLY ABSORPTION
                                                                                                                                                                                                      posted 32,432 SF of positive
                                                                                                                                                                                                      absorption in the 3rd quarter.
15%
                                                                                                              1,500

14%

                                                                                                              1,000
                                                                                             (In Thousands)




13%
                                                                                               Square Feet




12%
                                                                                                               500
11%


10%
                                                                                                                 0
      3Q 08


               1Q 09


                       4Q 09


                               1Q 10


                                       2Q 10


                                                  3Q 10


                                                             4Q 10


                                                                     1Q 11


                                                                             2Q 11


                                                                                     3Q 11




                                                                                                               -500
                                                                                                                      3Q 08

                                                                                                                              1Q 09

                                                                                                                                      4Q 09

                                                                                                                                              1Q 10

                                                                                                                                                      2Q 10

                                                                                                                                                              3Q 10

                                                                                                                                                                      4Q 10

                                                                                                                                                                              1Q 11

                                                                                                                                                                                      2Q 11

                                                                                                                                                                                              3Q 11




                                                                                                                          Net Absorption




www.colliers.com/cincinnati
THE KNOWLEDGE REPORT | Q3 2011 | RETAIL | CINCINNATI

                                                                                                     DEVELOPMENT                                                  site that sat vacant for three years. Jeffrey R.
                                                                                                                                                                  Anderson Real Estate will kick off the first phase of
                                                                                                     From 2008 to 2010, construction of large retail
                                                                                                                                                                  the $125 million development, which will consist
                                                                                                     developments halted and retail developers were
                                                                                                                                                                  of a 123-room Courtyard by Marriott Hotel
                                                                                                     sidelined until the economy improved. This lull in
                                                                                                                                                                  and a 16-screen movie theater that includes a
                                                                                                     activity changed in 2011, as new developments
                                                                                                                                                                  7,000 square foot restaurant and bar with VIP
                                                                                                     broke ground, and one project continues to move
                                                                                                                                                                  balcony seating.
                                                                                                     forward along Cincinnati’s central riverfront.
     AVG. ASKING RATES (PER SF-FULL SERVICE GROSS)
                                                                                                                                                                  Oakley Station in Oakley landed the first anchor
                                                                                                     Construction at The Banks, a mixed-use
                         Strip               Neighborhood               All Property Types                                                                        tenant at the $120 million mixed-use development
  $15                                                                                                development, remained active for most of the year
                                                                                                                                                                  planned for the site of the former Milacron factory.
  $14                                                                                                and will continue as another restaurant signed on
                                                                                                                                                                  Cinemark NexGen, a Plano, Texas company, said it
  $13                                                                                                this quarter. Tin Roof signed a lease for 5,000
                                                                                                                                                                  will open its first local theater at this site developed
  $12                                                                                                square feet and will join Johnny Rockets, Holy
                                                                                                                                                                  by Vandercar Holdings. In addition to the 55,000
  $11                                                                                                Grail, Hueys 24/7 Diner, La Crepe Nanour, The
                                                                                                                                                                  square foot theater, the developer is planning
  $10                                                                                                Wine Loft and Toby Keith’s I Love This Bar & Grill.
                                                                                                                                                                  350,000 square feet of retail space, 250,000
   $9                                                                                                The developer of the long-anticipated Rookwood
                                                                                                                                                                  square feet of office space and 300 apartments.
        3Q 08


                1Q 09


                             4Q 09


                                     1Q 10


                                                2Q 10


                                                        3Q 10


                                                                4Q 10


                                                                            1Q 11


                                                                                     2Q 11


                                                                                             3Q 11




                                                                                                     Exchange decided to break ground on the Norwood


UPDATE                  Recent Transactions

THIRD QUARTER ACTIVITY

PROPERTY                                                                                                   TRADE AREA                         PROPERTY                                        SIZE
Menards                                                                                                    Miamisburg                         Lyons Crossing                                  200,000
Joann Fabrics                                                                                              Florence                           Home Depot Center                               49,645
Ross Dress for Less                                                                                        Kenton                             1950 N. Dixie Highway                           30,000
Joseph-Beth Booksellers                                                                                    Kenton                             Crestview Hills Center                          20,000
A Touch of Class                                                                                           Crescent Springs                   Edgewood Plaza                                  20,000
Staples                                                                                                    Liberty Twp                        Bridgewater Falls                               17,000
David Falk/Boca                                                                                            CBD                                Former Maisonette                               15,000
Planet Fitness                                                                                             Eastgate                           Eastgate Square                                 15,000
Treehouse Kids                                                                                             Tri-County                         Former Arhaus Furniture                         14,500
Anytime Fitness                                                                                            Liberty Twp                        The Commons at Liberty Falls                    14,000
Furnish 123                                                                                                Tri-County                         Tri-County Commons                              12,000
The Gymnastics Center                                                                                      West                               Cincinnati Marketplace                          10,000
Indian Grocery Store                                                                                       Sharonville                        11955 Lebanon Road                              9,000
Ace Hardware                                                                                               Milford                            Mariemont Promenade                             8,952
Japanese Bistro                                                                                            Central                            7800 Montgomery                                 7,600
Chico’s                                                                                                    Mason                              Deerfield Towne Center                          7,500
Rockler Woodworking                                                                                        Tri-County                         Cassinelli Square                               7,200
Rue 21                                                                                                     Colerain                           Stonecreek Towne Center                         6,000
Tire Discounters                                                                                           Newport                            Newport Pavilion                                5,900
Mike Summons Karate Studio                                                                                 Beechmont                          7900 Beechmont Avenue                           5,439
Tin Roof                                                                                                   CBD                                The Banks                                       5,000
Flipdaddy’s                                                                                                Northeast                          12071 Mason-Montgomery Road                     4,928
Woodridge Veterinary Hospital                                                                              Northeast                          3775-3791 Woodridge Blvd.                       4,800
Massage Envy                                                                                               West Chester                       Voice of America                                4,379
Five Guys Burgers                                                                                          Western Hills                      6211 Glenway Avenue                             4,300
Classy & Sassy                                                                                             Ft. Mitchell                       Expressway Plaza                                4,000
Buffalo Wings and Rings                                                                                    Northwest                          Brentwood Plaza                                 4,000

Transactions are believed to be accurate but not guaranteed.


  P. 2          | COLLIERS INTERNATIONAL
THE KNOWLEDGE REPORT | Q3 2011 | RETAIL | CINCINNATI

                        TOTAL         DIRECT        SUBLEASE          TOTAL        VACANCY     PRIOR QUARTER      NET            YTD NET        AVERAGE
                      INVENTORY      VACANT SF      VACANT SF       VACANT SF        RATE      VACANCY RATE    ABSORPTION      ABSORPTION      ASKING RATE

BOONE COUNTY
Community                  208,255         5,590                0         5,590         2.7%            2.0%          -1,393          -1,393          $21.00
Convenience / Strip        586,633       121,274                0       121,274        20.7%           20.6%            -360          16,288          $12.44
Freestanding             1,088,897        98,515                0        98,515         9.0%            9.0%               0          17,083           $7.44
Neighborhood             1,318,302        80,275                0        80,275         6.1%            6.4%           4,205          25,743          $11.53
Power                      514,612        49,645                0        49,645         9.6%            9.6%               0               0          $11.00
Regional                   726,575       209,027                0       209,027        28.8%           28.8%               0           7,997          $14.50
TOTAL                    4,443,274       564,326                0       564,326        12.7%           12.8%          2,452           65,718          $11.56
CAMPBELL COUNTY
Community                 297,095        118,378                0       118,378        39.8%           39.8%               0               0          $14.27
Convenience / Strip       138,525          5,340                0         5,340         3.9%            3.9%               0               0          $23.63
Freestanding              612,202         99,288                0        99,288        16.2%           16.2%               0          22,712           $5.50
Neighborhood              491,000         27,072                0        27,072         5.5%            5.2%          -1,430          23,610          $15.37
Power                     288,000              0                0             0         0.0%            0.0%               0           3,550
Regional                  696,952         11,210                0        11,210         1.6%            1.6%               0          90,691          $12.00
Street Front               75,000         20,463                0        20,463        27.3%           27.3%               0           7,948          $16.00
TOTAL                    2,598,774       281,751                0       281,751        10.8%           10.8%          -1,430         148,511          $11.68
CBD/MIDTOWN
Community                1,192,233        27,718                0        27,718         2.3%            1.6%          -8,976         141,026          $14.38
Convenience / Strip        313,428        52,833                0        52,833        16.9%           17.0%             448           2,686          $16.72
Freestanding               633,389       135,698                0       135,698        21.4%           21.4%               0          -9,198           $6.70
Neighborhood               516,680        32,878                0        32,878         6.4%            3.7%         -13,543          15,126          $15.88
Regional                   917,155        22,434                0        22,434         2.4%            0.0%         -22,434          12,566          $29.50
Street Front               246,382        47,283                0        47,283        19.2%           19.2%               0          23,379           $9.75
TOTAL                    3,819,267       318,844                0       318,844         8.3%            7.2%         -44,505         185,585          $11.19
EAST
Community                  455,182         3,500               0          3,500         0.8%            0.8%               0               0          $13.00
Convenience / Strip      1,239,582       279,312           5,178        284,490        23.0%           22.7%          -2,603          33,861          $11.60
Freestanding             2,433,661        53,620               0         53,620         2.2%            2.2%               0          33,400           $6.96
Neighborhood             1,570,426       232,172               0        232,172        14.8%           14.9%           1,105          23,050           $9.44
Regional                   833,195       234,550               0        234,550        28.2%           28.4%           1,890          58,266          $12.11

TOTAL                    6,532,046       803,154           5,178        808,332        12.4%           12.4%            392          148,577          $10.53
KENTON COUNTY
Community                  314,930         5,900                0         5,900         1.9%            1.9%              0                0          $18.00
Convenience / Strip        285,549        25,395                0        25,395         8.9%           12.2%          9,330           24,930          $14.38
Freestanding               407,547             0                0             0         0.0%            0.0%              0                0
Neighborhood             1,189,199       193,660                0       193,660        16.3%           16.9%          7,200          -43,303          $12.78
Regional                   500,000         1,000                0         1,000         0.2%            0.2%              0            3,367          $26.50

TOTAL                    2,697,225       225,955                0       225,955         8.4%            9.0%         16,530          -15,006          $13.16
NORTH CENTRAL
Community                  861,299       105,597               0        105,597        12.3%           19.4%         61,675           67,726          $15.09
Convenience / Strip      1,814,827       324,547               0        324,547        17.9%           18.2%          6,355           -7,100          $11.66
Freestanding             2,747,970       134,907               0        134,907         4.9%            4.7%         -4,593           26,130           $9.77
Neighborhood             2,318,323       386,710          68,744        455,454        19.6%           21.3%         38,445           -5,759          $11.04
Power                    1,227,298       192,560               0        192,560        15.7%           15.7%              0          -10,000           $5.92
Regional                 1,833,449       230,658          25,000        255,658        13.9%           14.7%         13,806           24,159          $19.81

TOTAL                   10,803,166      1,374,979         93,744       1,468,723       13.6%           14.7%        115,688           95,156          $12.57
NORTHEAST
Community                  644,894       145,007                0       145,007        22.5%           23.6%           7,326           9,579          $14.00
Convenience / Strip      1,953,728       311,357                0       311,357        15.9%           15.8%          -3,441         -86,551          $14.34
Freestanding             1,926,922        75,138                0        75,138         3.9%            1.8%         -41,400         -75,138          $13.51
Neighborhood             2,474,653       406,729                0       406,729        16.4%           15.8%         -16,351         -87,323          $11.09
Power                      674,550             0                0             0         0.0%            0.0%               0               0
Regional                 1,088,356        65,202                0        65,202         6.0%            5.3%          -7,132          34,551          $28.53
Street Front                67,327        11,317                0        11,317        16.8%           14.1%          -1,847           1,086          $13.00
TOTAL                    8,830,430      1,014,750               0      1,014,750       11.5%           10.8%         -62,845        -203,796          $13.78
NORTHWEST
Community                  641,537       152,387                0       152,387        23.8%           23.8%              0           42,771           $6.86
Convenience / Strip        673,196       172,398                0       172,398        25.6%           26.6%          6,694          -17,460          $13.10
Freestanding             2,452,237       395,114                0       395,114        16.1%           16.1%              0           -3,445           $7.04
Neighborhood             2,088,316       373,405                0       373,405        17.9%           17.9%          1,000              941           $7.80
Regional                   918,901         8,071                0         8,071         0.9%            2.3%         13,424           29,424          $27.50
TOTAL                    6,774,187      1,101,375               0      1,101,375       16.3%           16.6%         21,118           52,231           $8.74
WEST
Community                  970,270       133,809                0       133,809        13.8%           13.8%               0          -1,233          $12.00
Convenience / Strip        571,351       129,885                0       129,885        22.7%           21.2%          -8,848         -14,144          $13.05
Freestanding               966,046        88,898                0        88,898         9.2%            4.6%         -44,898          -2,365          $12.35
Neighborhood             1,413,419       279,777                0       279,777        19.8%           22.5%          38,778         124,023          $11.74
Regional                   776,510        11,515                0        11,515         1.5%            1.5%               0           3,439          $20.00
TOTAL                    4,697,596       643,884                0       643,884        13.7%           13.4%         -14,968         109,720          $12.22
MARKET TOTALS
Community                5,585,695        697,886              0         697,886       12.5%           13.5%          58,632         258,476          $11.98
Convenience / Strip      7,576,819      1,422,341          5,178       1,427,519       18.8%           18.9%           7,575         -47,490          $12.87
Free Standing           13,268,871      1,081,178              0       1,081,178        8.1%            7.5%         -90,891           9,179           $8.30
Neighborhood            13,380,318      2,012,678         68,744       2,081,422       15.6%           16.0%          59,409          76,108          $10.68
Power                    2,704,460        242,205              0         242,205        9.0%            9.0%               0          -6,450           $7.52
Regional                 8,291,093        793,667         25,000         818,667        9.9%            9.9%            -446         264,460          $18.99
Street Front               388,709         79,063              0          79,063       20.3%           19.9%          -1,847          32,413          $13.29
TOTAL                   51,195,965      6,329,018         98,922       6,427,940       12.6%           12.6%         32,432          586,696          $11.75




                                                                                                                        COLLIERS INTERNATIONAL |             P. 3
THE KNOWLEDGE REPORT | Q3 2011 | RETAIL | CINCINNATI

Smaller projects are on the horizon too, as             expansion of the “fast casual” restaurant. A fast
Brandicorp announced plans for a $2.5 million           casual restaurant is a restaurant that does not          512 offices in
retail strip center next to the Fort Wright Wal-Mart.   offer full table service, but promises a higher
The developer also has plans for a site in Anderson     quality food and atmosphere than a fast food             61 countries on
Township, which could possibly include a First          restaurant. All over Cincinnati, fast casual
                                                        restaurants are popping up and expanding across
                                                                                                                 6 continents
Financial Bank and a Buffalo Wild Wings at the
corner of Beechmont Avenue and Asbury Road.             the market. Notable names in the Cincinnati              United States: 125
                                                        market are Five Guys Burgers, Firehouse Subs,            Canada: 38
                                                                                                                 Latin America: 18
HOTTEST SUBMARKET                                       Chipotle, Hot Head Burritos and SmashBurger.             Asia Pacific: 214
                                                        These restaurants have been highly active in             EMEA: 117
One of the hottest submarkets for the third quarter
                                                        Cincinnati and also throughout the Midwest.              •   $1.5 billion in annual revenue
of 2011 was the North Central Submarket. This
submarket posted 115,688 square feet of positive                                                                 • 979 billion square feet under
                                                        FORECAST                                                     management
absorption for the quarter. In addition, rental rates
in the North Central Submarket rose to $12.57 per       The Greater Cincinnati Retail Market continues to        • Over 12,000 professionals

square foot, as owners took advantage of the            show positive signs of growth and we expect to
positive activity they are witnessing. Tri-County       see the same trend for the balance of 2011.              RETAIL TEAM:
led the way as Tri-County Commons, Tri-County           Vacancy rates will continue to fall slightly, possibly   Ken Arbino
Marketplace and Tri-County Towne Center were            25 to 50 basis points in the fourth quarter. Rental      +1 513 562 2238

major contributors to positive absorption. The          rates should remain unchanged, but may uptick            Justin T. Rex, MCRE
overall vacancy rate for this submarket stands          slightly as owners try to take advantage of the          +1 513 562 2218
at 16.3%.                                               positive activity we have seen. Construction will        Morton A. Schwartz
                                                        move forward and some smaller projects are               +1 513 562 2277
                                                        expected to be announced by the end of
EXPANSION OF FAST CASUAL                                                                                         Mike Ziegler, CLS
                                                        the year.                                                +1 513 562 2224
RESTAURANTS
One of the biggest trends this quarter was the                                                                   Jeff Johnston, CPA
                                                                                                                 +1 513 562 2231

 RETAIL SUBMARKETS                                                                                               Chris Prosser, CCIM
                                                                                                                 +1 513 562 2232

                                                                                                                 Steve Timmel, CCIM
                                                                                                                 +1 513 562 2221

                                                                                                                 CEO/PRESIDENT:
                                                     NORTH           NORTHEAST                                   Shenan P. Murphy, CCIM
                                                                                                                 +1 513 721 4200
                                                    CENTRAL
                                                                                                                 DIRECTOR OF RESEARCH:
                                                                                                                 Brian T. Graham, CCIM
                      NORTHWEST                                                                                  +1 513 562 2214

                                                                                                                 GRAPHIC DESIGNER:
                                                                                                                 Ricky Dennis
                                                                                                                 +1 513 562 2213
                                                                               EAST
                                                      CBD
                                 WEST               MIDTOWN                                                      Colliers International | Greater Cincinnati
                                                                                                                 425 Walnut Street, Suite 1200
                                                                                                                 Cincinnati, OH 45202
                                                                                                                                          Colliers International
                                                                                                                                          statistics are audited
                                                                                                                                          annually and may result in
                                                                                                                                          revisions to previously
                                                                                                                                          reported quarterly and
                BOONE                     KENTON         CAMPBELL                                                                         final year-end figures



                                                                                                                          Accelerating success.


www.colliers.com/cincinnati

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Cincinnati OH Retail Trends Q3 2011

  • 1. Q3 2011 | RETAIL CINCINNATI, OH THE KNOWLEDGE REPORT Retail Market Continues to Move in the Right Direction EXECUTIVE SUMMARY The Greater Cincinnati retail market continued to post positive gains in net absorption, a trend noted in all three quarters of 2011. The third quarter posted 32,432 square feet of positive absorption, bringing the year-to-date net absorption total to 586,696 square feet. The vacancy rate remained at 12.6% which is 180 basis points less than the same period MARKET INDICATORS last year. Q3 11 Q4 11* As occupancy numbers continued to improve, new retail developments came back to life in VACANCY many submarkets. Several new retail developments were announced, while existing NET ABSORPTION projects continued to move forward. These projects run from downtown Cincinnati to CONSTRUCTION midtown, with Northern Kentucky and Anderson Township getting their fair share of activity RENTAL RATE as well. *Projected Change to the following Quarter. The average overall asking rate for retail space remained unchanged from last quarter at $11.75 per square foot. Owners of retail space have found some comfort in the stability of the rental market over the past several months. The Cincinnati Retail Market OVERALL VACANCY RATE QUARTERLY ABSORPTION posted 32,432 SF of positive absorption in the 3rd quarter. 15% 1,500 14% 1,000 (In Thousands) 13% Square Feet 12% 500 11% 10% 0 3Q 08 1Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 -500 3Q 08 1Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 Net Absorption www.colliers.com/cincinnati
  • 2. THE KNOWLEDGE REPORT | Q3 2011 | RETAIL | CINCINNATI DEVELOPMENT site that sat vacant for three years. Jeffrey R. Anderson Real Estate will kick off the first phase of From 2008 to 2010, construction of large retail the $125 million development, which will consist developments halted and retail developers were of a 123-room Courtyard by Marriott Hotel sidelined until the economy improved. This lull in and a 16-screen movie theater that includes a activity changed in 2011, as new developments 7,000 square foot restaurant and bar with VIP broke ground, and one project continues to move balcony seating. forward along Cincinnati’s central riverfront. AVG. ASKING RATES (PER SF-FULL SERVICE GROSS) Oakley Station in Oakley landed the first anchor Construction at The Banks, a mixed-use Strip Neighborhood All Property Types tenant at the $120 million mixed-use development $15 development, remained active for most of the year planned for the site of the former Milacron factory. $14 and will continue as another restaurant signed on Cinemark NexGen, a Plano, Texas company, said it $13 this quarter. Tin Roof signed a lease for 5,000 will open its first local theater at this site developed $12 square feet and will join Johnny Rockets, Holy by Vandercar Holdings. In addition to the 55,000 $11 Grail, Hueys 24/7 Diner, La Crepe Nanour, The square foot theater, the developer is planning $10 Wine Loft and Toby Keith’s I Love This Bar & Grill. 350,000 square feet of retail space, 250,000 $9 The developer of the long-anticipated Rookwood square feet of office space and 300 apartments. 3Q 08 1Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 Exchange decided to break ground on the Norwood UPDATE Recent Transactions THIRD QUARTER ACTIVITY PROPERTY TRADE AREA PROPERTY SIZE Menards Miamisburg Lyons Crossing 200,000 Joann Fabrics Florence Home Depot Center 49,645 Ross Dress for Less Kenton 1950 N. Dixie Highway 30,000 Joseph-Beth Booksellers Kenton Crestview Hills Center 20,000 A Touch of Class Crescent Springs Edgewood Plaza 20,000 Staples Liberty Twp Bridgewater Falls 17,000 David Falk/Boca CBD Former Maisonette 15,000 Planet Fitness Eastgate Eastgate Square 15,000 Treehouse Kids Tri-County Former Arhaus Furniture 14,500 Anytime Fitness Liberty Twp The Commons at Liberty Falls 14,000 Furnish 123 Tri-County Tri-County Commons 12,000 The Gymnastics Center West Cincinnati Marketplace 10,000 Indian Grocery Store Sharonville 11955 Lebanon Road 9,000 Ace Hardware Milford Mariemont Promenade 8,952 Japanese Bistro Central 7800 Montgomery 7,600 Chico’s Mason Deerfield Towne Center 7,500 Rockler Woodworking Tri-County Cassinelli Square 7,200 Rue 21 Colerain Stonecreek Towne Center 6,000 Tire Discounters Newport Newport Pavilion 5,900 Mike Summons Karate Studio Beechmont 7900 Beechmont Avenue 5,439 Tin Roof CBD The Banks 5,000 Flipdaddy’s Northeast 12071 Mason-Montgomery Road 4,928 Woodridge Veterinary Hospital Northeast 3775-3791 Woodridge Blvd. 4,800 Massage Envy West Chester Voice of America 4,379 Five Guys Burgers Western Hills 6211 Glenway Avenue 4,300 Classy & Sassy Ft. Mitchell Expressway Plaza 4,000 Buffalo Wings and Rings Northwest Brentwood Plaza 4,000 Transactions are believed to be accurate but not guaranteed. P. 2 | COLLIERS INTERNATIONAL
  • 3. THE KNOWLEDGE REPORT | Q3 2011 | RETAIL | CINCINNATI TOTAL DIRECT SUBLEASE TOTAL VACANCY PRIOR QUARTER NET YTD NET AVERAGE INVENTORY VACANT SF VACANT SF VACANT SF RATE VACANCY RATE ABSORPTION ABSORPTION ASKING RATE BOONE COUNTY Community 208,255 5,590 0 5,590 2.7% 2.0% -1,393 -1,393 $21.00 Convenience / Strip 586,633 121,274 0 121,274 20.7% 20.6% -360 16,288 $12.44 Freestanding 1,088,897 98,515 0 98,515 9.0% 9.0% 0 17,083 $7.44 Neighborhood 1,318,302 80,275 0 80,275 6.1% 6.4% 4,205 25,743 $11.53 Power 514,612 49,645 0 49,645 9.6% 9.6% 0 0 $11.00 Regional 726,575 209,027 0 209,027 28.8% 28.8% 0 7,997 $14.50 TOTAL 4,443,274 564,326 0 564,326 12.7% 12.8% 2,452 65,718 $11.56 CAMPBELL COUNTY Community 297,095 118,378 0 118,378 39.8% 39.8% 0 0 $14.27 Convenience / Strip 138,525 5,340 0 5,340 3.9% 3.9% 0 0 $23.63 Freestanding 612,202 99,288 0 99,288 16.2% 16.2% 0 22,712 $5.50 Neighborhood 491,000 27,072 0 27,072 5.5% 5.2% -1,430 23,610 $15.37 Power 288,000 0 0 0 0.0% 0.0% 0 3,550 Regional 696,952 11,210 0 11,210 1.6% 1.6% 0 90,691 $12.00 Street Front 75,000 20,463 0 20,463 27.3% 27.3% 0 7,948 $16.00 TOTAL 2,598,774 281,751 0 281,751 10.8% 10.8% -1,430 148,511 $11.68 CBD/MIDTOWN Community 1,192,233 27,718 0 27,718 2.3% 1.6% -8,976 141,026 $14.38 Convenience / Strip 313,428 52,833 0 52,833 16.9% 17.0% 448 2,686 $16.72 Freestanding 633,389 135,698 0 135,698 21.4% 21.4% 0 -9,198 $6.70 Neighborhood 516,680 32,878 0 32,878 6.4% 3.7% -13,543 15,126 $15.88 Regional 917,155 22,434 0 22,434 2.4% 0.0% -22,434 12,566 $29.50 Street Front 246,382 47,283 0 47,283 19.2% 19.2% 0 23,379 $9.75 TOTAL 3,819,267 318,844 0 318,844 8.3% 7.2% -44,505 185,585 $11.19 EAST Community 455,182 3,500 0 3,500 0.8% 0.8% 0 0 $13.00 Convenience / Strip 1,239,582 279,312 5,178 284,490 23.0% 22.7% -2,603 33,861 $11.60 Freestanding 2,433,661 53,620 0 53,620 2.2% 2.2% 0 33,400 $6.96 Neighborhood 1,570,426 232,172 0 232,172 14.8% 14.9% 1,105 23,050 $9.44 Regional 833,195 234,550 0 234,550 28.2% 28.4% 1,890 58,266 $12.11 TOTAL 6,532,046 803,154 5,178 808,332 12.4% 12.4% 392 148,577 $10.53 KENTON COUNTY Community 314,930 5,900 0 5,900 1.9% 1.9% 0 0 $18.00 Convenience / Strip 285,549 25,395 0 25,395 8.9% 12.2% 9,330 24,930 $14.38 Freestanding 407,547 0 0 0 0.0% 0.0% 0 0 Neighborhood 1,189,199 193,660 0 193,660 16.3% 16.9% 7,200 -43,303 $12.78 Regional 500,000 1,000 0 1,000 0.2% 0.2% 0 3,367 $26.50 TOTAL 2,697,225 225,955 0 225,955 8.4% 9.0% 16,530 -15,006 $13.16 NORTH CENTRAL Community 861,299 105,597 0 105,597 12.3% 19.4% 61,675 67,726 $15.09 Convenience / Strip 1,814,827 324,547 0 324,547 17.9% 18.2% 6,355 -7,100 $11.66 Freestanding 2,747,970 134,907 0 134,907 4.9% 4.7% -4,593 26,130 $9.77 Neighborhood 2,318,323 386,710 68,744 455,454 19.6% 21.3% 38,445 -5,759 $11.04 Power 1,227,298 192,560 0 192,560 15.7% 15.7% 0 -10,000 $5.92 Regional 1,833,449 230,658 25,000 255,658 13.9% 14.7% 13,806 24,159 $19.81 TOTAL 10,803,166 1,374,979 93,744 1,468,723 13.6% 14.7% 115,688 95,156 $12.57 NORTHEAST Community 644,894 145,007 0 145,007 22.5% 23.6% 7,326 9,579 $14.00 Convenience / Strip 1,953,728 311,357 0 311,357 15.9% 15.8% -3,441 -86,551 $14.34 Freestanding 1,926,922 75,138 0 75,138 3.9% 1.8% -41,400 -75,138 $13.51 Neighborhood 2,474,653 406,729 0 406,729 16.4% 15.8% -16,351 -87,323 $11.09 Power 674,550 0 0 0 0.0% 0.0% 0 0 Regional 1,088,356 65,202 0 65,202 6.0% 5.3% -7,132 34,551 $28.53 Street Front 67,327 11,317 0 11,317 16.8% 14.1% -1,847 1,086 $13.00 TOTAL 8,830,430 1,014,750 0 1,014,750 11.5% 10.8% -62,845 -203,796 $13.78 NORTHWEST Community 641,537 152,387 0 152,387 23.8% 23.8% 0 42,771 $6.86 Convenience / Strip 673,196 172,398 0 172,398 25.6% 26.6% 6,694 -17,460 $13.10 Freestanding 2,452,237 395,114 0 395,114 16.1% 16.1% 0 -3,445 $7.04 Neighborhood 2,088,316 373,405 0 373,405 17.9% 17.9% 1,000 941 $7.80 Regional 918,901 8,071 0 8,071 0.9% 2.3% 13,424 29,424 $27.50 TOTAL 6,774,187 1,101,375 0 1,101,375 16.3% 16.6% 21,118 52,231 $8.74 WEST Community 970,270 133,809 0 133,809 13.8% 13.8% 0 -1,233 $12.00 Convenience / Strip 571,351 129,885 0 129,885 22.7% 21.2% -8,848 -14,144 $13.05 Freestanding 966,046 88,898 0 88,898 9.2% 4.6% -44,898 -2,365 $12.35 Neighborhood 1,413,419 279,777 0 279,777 19.8% 22.5% 38,778 124,023 $11.74 Regional 776,510 11,515 0 11,515 1.5% 1.5% 0 3,439 $20.00 TOTAL 4,697,596 643,884 0 643,884 13.7% 13.4% -14,968 109,720 $12.22 MARKET TOTALS Community 5,585,695 697,886 0 697,886 12.5% 13.5% 58,632 258,476 $11.98 Convenience / Strip 7,576,819 1,422,341 5,178 1,427,519 18.8% 18.9% 7,575 -47,490 $12.87 Free Standing 13,268,871 1,081,178 0 1,081,178 8.1% 7.5% -90,891 9,179 $8.30 Neighborhood 13,380,318 2,012,678 68,744 2,081,422 15.6% 16.0% 59,409 76,108 $10.68 Power 2,704,460 242,205 0 242,205 9.0% 9.0% 0 -6,450 $7.52 Regional 8,291,093 793,667 25,000 818,667 9.9% 9.9% -446 264,460 $18.99 Street Front 388,709 79,063 0 79,063 20.3% 19.9% -1,847 32,413 $13.29 TOTAL 51,195,965 6,329,018 98,922 6,427,940 12.6% 12.6% 32,432 586,696 $11.75 COLLIERS INTERNATIONAL | P. 3
  • 4. THE KNOWLEDGE REPORT | Q3 2011 | RETAIL | CINCINNATI Smaller projects are on the horizon too, as expansion of the “fast casual” restaurant. A fast Brandicorp announced plans for a $2.5 million casual restaurant is a restaurant that does not 512 offices in retail strip center next to the Fort Wright Wal-Mart. offer full table service, but promises a higher The developer also has plans for a site in Anderson quality food and atmosphere than a fast food 61 countries on Township, which could possibly include a First restaurant. All over Cincinnati, fast casual restaurants are popping up and expanding across 6 continents Financial Bank and a Buffalo Wild Wings at the corner of Beechmont Avenue and Asbury Road. the market. Notable names in the Cincinnati United States: 125 market are Five Guys Burgers, Firehouse Subs, Canada: 38 Latin America: 18 HOTTEST SUBMARKET Chipotle, Hot Head Burritos and SmashBurger. Asia Pacific: 214 These restaurants have been highly active in EMEA: 117 One of the hottest submarkets for the third quarter Cincinnati and also throughout the Midwest. • $1.5 billion in annual revenue of 2011 was the North Central Submarket. This submarket posted 115,688 square feet of positive • 979 billion square feet under FORECAST management absorption for the quarter. In addition, rental rates in the North Central Submarket rose to $12.57 per The Greater Cincinnati Retail Market continues to • Over 12,000 professionals square foot, as owners took advantage of the show positive signs of growth and we expect to positive activity they are witnessing. Tri-County see the same trend for the balance of 2011. RETAIL TEAM: led the way as Tri-County Commons, Tri-County Vacancy rates will continue to fall slightly, possibly Ken Arbino Marketplace and Tri-County Towne Center were 25 to 50 basis points in the fourth quarter. Rental +1 513 562 2238 major contributors to positive absorption. The rates should remain unchanged, but may uptick Justin T. Rex, MCRE overall vacancy rate for this submarket stands slightly as owners try to take advantage of the +1 513 562 2218 at 16.3%. positive activity we have seen. Construction will Morton A. Schwartz move forward and some smaller projects are +1 513 562 2277 expected to be announced by the end of EXPANSION OF FAST CASUAL Mike Ziegler, CLS the year. +1 513 562 2224 RESTAURANTS One of the biggest trends this quarter was the Jeff Johnston, CPA +1 513 562 2231 RETAIL SUBMARKETS Chris Prosser, CCIM +1 513 562 2232 Steve Timmel, CCIM +1 513 562 2221 CEO/PRESIDENT: NORTH NORTHEAST Shenan P. Murphy, CCIM +1 513 721 4200 CENTRAL DIRECTOR OF RESEARCH: Brian T. Graham, CCIM NORTHWEST +1 513 562 2214 GRAPHIC DESIGNER: Ricky Dennis +1 513 562 2213 EAST CBD WEST MIDTOWN Colliers International | Greater Cincinnati 425 Walnut Street, Suite 1200 Cincinnati, OH 45202 Colliers International statistics are audited annually and may result in revisions to previously reported quarterly and BOONE KENTON CAMPBELL final year-end figures Accelerating success. www.colliers.com/cincinnati