CINCINNATI RESEARCH KNOWLEDGE REPORT

Transcription

1 Q OVERALL CINCINNATI RESEARCH KNOWLEDGE REPORT OFFICE INDUSTRIAL RETAIL INVESTMENT RIDING THE ECONOMIC RECOVERY WAVE EXECUTIVE SUMMARY Surfs up in Greater Cincinnati. All signs across the board remain positive for commercial real estate in The office, industrial and retail markets all posted positive absorption in the second quarter, continuing the run of lower vacancy rates in the Queen City. The economic recovery wave is helping to drive demand here locally. Although the harsh winter gave us a -2.9% GDP reading for the first quarter of this year, things have heated up nicely in the second quarter and we are back on track. The national unemployment rate has fallen to 6.1%; helping to increase demand for commercial real estate. In addition, manufacturing in the Midwest is helping to propel our economy forward. The June ISM Manufacturing Index reading of 55.3% shows that manufacturers are growing and expanding across the country. All of these indicators are healthy signs for our economy and show that we are still surfing the economic recovery wave and should continue to ride it for the balance of the year. VACANCY RATES Q2 14 Q3 14* OFFICE 15.62% INDUSTRIAL 6.67% RETAIL 8.56% UNEMPLOYMENT RATES (U-3) OFFICE MARKET The office market in Greater Cincinnati had another positive quarter, posting 97,081 square feet of positive absorption. This brought the year-to-date net absorption for the office market to 232,326 square feet. The Midtown submarket was the largest benefactor, posting over 87,000 square feet of positive absorption. The overall vacancy rate came in at 15.62%, compared to 15.77% at the end of the first quarter. The biggest news of the second quarter involved General Electric s announcement to bring 1,400 employees to the CBD, constructing a new 340,000-square-foot office building at the Banks. This should help spur further mixed-use development in the area, and bring added life to the downtown market. Q2 14 Q3 14* INDUSTRIAL MARKET The industrial market cooled off considerably, but the market was still in positive territory, CINCINNATI 5.1% posting 169,024 square feet of positive absorption. Year-to-date, the industrial market has recorded more than 1.5 million square feet of positive absorption, an impressive number for UNITED STATES 6.1% At the end of the second quarter, the vacancy rate stood at 6.67%, down over seven *Projected Change to Following Quarter basis points from the first quarter in Tri-County was the most active submarket, posting more than 430,000 square feet of positive absorption. RETAIL MARKET The retail market in Greater Cincinnati continued to gain ground and posted 259,253 square feet of positive absorption in the second quarter. Year-to-date, the retail market has had 357,719 square feet of positive absorption and the vacancy rate stands at 8.56%. The top three trade areas that posted the highest amount of net absorption were Hamilton, Withamsville/Amelia and Tri-County. These three trade areas produced a combined net absorption of 327,739 square feet. INVESTMENT MARKET The investment market in Greater Cincinnati is still churning. Demand for quality investment product in second-tier cities like Cincinnati remains elevated. Cap rates in our market still remain higher that coastal markets, making Greater Cincinnati a nice choice to add some yield to an investor s portfolio. As quality product is put to market, numerous investors are lining up and multiple offers are being received. The continued improvement of our economy should help keep demand in place, and the government s desire to keep interest rates low should help keep borrowing costs down. As long as inflation is kept in check, investors will continue to remain active in the investment market for the balance of 2014.

2 OFFICE MARKET SUMMARY THE KNOWLEDGE REPORT Q OFFICE CINCINNATI OFFICE MARKET SUMMARY The office market had 97,081 square feet of positive absorption in the second quarter of the year. The vacancy rate finished at 15.62%, compared to 15.77% in the first quarter of the year. Overall, rental rates moved higher, averaging $18.15 per square foot. Class A rates averaged $20.92 per square foot (up from the first quarter) and Class B rates averaged $15.23 per square foot (up from the first quarter). Transactions contributing to this absorption included Paycor s new 135,765-squarefoot building in Norwood which was completed this quarter, General Electric occupying 80,000 square feet of temporary space at Atrium Two in the CBD and Western & Southern occupying another 23,382 square feet at Queen City Square. MARKET INDICATORS VACANCY *Projected NET ABSORPTION Change to CONSTRUCTION Following Quarter RENTAL RATE ASKING RATES Q2 14 Q3 14* Medical space continues to move the market as well and demand for medical office space continues to remain high. Since 2010, the vacancy rate for the 4.7 million square feet of medical space that Colliers Greater Cincinnati tracks has dropped significantly, going from 17.38% to 11.21% in the second quarter of Year-to-date, medical space has been a key performer in the office market, producing 232,326 square feet of positive absorption in Greater Cincinnati. Construction of office space is also heating up. In addition to the GE announcement previously noted, Catholic Health Partners has also selected the former Showcase Cinemas site in Bond Hill to construct a new 350,000-square-foot headquarters and Tri-Health will build a 112,000-square-foot medical facility along Interstate 71 at Northcreek Office Park, just off East Galbraith Road. $23.00 $21.00 $19.00 $17.00 $15.00 $13.00 $ % 17.00% 16.50% 16.00% 15.50% 15.00% 15.62% 600, , , , , , ,000-1,000,000-1,200,000 97,081 2Q Q Q Q Q Q Q Q Q Q Q Q Q 2014 CLASS A CLASS B CLASS C OVERALL OFFICE OVERALL VACANCY OFFICE NET ABSORPTION (SF) TOP 10 OFFICE TRANSACTIONS PROPERTY SUBMARKET TENANT/BUYER SIZE TYPE QUARTER The Banks CBD General Electric 340,000 Lease Q2 Atrium Two CBD Cincinnati Bell 220,000 Lease Q2 Atrium Two CBD General Electric 80,000 Lease Q Princeton Glendale Road West Chester Group Health Associates 50,000 Lease Q2 Park 42 Atrium I-IV Tri-County Data Recognition Corporation 39,579 Lease Q2 Kenwood Collection Kenwood Unlimited Systems 31,625 Lease Q2 644 Eden Park Drive CBD Peripheral Laser Spine Institute 30,074 Lease Q2 PNC Center CBD PricewaterhouseCoopers LLP 29,400 Lease Q2 University Station Midtown CTI Clinical Trial & Consulting Services 26,000 Lease Q2 Landings II Blue Ash/Montgomery AdvancePierre Foods Inc. 25,000 Lease Q2

3 OFFICE MARKET SUMMARY THE KNOWLEDGE REPORT Q OFFICE CINCINNATI SUBMARKET DATA Rentable SF Direct Vacant SF Sublease Vacant SF Total Vacant SF Total Quarterly Absorption YTD Total Net Absorption Vacancy Rate Rental Rate Blue Ash 5,355, ,661 15, ,909-29,506-88, % $16.65 A 2,174, ,132 1, ,964-29,815-17, % $20.51 B 2,915, ,274 13, ,690 1,786-81, % $15.21 C 266,370 9, ,255-1,477 9, % $13.45 CBD 18,989,060 2,837,597 4,650 2,842,247 30,682 12, % $19.38 A 8,359,432 1,566,169 4,650 1,570,819 47,903 82, % $21.77 B 8,191,303 1,168, ,168,559-16,263-70, % $15.83 C 2,438, , , % $12.76 CBD Periphery 4,242, , ,400-23,701 5, % $18.74 A 1,271, , ,470-27,215-47, % $21.52 B 2,209, , ,735 4,600 24, % $13.99 C 761, , ,195-1,086 27, % $13.95 East 3,415, ,875 6, ,864-19,531-1, % $14.07 A 841,525 91,216 4,435 95, , % $15.94 B 2,178, ,987 2, ,541-21,563-29, % $14.11 C 395,063 65, ,672 1,087-2, % $9.84 I-71 Corridor North 5,435, ,814 19, ,942 34, , % $16.29 A 3,355, ,138 19, ,266 29,759 96, % $18.42 B 1,776, , ,736 4,492 36, % $13.38 C 303,798 76, , % $12.00 I-75 Corridor North 2,550,755 90, ,945 3,606 22, % $17.75 A 1,474,765 13, , , % $22.73 B 841,794 54, ,386 3,606 21, % $19.43 C 234,196 23, , , % $13.95 Kenwood/Montgomery 2,299, , ,374 24,772 9, % $17.90 A 1,013,947 75, ,978 6,225-1, % $28.20 B 1,151, , ,086 18,547 10, % $17.73 C 134,688 8, , % 0 Midtown 5,280, ,720 31, ,510 87,737 91, % $20.01 A 1,754, ,317 28, , , , % $23.95 B 2,800, ,285 3, ,785-22,233-13, % $17.92 C 725, , , , % $12.00 Northern KY 6,841, ,861 40,214 1,019,075 32,731 70, % $18.20 A 2,803, ,936 36, ,787 33,964 23, % $19.19 B 3,426, , ,340-19,006 4, % $17.52 C 610,625 34,585 3,363 37,948 17,773 43, % $14.40 Tri-County 7,344,919 1,554, ,554,281-51,590-28, % $15.34 A 1,926, , ,078 2,656-27, % $18.52 B 4,658, , ,320-49, % $13.25 C 760, , ,883-4,283-1, % $12.57 West 1,314, , ,995-4,397-2, % $18.34 A 291,242 14, , % 0 B 722, , ,685-6,647-1, % $18.34 C 300,168 93, ,776 2,250-1, % 0 Northern KY Riverfront 2,499, , , ,400 12,027 9, % $21.38 A 1,358, , , ,778-3,439-8, % $21.92 B 842,785 66, ,073 13,800 16, % 0 C 298,297 46, ,549 1,666 1, % $12.00 Grand Total 65,568,953 10,025, ,219 10,243,942 97, , % $18.15

4 INDUSTRIAL MARKET SUMMARY THE KNOWLEDGE REPORT Q INDUSTRIAL CINCINNATI INDUSTRIAL MARKET SUMMARY The industrial market produced 169,024 square feet of positive absorption in the second quarter, not as impressive as its previous runs, but positive nonetheless. The vacancy rate fell to 6.67% for the quarter, down 7 basis points from the end of March. Overall, rental rates ticked up slightly, averaging $3.47 per square foot for all product types combined. The most notable increase was for bulk rental rates, which were up $0.12 to $2.99 per square foot. Flex/R&D spaces averaged $6.11 per square foot, also increasing from first quarter levels. Significant industrial transactions that helped move net absorption this quarter included Crescent Park Distribution occupying 141,671 square feet at Park 75 at Union Center II in Tri-County, Orchem occupying 119,948 square feet on Beech Street off the Norwood Lateral and Mosteller Road in Tri-County adding two tenants (Schneider Electric - 58,891 square feet and KDM 46,969 square feet). Construction of new industrial product is still in the works. Big news came in the second quarter that ebay Enterprise will lease IDI Gazeley s new 631,448-square-foot distribution center at Park South in Richwood. Also under construction is IDI Gazeley s 649,116-square-foot speculative project in Monroe and VanTrust s 274,000-square-foot speculative building in Hebron called Aviation Distribution Center. MARKET INDICATORS VACANCY *Projected NET ABSORPTION Change to CONSTRUCTION Following Quarter RENTAL RATE INDUSTRIAL ASKING RATE $7.00 $6.50 $6.00 $5.50 $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 1Q Q Q Q Q Q Q Q Q Q Q 2013 Q2 14 Q3 14* BULK WHSE/DIST FLEX GENERAL OVERALL 4Q Q Q 2014 OVERALL VACANCY RATE INDUSTRIAL NET ABSORPTION 10.00% 9.50% 9.00% 8.50% 8.00% 7.50% 7.00% 6.50% 6.67% 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000, ,000,000-2,000,000-3,000,000-4,000, ,024 TOP 10 INDUSTRIAL TRANSACTIONS PROPERTY SUBMARKET TENANT/BUYER SIZE TYPE QUARTER Park South at Richwood Building H Florence/Richwood Ebay Enterprise 631,448 Lease Q2 Former Gap Distribution Center Airport Wayfair 525,000 Lease Q Aviation Boulevard Airport Innotrac Corporation 396,000 Lease Q Muhlhauser Road Tri-County Office Depot - Warehouse 245,000 Lease Q2 110 Industrial Drive West JTM 187,000 Lease Q2 Park 75 at Union Centre II Tri-County Crescent Park Distribution 141,671 Lease Q Henkle Drive I-71 Corridor Nibco Inc. 129,865 Lease Q2 New Buffington Distribution Building B Florence/Richwood Verst Logistics 126,480 Lease Q2 Dixie Distribution Center Building I Florence/Richwood Primesource Building Products 110,680 Lease Q Gano Road Tri-County BGR Inc. 110,000 Lease Q2

5 INDUSTRIAL MARKET SUMMARY THE KNOWLEDGE REPORT Q INDUSTRIAL CINCINNATI SUBMARKET DATA Rentable SF Direct Vacant SF Sublease Vacant SF Total Vacant SF Total Quarterly Absorption YTD Total Net Absorption Vacancy Rate Rental Rate Airport 27,150,853 1,067, ,623 1,455,898-35, , % $4.40 Bulk Warehouse 15,406, , , ,385 56, , % $3.20 Flex/R&D 993,935 89, ,605 25,797 30, % $5.43 Light Industrial 3,927, , ,643-9, % $5.46 Manufacturing 2,115, % 0 Warehouse/Distribution 4,707, , , , , , % $3.63 Blue Ash 12,122,478 1,109, ,109, , , % $4.25 Bulk Warehouse 952, , , , , % $4.53 Flex/R&D 1,552, , ,664 5,379 30, % $7.50 Light Industrial 6,030, , , , , % $3.35 Manufacturing 2,526, , , % $2.00 Warehouse/Distribution 1,061, , ,885-48,000-48, % $3.34 Campbell County 3,297, , ,770-2,928 57, % $3.44 Light Industrial 2,078, , ,070-2,928 47, % $3.35 Manufacturing 1,045, % 0 Warehouse - Distribution 173,940 42, , , % $3.75 Central/Midtown 45,896,916 2,405,414 29,446 2,434, , , % $4.02 Bulk Warehouse 1,017, , , % $1.95 Flex/R&D 878, ,914 29, ,360 15,024 41, % $7.09 Light Industrial 28,626,450 1,461, ,461,354 12, , % $2.99 Manufacturing 14,752, , ,966 93, , % 0 Warehouse - Distribution 621, % 0 Covington 3,887, ,167 20, ,167-61,796-61, % $3.00 Bulk Warehouse 379, % 0 Flex/R&D 20, ,000 20, % 0 Light Industrial 2,492, , ,825-38,625-38, % $4.60 Manufacturing 883,062 46, ,342-23,171-23, % $3.00 Warehouse - Distribution 112, , , % $2.95 East 12,300,827 1,509, ,509,839-28,275-35, % $3.47 Bulk Warehouse 952, , , % $2.63 Flex/R&D 1,021, , ,992 7, % $7.49 Light Industrial 4,711, , ,355-36,160-36, % $3.75 Manufacturing 5,615, , , % 0 Florence/Richwood 19,771, , ,070 24,925 10, % $3.90 Bulk Warehouse 6,117,616 28, , % $2.75 Flex/R&D 843, , ,920 73,775 59, % $5.58 Light Industrial 4,080,789 75, , % $4.47 Manufacturing 7,772,666 12, ,800 9,200 9, % $3.35 Warehouse - Distribution 956,848 98, ,050-58,050-58, % $2.59 Hamilton 8,080, , ,765 50,475 87, % $2.56 Flex/R&D 249,734 28, , , % $6.60 Light Industrial 6,321, , ,843-9,525-2, % $2.45 Manufacturing 1,508,911 37, ,500 60,000 88, % 0 I-71 Corridor 11,449, , , ,483 96, , % $2.49 Bulk Warehouse 622,000 76, , % $2.75 Flex/R&D 518, , ,030 12,014-8, % $7.25 Light Industrial 3,923, , ,209 84,970 26, % $5.49 Manufacturing 5,613, , , , % $1.75 Warehouse - Distribution 771, , , % 0 Monroe/Middletown 17,161,562 1,239, ,239,160-42,660 29, % $2.87 Bulk Warehouse 4,362, , , % $3.25 Flex/R&D 46,900 3, , % $11.00 Light Industrial 4,537, , ,234-42,660-42, % $3.07 Manufacturing 7,141, , , % $1.75 Warehouse - Distribution 1,073, , , , % $3.42 Tri-County 59,865,040 5,336,915 10,800 5,347, , , % $3.32 Bulk Warehouse 18,500,106 1,676, ,676, , , % $2.85 Flex/R&D 4,433, ,952 10, ,752-30,003-41, % $5.69 Light Industrial 21,370,926 1,922, ,922, ,832 8, % $2.45 Manufacturing 9,534, , , , % 0 Warehouse - Distribution 6,025, , , , , % $3.24 West 5,788, , ,173-16,700 75, % $5.76 Bulk Warehouse 1,140, % 0 Flex/R&D 313,780 54, ,043 7,100 7, % $7.31 Light Industrial 3,476, , ,130-23,800 68, % $4.12 Manufacturing 708, % 0 Warehouse - Distribution 149, % 0 Woodlawn/Evendale 18,967, ,598 5, ,598 93,808 60, % $3.08 Bulk Warehouse 716, % 0 Flex/R&D 542,503 76,237 5,000 81,237 4,233-5, % $4.74 Light Industrial 6,958, , ,224 89, , % $2.97 Manufacturing 10,640, , , , % 0 Warehouse - Distribution 109, % 0 Grand Total 245,740,413 15,822, ,541 16,387, ,024 1,573, % $3.47

6 RETAIL MARKET SUMMARY THE KNOWLEDGE REPORT Q RETAIL CINCINNATI RETAIL MARKET SUMMARY The retail market continued to move in a positive direction and retailers continued to ride the wave for their growth and expansion plans. The retail market saw 295,253 square feet of positive absorption in the second quarter of Year-to-date, the retail market is up 357,719 square feet. Retail sales bounced back from a disappointing first quarter (primarily due to the harsh winter), and retailers recovered nicely this spring. This demand helped push the overall vacancy rate down to 8.56%, down 51 basis points from last quarter. Average rental rates for retail space also increased by $0.30 to $11.74 per square foot. This was primarily due to some new projects coming on line that are commanding a higher rental rate than older product. The top three trade areas that posted the highest amount of net absorption were Hamilton, Withamsville/Amelia and Tri-County. These three trade areas produced a combined net absorption of 327,739 square feet. Notable transactions included Floor & Décor leasing 80,000 square feet at Highland Square, Hobby Lobby leasing 57,216 square feet at Central Plaza, Harbour Freight leasing 21,683 square feet of space at Tri-County Towne Center and Lincoln National College leasing 21,600 square feet of space at Florence Center in Northern Kentucky. MARKET INDICATORS VACANCY *Projected NET ABSORPTION Change to CONSTRUCTION Following Quarter RENTAL RATE AVERAGE RENTAL RATE $13.00 $12.50 $12.00 $11.50 $11.00 $10.50 $ Q Q Q Q Q Q Q Q Q 2013 Q2 14 Q3 14* 2Q Q Q Q Q 2014 VACANCY RATE RETAIL NET ABSORPTION 13.00% 12.50% 12.00% 11.50% 11.00% 10.50% 10.00% 9.50% 9.00% 8.50% 8.56% 800, , , , , , ,253 TOP RETAIL TRANSACTIONS PROPERTY TRADE AREA TENANT/BUYER SIZE TYPE QUARTER Highland Square Central Floor & Décor 80,000 Lease Q2 Central Plaza West Central Hobby Lobby 57,216 Lease Q2 Springdale Crossing West Central Value City Furniture 39,529 Lease Q2 Colerain Shopping Center West Central Aldi 26,730 Lease Q2 Civic Center Plaza West Central Michael Angelo Testa Auction Company 18,844 Lease Q Colerain Avenue West Central Hancock Fabrics 13,000 Lease Q2 Rivers Crossing Northeast Petsmart 12,122 Lease Q2 Rivers Crossing Northeast Dollar Tree 10,000 Lease Q2

7 RETAIL MARKET SUMMARY THE KNOWLEDGE REPORT Q RETAIL CINCINNATI SUBMARKET DATA Rentable SF Direct Vacant SF Sublease Vacant SF Total Vacant SF Total Quarterly Absorption YTD Total Net Absorption Vacancy Rate Alexandria 513,509 47, , , % 0 Avondale/Walnut Hills 110,570 8, , % $11.00 Beechmont 1,741,234 79, ,658 6,400 5, % $11.68 Blue Ash 795,165 42, ,177 7,400 8, % $18.03 Bridgetown/Dent 479,563 30, , % $12.00 Cleves 75, % 0 Clifton 192,880 14, , % 0 Colerain/Northgate 2,794,766 77, , , % $14.99 Covington 400,235 8, , , % 0 Deer Park/Silverton 197,374 12, ,949-3,060-3, % $9.00 Delhi 658, , , , % $12.57 Eastgate 2,261, , ,261-7,200-7, % $12.55 Erlanger/Elsmere 1,041,914 45, ,676-8,582-12, % $31.00 Evendale/Reading 637,061 3, , % 0 Fairfield 1,590, , ,585 5, % $9.44 Fields Ertel/Symmes 1,574,807 35, ,389 4,950 32, % $12.87 Finneytown 297,034 36, ,158-27,250-24, % 0 Florence 2,060,685 95, ,143 13,820 9, % $9.98 Forest Park 1,317, , ,221-17,285-14, % $5.24 Franklin/Carlisle 745,973 31, ,100 1,500 1, % $8.60 Ft. Mitchell/Crescent Springs 707,135 12, ,609-3,795-3, % $14.03 Hamilton 2,448, , , , , % $7.93 Harrison 877,980 38, , , % $13.33 Hebron 352,774 49, , , % $14.50 Highland Heights/Cold Spring 945,982 10, ,886-3,896-2, % $12.85 Hyde Park/Oakley 1,665,040 32, ,187 3,223 37, % $24.17 Independence 137,969 2, , , % $16.00 Indian Springs 1,219,021 62, , , % $11.03 Kenwood/Madeira 1,067,761 96, ,217-7,600-7, % $17.38 Landen/Maineville 731,566 43, , , % $14.19 Latonia/Taylor Mill 569,642 97, , , % $15.15 Lebanon 926, , ,631 2,700-2, % $4.48 Liberty Township 432,170 47, ,847 5,200 3, % $14.90 Loveland 478,763 40, , , % $11.43 Madisonville/Fairfax 229,716 5, , , % $12.50 Mariemont/Newtown 162,232 19, ,505-1,600-1, % $15.25 Mason 2,023, , ,211 1,678 10, % $16.90 Middletown 1,597, , ,688-55,454-58, % $9.59 Milford 1,798, , ,949 2,000 3, % $13.96 Monfort Heights/White Oak 297,735 19, , % $9.00 Monroe 289,689 47, ,890-2,450-2, % $10.00 Montgomery 798,691 27, , , % $15.43 Mt. Airy/Groesbeck 110, % 0 Mt. Washington 221,199 46, , % 0 Newport 1,780, , ,799-4,000-20, % $13.25 North College Hill/Mt. Healthy 506,490 28, ,683 27,251 27, % $9.40 Norwood 320,368 29, , , % $15.00 Oxford 584, , , % 0 Pleasant Ridge 689,280 43, , % 0 Price Hill 125, , % 0 Roselawn 440,474 24, ,260-2,063-4, % 0 Seven Hills 154,757 19, , % 0 Sharonville 379,747 51,438 3,000 54,438-6,850-8, % $11.87 South Lebanon 433,257 17, , % $6.00 Springboro 614,469 25, ,709 17,000 12, % $15.77 St. Bernard 149, % 0 Trenton 59,103 16, ,800-14,000-14, % $17.00 Tri-County/Springdale 3,483, ,239 45, ,127 43,728 40, % $10.35 Turfway 1,782,673 53, , , % $13.23 Tylersville 1,387,200 40, ,245-1,123-5, % $13.17 Union Centre 763,594 40,247 1,890 42,137-3,211-4, % $14.24 Union KY 195,160 18, ,951-1,875-3, % $12.89 Walton 277,997 6, ,388 3,900 1, % $22.00 West Chester 1,036, , ,618 18,150 16, % $10.36 Western Hills 2,717, , ,386-4,200-4, % $13.07 Withamsville/Amelia 812,710 59,351 57, ,410 99, , % $17.63 Wyoming/Woodlawn 211,297 10, ,500 21,155 22, % 0 Grand Total 58,483,388 4,899, ,837 5,007, , , % $11.74 Rental Rate

8 CINCINNATI TEAM THE KNOWLEDGE REPORT Q Brokerage - Office Fred A. Macke, Jr. SIOR fred.macke@colliers.com Richard P. Meder richard.meder@colliers.com John P. Schenk CCIM, SIOR john.schenk@colliers.com Christopher D. Vollmer SIOR chris.vollmer@colliers.com Chris Vollmer, Jr. Brokerage Vice President chrisjr.vollmer@colliers.com Matthew Smyth Brokerage Senior Associate matt.smyth@colliers.com Brokerage - Industrial Michael E. Daly SIOR michael.daly@colliers.com John B. Gartner, III SIOR john.gartner@colliers.com William K. Keefer SIOR bill.keefer@colliers.com Chuck A. Ackerman CCIM, SIOR chuck.ackerman@colliers.com Norm Khoury CCIM, SIOR norm.khoury@colliers.com Erin M. Casey GA-C, MICP Brokerage Vice President erin.casey@colliers.com 485 offices in 63 countries on 6 continents United States: 146 Canada: 44 Latin America: 25 Asia: 38 ANZ: 148 EMEA: 84 $2.1 billion in annual revenue 1.46 billion square feet under management Over 15,800 professionals Greater Cincinnati 425 Walnut Street, Suite 1200 Cincinnati, OH Nick Greiwe Brokerage Associate nick.greiwe@colliers.com Brokerage - Investment Jeffrey E. Johnston CPA jeff.johnston@colliers.com Christopher B. Prosser CCIM chris.prosser@colliers.com Steven L. Timmel CCIM steve.timmel@colliers.com Brokerage - Retail Tommy Gusweiler Brokerage Associate tommy.gusweiler@colliers.com Ben Davis Brokerage Associate ben.davis@colliers.com Justin T. Rex MICP Brokerage Associate justin.rex@colliers.com Valuation & Advisory Brian T. Graham CCIM Valuation & Advisory Services Director of Research Ohio brian.graham@colliers.com Colliers International statistics are audited annually and may result in revisions to previously reported quarterly and final year-end figures Executive Leadership Shenan P. Murphy CCIM CEO shenan.murphy@colliers.com Paul M. Plattner CPM Senior Vice President Real Estate Management Services Cincinnati paul.plattner@colliers.com