The annual ULI Emerging Trends event held on December 2, 2015 featured a rapid rundown of new developments and trendspotting across the Cincinnati region, as well as an overview of the Emerging Trends in Real Estate 2016 report, a publication from PwC and ULI.
The 2016 national trends reports the “growing confidence” in 18 hour city markets, as well as a fresh look at suburban opportunities gaining investor favor.
With 84% of jobs outside of the City centers, among these top 40 markets, more suburban downtowns are densifying, especially if they have a 20 minutes link to the city center. Similarly, while Cincinnati sees flocking to the urban core, there’s also an incredible demand for housing in the inner ring – Hyde Park, Oakley neighborhoods and suburbs Madeira and Milford.
In office, employment is up over 2.9 million year over year with office jobs accounting from 39% of this gain. This has led to brisk absorption in both CBD and suburban office. With this, the redesigning office space continues to change. (Cramming as many people into as little space as possible is no longer top of mind.) Corporate space is accommodating combination of open and mixed spaces.
Across the region for the Greater Cincinnati outlook, presenters addressed new activity in Uptown – like Vernon Manor II, the Auburn Gateway, and the MLK Exchange; the Liberty Exchange area, Loveland Station, and Montgomery Gateway developments in the northern suburbs; and momentum in Northern Kentucky, including the Hotel Covington and new development around Newport on the Levee. Nearly 200 attended this year’s trends event.