Monday, March 23, 2009

DCI releases State of Downtown for second half of 2008


Downtown Cincinnati Inc. (DCI) has released its State of Downtown report for July-December 2008 (PDF), and it's available now online.

Among the highlights:

  • Investment: The total disclosed investment for completed projects in the CBD and surrounding area for the second half of 2008 was $33 million, representing 468,200 square feet of property. Under construction projects represented $926 million in investment and 1,957,595 square feet of built space. Projects in pre-development or proposed represent $1.08 billion in investment and 3,458,071 square feet of built space.
  • Office: Vacancy rates in the CBD office market rose slightly from the second half of 2007 to 17.7 percent, but bested the regional average of 20 percent. Lease rates held at $19.64 per square foot, topping the regional average of $18.79.
  • Residential: Single-family homes and condominium sales rose 24 percent from the second half of 2007. There were 84 closings during the period at an average sales price of $228,936. In the CBD and periphery, 361 condominiums are under construction and 3,031 were in pre-development or proposed. Two hundred thirty-six apartments were under construction, with another 924 in the pipeline.
  • Retail and restaurant: Nine new businesses opened in the CBD during the second half of 2008, while 13 closed their doors.
The 16-page report also includes data on hotel and convention business, safe and clean, and parking rates and availability.