Park North at Monroe first opened in 2012, and now has “a good blend of both logistics and manufacturing operations,” Kraus adds. Tenants occupying the park include: Home Depot, which has 657,600 square feet; Cornerstone Brands, with 651,515 square feet; and SSB Manufacturing with 430,668 square feet. The newest tenant to sign a lease is Hayneedle, which took 994,013 square feet.

Although developers have been on a building spree in the metro area, demand from tenants has kept pace. “We've had a really strong run of net absorption,” Kraus points out. According to CBRE Research's latest industrial MarketView, the Greater Cincinnati industrial market ended 2016 with over 5.3 million square feet of positive net absorption, the most since 2005.

And new construction activity totaled less than three million square feet, a fairly typical year for the metro area, where developers face significant topographical challenges due to its many rivers, valleys and sharp hills. “Our site development process takes a little bit longer than it does in flat areas such as Indianapolis,” says Kraus. This factor helps keep local vacancy rates low and boost rental rates. By the end of the fourth quarter, the vacancy rate was just 5.1%, close to where it has hovered for almost three years. And the average asking rate now stands at $3.80, an 8.2% increase since the end of 2014.

“As e-commerce and traditional retailers adapt their supply-chain to accommodate changing consumer behaviors, demand for high-quality industrial space will continue to be very strong,” Kraus says. “Building 10 has been designed to meet this demand.”

CINCINNATI—The industrial market in this metro area just had one of its best years ever, and developers have set the stage for even more expansion. Officials from IDI Gazeley say they will soon begin construction on Park North at Monroe Building 10, a 755,911-square-foot bulk warehouse facility located in Monroe, OH. IDI expects to finish the project, which will be the largest 36' clear height availability in greater Cincinnati, by the fourth quarter.

CBRE Group, Inc. will market the property for lease. Park North at Monroe, a master-planned park located midway between Cincinnati and Dayton, offers convenient access to I-75. Furthermore, it is served by a single point urban interchange, which allows trucks to switch roads with smooth, gradual turns, instead of having to go at right angles.

“Users can move goods in and out of the park very quickly,” CBRE's Jeremy Kraus tells GlobeSt.com. And Building 10 is within 600 miles of more than 50% of the US population, making it ideal for distributors with regional or national operations.

However, IDI “has always done a good job of building the most flexible structures they can,” and this one will also fit the needs of manufacturers.