CINCINNATI—Molto Properties has just acquired 19.22 acres located in the Airpark International Business Park in Boone County, KY, just across the Ohio River from Cincinnati. The company plans to develop in several phases two state-of-the-art, class A, industrial distribution buildings totaling over 300,000 square feet.
The KY portion of this metro area is cut by a lot of sharp hills, making it difficult to find and secure land suitable for distribution buildings, but the international airport nearby, along with a central US location, has given users ample reasons to lease almost all available space.
“Cincinnati has had very good net absorption the last several years,” Mike Powers, chief investment officer and senior principal of Molto, tells GlobeSt.com. The 284 million square foot market saw about five million square feet absorbed in 2016, and in 2017, another six million square feet. “That's a record high, and the vacancy rate is hovering near an all-time low.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
