Strong demand for industrial space drives new leases, renewals and expansions, as well as new construction projects.
The Cincinnati office of Duke Realty Corporation (NYSE: DRE), the leading U.S. domestic-focused industrial property REIT (Real Estate Investment Trust), saw continued demand for industrial space in the second quarter of 2018, raising its total leasing volume to 1,387,350 square feet for the first six months of 2018. After a strong first quarter, the Cincinnati team added another 588,447 square feet in leases between April and the end of June.
“Demand for space in our industrial properties throughout the Cincinnati-metro area remains strong largely due to the location and quality of our buildings,” said Dan Colletto, Vice President of Leasing and Development for Duke Realty in Cincinnati. “We are pleased that during the quarter we were able to welcome a new tenant to Duke Realty, sign renewals with two existing tenants and provide additional space for another. We also began development of a spec building, and recently announced a build-to-suit project for another tenant.”
Leases signed during the second quarter of 2018 include:
- World Park Union Centre 9245 – 63,335-square-foot renewal with an information management services company; client was represented by David Lotterer with JLL
- World Park Union Centre 9271 – 400,000-square-foot renewal with Trade Global; Trade Global was represented by Bill Poffenberger with JLL
- World Park Union Centre 9422 – 12,000-square-foot new lease A.R.I. USA
- Skyport 2250 – 113,112-square-foot expansion with Standard Textile for full building occupancy; Tim Schenke with CBRE represented Standard Textile
New Duke Realty development projects include Fairfield Logistics Center 7940, a 284,685-square-foot spec building located on Seward Road near its intersection with Tylersville Road and just north of several Duke Realty industrial properties in West Chester, including Union Centre Industrial Park. The building is slated for delivery in the fourth quarter of 2018 and is available for lease.
Duke Realty’s other new development project is a 617,760-square-foot, build-to-suit, omni-channel distribution facility for Design Within Reach, a furniture and home accessories company specializing in authentic modern designs. The building, which is being built in the South Afton Industrial Park in Williamsburg Township, Ohio, is located just off Half Acre Road at S.R. 32 and within a short drive of I-75, I-71, I-275 and I-77. Delivery is expected in early 2019. Newmark Knight Frank brokers Si Pitstick and Josh Young from Cincinnati, along with Geoffrey Kasselman from Chicago and James Rittman from Stamford, CT, represented Design Within Reach in the transaction.
Parties interested in preleasing Fairfield Logistics Center 7940 or other leasing or development opportunities in the Cincinnati metro are invited to contact Mr. Colletto at 513.234.3709.
About Duke Realty
In the greater Cincinnati metro area, Duke Realty owns, manages or has under development more than 10 million square feet of industrial properties. Duke Realty’s local offices are located at 5181 Natorp Avenue, Suite 600, Cincinnati, OH 45050. The office phone number is 513.234.3700.
On a nationwide basis, Duke Realty Corporation owns and operates approximately 150 million rentable square feet of industrial assets in 20 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.