2009 STATE OF DOWNTOWN REPORT
DCI thanks the following organizations for their assistance in compiling the 2009 Annual State of Downtown Report:
Partners Brandsetter Carroll, Inc.
Colliers International
CB Richard Ellis
CresaPartners
Cincinnati’s arts, culture, sports & entertainment venues
Grubb & Ellis | West Shell Commercial
Cincinnati Multiple Listing Service
Metro
Cincinnati USA Convention & Visitors Bureau
Shertok Design, Inc.
City of Cincinnati
Smith Travel Research
Additionally, there were many individuals serving in various capacities who were instrumental in making this report possible through information sharing and analysis. The State of Downtown Reports are a free service provided by Downtown Cincinnati Inc. to all downtown stakeholders and other interested parties. The annual reports and mid-year updates are available on line at www.downtowncincinnati.com. To share feedback on this report or join our distribution list for future reports, please contact DCI at 513.421.4440 or via email at SODreport@downtowncincinnati.com.
Photo credits: Mark Bowen, Aaron Davidson, Philip Groshong, Don Moore (Kamera Art Photography), Renae Waples (Mayhew & Peper Photographers). Other photographs provided by Carter Dawson, Children’s Theatre of Cincinnati, Cincinnati Ballet, Cincinnati Opera, Eagle Realty Group, Know Theatre of Cincinnati, Metro, National Society of Hispanic MBAs.
To build a dynamic metropolitan center valued as the heart of the region.
Contents
dci’s mission
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Downtown Development . . . . . . . . . . . . . . . 3 Office & Employment. . . . . . . . . . . . . . . . . . . . 6 Retail & Restaurants. . . . . . . . . . . . . . . . . . . . 10 Safe & Clean. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Residential. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Conventions & Hotels. . . . . . . . . . . . . . . . . . 16 Arts, Culture & Entertainment . . . . . . . . 18 Access & Parking. . . . . . . . . . . . . . . . . . . . . . . . 20 1
Introduc tion
Downtown Cincinnati is the heart of the growing and vibrant Cincinnati USA region. As the front door to the region, the Central Business District (CBD) along with its neighboring communities— Over-the-Rhine, the West End, Pendleton, and Mt. Adams— continued to grow and evolve to meet the needs of its many visitors, residents, employees, and property owners. Downtown Cincinnati Incorporated (DCI) with the collaboration and assistance of many public and private partners, researches, compiles, and publishes the State of Downtown Report annually. In its sixth year of publication, the State of Downtown Report provides a comprehensive profile of the various downtown markets: Development Projects; Office and Employment; Retail and Restaurant; Residential; Conventions and Hotels; Arts, Culture and Entertainment; Safe and Clean; and Access and Parking. 2009 was a challenging year globally, nationally, and locally. The economy was less than optimal and made success difficult across nearly every industry. However, downtown Cincinnati continued to seek innovative ways to maneuver the economic trials of the 2009 economy. The national retail market faced a number of obstacles but downtown retail and restaurants remained relatively stable. In the office and employment market, the commercial brokerage community faced a variety of challenges including high vacancy rates, but began to see companies hiring again, which led to lease renewals and expansions. Although the housing market remained in flux throughout 2009, downtown Cincinnati’s residential market was steady in comparison to other markets. Development projects slowed
2
slightly, but the continued progress of major developments such as The Banks, Queen City Tower, and the Over-the-Rhine revitalization contributed to downtown’s continued positive momentum. Arts, culture, and entertainment venues continued to bring many visitors to downtown—a direct complement to the record setting convention attendance. While hotel occupancy was not at its highest level, downtown hotels averaged better results when compared nationally and regionally. The presence of more pedestrians on downtown streets, both during the daytime and evening hours, was due to many of the above mentioned factors, plus the compact walk-ability of downtown, availability of low cost parking, and the safe, clean, and welcoming environment. The following pages provide detailed statistics in each market mentioned above. For more information or to give feedback regarding the information in this report, please email SODreport@downtowncincinnati.com.
CAC
Duke Energy Convention Center Government Square
downtown de velopment
Projec ts by Percentage
‡
Residential. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27% Mixed Use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24% Office. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22% Cultural/Entertainment/Education. . . . . . . . . . . . . . 19% Access/Parking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7% Retail/Restaurant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%
2009 presented challenges in the world of development, and downtown Cincinnati was no exception. However, the center city was not deterred by a less than stable economy. Within the CBD’s* 450 acres and the surrounding areas of Over-the-Rhine, Pendleton, the West End, and Queensgate, development continued to press forward leveraging the momentum created by so many urban pioneers and stakeholders. Seventeen downtown projects in the areas of access and parking, cultural, entertainment, and education, mixed use†, office, residential, and retail were completed in 2009. The unique topography and layout of the urban core provides a multitude of opportunities to redevelop/renovate historic and landmark buildings and sites, bringing them “back to life” and utilizing their full potential. Additionally, the development community has seized the opportunity to build new structures, such as the Great American Tower at Queen City Square, The Banks, Trinity Flats, and City West to further complement downtown’s distinctive appeal. Well over $116 million dollars was invested in the development of more than 300,000 square feet of completed projects, which netted 428 new residential units and 769 parking spaces. Also during 2009, multiple projects broke ground and/or continued construction with an estimated investment of more than $1.6 billion. The downtown community can look forward to numerous projects getting underway in the near future as more than 20 projects impacting over 1.2 million square feet of space are currently in the pre-planning/proposal phase. The following pages give a brief overview of downtown projects; a detailed report is available at downtowncincinnati.com.
* “Central Business District (CBD)” refers to the area inside the boundaries of Eggleston, the Ohio River, Central Avenue, and Central Parkway. † “Mixed use” refers to properties/buildings that encompasses more than one use, such as residential and/or office space paired with retail/restaurant/entertainment venues. ‡ Includes completed, under construction, and proposed projects as of year-end 2009.
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Legend ACC = Access & Parking CEE = Cultural/Entertainment/Educational MIX = Mixed Use OFF = Office RES = Residential RET = Retail/Restaurant Note: This chart lists only those projects with a disclosed investment amount of $1 million or more. For a complete and detailed list of downtown and Greater Downtown development projects, please visit the publications page at downtowncincinnati.com * Proposal is to connect the CBD with Uptown via Vine Street
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Proposed
Under Construction
Completed
De velopment Projec ts
Completion/Expected Project Name Address Project Type Investment ($M) Completion Date 1 14th and Vine at Trinity Flats 1331-1335 Vine Street MIX $2.5 2009 2 724 Main 724 Main Street RES $1.0 2009 3 Atrium Two 221 E. Fourth Street OFF $2.0 2009 4 The Belmain 1202 Main Street RES $2.7 2009 5 Central Riverfront Garage 50 E. Freedom Way ACC $38.0 2009 6 City West Ezzard Charles Drive RES $24.0 2009 7 dunnhumbyUSA 444 W. Third Street OFF $17.0 2009 8 Falling Wall 1417-1421 Main Street MIX $1.8 2009 9 GreenSource Cincinnati 19 E. Eighth Street OFF $1.5 2009 10 Jeffrey & Darlene Anderson 1141 Central Parkway OFF $6.5 2009 FreeStore FoodBank Center 11 Lackman Lofts 1237 Vine Street MIX $1.8 2009 12 Magnolia Street Project 1419 Elm Street RES $4.0 2009 13 Mercy Housing Main Street RES $4.0 2009 14 Mottainai 1222 Republic Street RES $3.0 2009 15 The Righteous Room 641 Walnut Street MIX $2.2 2009 16 Rookwood Pottery 1920 Race Street RET $1.5 2009 17 Taft Center Fifth & Walnut Streets OFF $1.6 2009 18 617 Vine Street 617 Vine Street RES $34.5 n/a 19 The Banks Riverfront MIX $600.0 2011 20 The Banks Parking Garages Riverfront ACC $90.8 2010 21 Central Riverfront Park Riverfront CEE $100.0 2011 22 City Home 1406-1422 Pleasant Street RES $8.0 n/a 23 The Edge Office and Design Center 310 Culvert Street OFF $35.0 2010 24 Jimmy Heath House Odeon Street RES $3.5 2010 25 John Weld Peck Federal Building 550 Main Street OFF $20.1 n/a 26 KZF Design Expansion 700 Broadway OFF $6.0 2010 27 Nineteen Ten Elm Street 1910 Elm Street MIX $3.0 2010 28 One River Plaza Riverfront MIX $143.0 n/a 29 Parvis Lofts on Vine 1415 Vine Street RES $10.0 2010 30 Great American Tower at Queen City Square Fourth & Sycamore Streets OFF $322.0 2011 31 Queensgate South Baymiller & W. Third Street OFF $25.0 n/a 32 Saenger Halle 1400 Block of Race Street OFF $8.0 2010 33 School for Creative and Performing Arts 1223 Central Parkway CEE $70.0 2010 34 Seventh & Broadway Garage Seventh & Broadway ACC $5.0 2010 35 Trinity Flats 1326-1342 Vine Street MIX $5.0 2010 36 Washington Park Residential Revitalization Washington Park RES $8.0 2010 37 21c Museum Hotel 609 Walnut Street CEE $48.0 2012 38 Bartlett Building 36 E. Fourth Street OFF $15.0 n/a 39 Beer Hall of Fame Fountain Square District CEE $22.5 n/a 40 Broadway Tower Seventh & Broadway RES $22.0 n/a 41 Casino Broadway Commons CEE $500.0 2012 42 Cincinnati Color Building 1400 Vine Street MIX $14.1 2011 CBD/OTR/Uptown ACC $185.0 n/a 43 Cincinnati Streetcar * 44 E. Sixth Street Properties 114, 118, 122 E. Sixth Street MIX $13.0 2011 45 Friars’ Court - St. Anthony’s Village II 1616-18, 1626-28 Race Street; RES $2.8 n/a 1623 Republic Street; 23 Green Street 46 Gateway Quarter - Phase 4 1400 Block of Vine Street MIX $105.0 2010 47 Germania Hall 1311 & 1313 Vine Street CEE $7.0 n/a 48 Mercer Commons Vine and Walnut Streets MIX $18.0 2012 49 Music Hall Renovation 1243 Elm Street CEE $92.5 2011 50 Phelps Apartment Building Redevelopment 506 E. Fourth Street CEE $15.0 2011 51 Rothenberg Preparatory Academy East McMicken Avenue & Main Street CEE $2.1 2011 52 Terrace Hotel and Residences 15 W. Sixth Street RES $30.0 n/a 53 Washington Park Washington Park CEE $32.0 2011 54 West Fourth Residential W. Fourth Street RES $40.0 n/a 55 Westfalen Lofts 1418-1422 Race Street RES $3.4 n/a See map on next page
27
16
45 51 24
12
6
49 10
46 32 42 22 55 29 48 1 53 47 35
8 13 4
36 14 11 33
43
41
9 18 52
15 37 CAC
2 44
Duke Energy Convention Center
54 31
39
17 38
34 40
25
Government Square
50 3
7
26
23
30 28
5
20 19 21
5
Office & Employment Downtown is proudly home to nine of the 10 Fortune 1000* headquarters in Cincinnati, 23 out of 25 of the Cincinnati Business Courier’s largest tri-state law firms** and a host of large creative/ advertising firms and financial services. The CBD remains diverse in its types of businesses—from those with large corporate headquarters to small, locally-owned business, alongside many unique retail and restaurant offerings including national chains and family-owned and operated establishments. More than 800 businesses occupied over 300 buildings and employed many thousands of people. Despite 2009’s challenging economic conditions, businesses continued to locate downtown and expand their employee base. For instance, Advantage IQ, Inc. renewed their lease and added additional space at The Center at 600 Vine in anticipation of increasing their 75-employee workforce by 40%. FirstGroup America added 100 new corporate jobs to their headquarters, bringing their total employees at their downtown location to 500. Procter & Gamble worked closely with the City of Cincinnati in anticipation of relocating more than 600 employees from one of their suburban locations to their downtown headquarters in early 2010. (Please see the “Major 2009 Transactions” chart on the following page.) While there is clearly positive momentum, the CBD was not immune to the economic challenges being faced nationwide. The vacancy rate in downtown’s Class A office space was higher than the national average during 2009, while the rental rates were competitive across all classes of space.
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* Fortune Magazine ** Based on number of employees † For 26 years, The Enquirer and Deloitte have teamed to rank the 100 largest privately held companies in Greater Cincinnati and Northern Kentucky. The companies were ranked by previous year’s revenues.
Fortune 500 Procter & Gamble (20) Kroger (22) Macy’s (96) Fifth Third Bancorp (302) Western & Southern Financial Group (441) Fortune 1000 Chiquita Brands International (508) American Financial Group (527) Convergys (721) E.W. Scripps (960) Deloitte Cincinnati USA 100† Staffmark (4) Castellini Co. (5) Joseph Auto Group (16) Hickman, Williams & Co. (23) Al Neyer Inc. (86) Restaurant Management Inc. (99)
Office & Employment 2009 CBD Office Stats* Inventory of Vacancy Average Rentable Sq. Ft. Rate Rental Rate Class A 5,996,016 18.2% $21.77 Class B 4,899,303 19.7% $15.00 Class C 1,586,171 22.8% $11.74
2009 Net Absorption -125,860 35,557 -7,016
Inventory of Rentable Sq. Ft. Blue Ash 3,814,104 CBD 12,481,490 CBD – Periphery 2,942,497 East 1,642,750 I-71 Corridor North (of I-275) 3,367,515 I-75 Corridor North (of I-275) 1,345,168 Kenwood/Montgomery 1,628,979 Midtown 1,870,493 Northern KY 4,722,486 Tri-County 3,432,916 West 206,848
2009 Net Absorption -39,843 -125,952 -23,852 31,430 -57,142 205,988 27,631 34,426 32,543 -258,541 -2,383
2009 Regional Office Stats
Vacancy Rate 22.3% 19.4% 27.2% 20.3% 27.2% 10.2% 13.4% 18.6% 22.1% 32.8% 20.8%
Average Rental Rate $18.47 $18.28 $18.27 $13.55 $18.84 $21.25 $21.17 $16.52 $18.53 $16.22 $14.90
Class A - CBD Office Inventory 2005 2006 2007 2008 2009
Total Inventory Total Vacant 6,183,807 674,195 6,012,281 1,249,530 5,996,016 1,079,308 5,996,016 1,000,565 5,996,016 2,420,256
% Vacant 10.9% 20.8% 18.0% 16.7% 18.2%
YTD Absorption Weighted Rate** 151,356 $22.07 -588,861 $22.27 153,957 $23.02 120,250 $23.20 -125,860 $21.77
Class B - CBD Office Inventory 2005 2006 2007 2008 2009
Total Inventory Total Vacant 4,899,334 796,921 4,957,988 755,287 4,957,988 698,800 4,794,303 873,041 4,899,303 967,401
% Vacant 16.3% 15.2% 14.1% 18.2% 19.7%
YTD Absorption Weighted Rate** 57,147 $15.64 82,051 $16.38 56,487 $15.87 -146,618 $15.93 35,557 $15.00
* Unless otherwise noted, all office statistics in this section were provided by Grubb & Ellis|West Shell Commercial. **As of 2009-Q1, Grubb & Ellis adopted a new methodology to weight office asking rental rates. Rental rates for 2009 are not comparable to previous years.
Major 2009 Transactions† Company Location AON Risk Services Chiquita Center Barnes Dennig Federal Reserve Building Bridge Worldwide 302 W. Third Street Buck Consultants Sawyer Point Building First Financial Bank Atrium I Frost, Brown, Todd Great American Tower Huntington Bank 4th & Walnut Centre Jackson Rolfes & Spurgeon Midland Building O’Connor Acciani & Levy Kroger Building Promotion Execution Partners 4th & Elm Building Schawk Inc. Midland Building Standard Insurance 312 Plum Standard Insurance 312 Elm State of Ohio – Court Street Industrial Commission Thompson Hine Scripps Center TOTAL
Sq. Ft. 10,000 28,000 42,000 13,100 45,000 105,000 40,000 25,000 13,500 11,000 18,000 12,500 18,500 14,000 50,000 445,600
† This list comprises leases that were signed in 2009, not necessarily the date of occupancy
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Office & Employment
U.S. & Cincinnati Office Vacancy Rate 25%
CBD Suburban Atlanta 22.2% 21.6% Boston 10.3% 16.0% Chicago 16.7% 24.5% Cincinnati 19.4% 23.3% Cleveland 21.1% 19.7% Columbus 14.7% 17.7% Dallas/Ft. Worth 22.4% 22.8% Denver 16.3% 19.0% Detroit 29.6% 23.6% Houston 11.9% 17.6% Indianapolis 11.2% 14.5% Kansas City 23.2% 17.8% Los Angeles 14.1% 16.4% Memphis 9.6% 12.7% Nashville 18.5% 12.9% New York City 8.6% (Outer Boroughs) 9.4% Philadelphia 13.2% 18.8% Pittsburgh 17.0% 15.6% Portland 10.4% 17.6% Raleigh/Durham 9.8% 21.5% St. Louis 19.6% 13.2% Washington, DC 13.1% 16.7%
Atlanta Boston Chicago Cincinnati Cleveland Columbus Dallas/Ft. Worth Denver Detroit Houston Indianapolis Kansas City Los Angeles Memphis Nashville New York City Philadelphia Pittsburgh Portland Raleigh/Durham St. Louis Washington DC
Class A $23.54 $35.77 $30.24 $21.77 $22.22 $19.17 $23.85 $24.15 $22.10 $29.01 $19.18 $20.51 $36.23 $19.60 $21.62 $65.47 $27.84 $21.11 $24.03 $22.22 $20.92 $39.63
Cincinnati Sub
Class B $18.10 $24.88 $24.58 $15.00 $17.84 $15.82 $18.01 $19.74 $19.23 $19.87 $15.48 $17.09 $26.68 $16.48 $17.52 $48.09 $23.56 $16.95 $19.18 $18.00 $16.51 $30.83
20%
Vacancy Rate
2009 Rental Rates
Cincinnati CBD U.S. Suburban
15%
U.S. CBD 10%
5%
0
2005
2006
2007
2008
2009
Year
Vacancy Rate is defined as the percentage of the total supply of units or space of a specific commercial type that is vacant and available for occupancy at a particular point in time within a given market.*
CBD Historical Absorption 300,000 Class A 150,000 Square Feet Absorbed
2009 Vacancy: All Classes
Class B Class C
0 -150,000 -300,000 -450,000 -600,000
2005
2006**
2007
2008
2009
Year
* Source: www.realtor.org ** Convergys Corporation purchased and occupied the Atrium One Building removing it from commercial real estate market statistics (as owner occupied). This transaction (Convergy’s move from the Center at 600 Vine ) was the primary reason for the negative absorption in the CBD’s Class A office space.
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Absorption is defined as the amount of inventory or units of a specific commercial property type that became occupied during a specified time period (usually a year) in a given market, typically reported as the absorption rate.*
Office & Employment 2009 CBD Office Availability* – CLASS B
2009 CBD Office Availability* – CLASS A Building Name 312 Elm 312 Plum 525 Vine 580 Building Atrium Two Center at 600 Vine Chemed Center Chiquita Center Fifth Third Center Great American Tower PNC Center Scripps Center URS Tower US Bank Center Total 14 Buildings * Source: CresaPartners
Available Sq. Ft. 44,449 18,675 152,351 342,298 127,933 203,228 68,692 91,779 1,750 186,800 191,888 59,931 55,719 45,205 1,590,698
Available Rate 11.73% 8.10% 38.63% 67.03% 19.15% 35.11% 13.16% 17.08% 0.53% 23.20% 38.58% 11.13% 26.28% 8.04% 21.17%
Building Name 125 E. Court Street 200 W. Fourth Street 302 W. Third Street 311 Elm Fourth & Vine Tower 700 Walnut Building Archdiocese of Cincinnati Building Carew Tower Centennial Plaza I Centennial Plaza III Cincinnati Club Building Convention Place Tower Court Street Center Delta Airlines Deskey Building Executive Building Federal Reserve Building Macy’s Building Flatiron Building Fourth & Elm Building Fourth & Race Building Fourth & Walnut Centre Gwynne Building Hartford Building Holland Pen Building Ingalls Building Lovell Building Mercantile Center Mercantile Library One Lytle Place Pinger Building Provident Building Sawyer Point Building The Terrace Hotel Textile Building Thirty West Third Tri-State Building Total 37 Buildings
Available Sq. Ft. 45,451 4,697 6,262 8,640 40,000 7,016
Available Rate 47.84% 15.89% 2.96% 9.59% 6.34% 8.09%
10,000
9.39%
46,325 60,312 62,371 8,390 25,366 17,401 7,602 30,000 19,931 16,347 1,200 6,700 49,500 75,000 74,072 26,936 48,000 4,000 9,456 22,968 18,309 7,000 6,708 18,000 53,274 27,576 270,000 64,442 21,150 22,088 1,242,490
11.03% 79.83% 40.24% 9.61% 28.18% 16.42% 12.88% 100.00% 23.45% 10.90% 0.37% 10.63% 49.50% 60.34% 19.12% 23.07% 73.85% 16.67% 16.00% 100.00% 13.08% 7.14% 23.47% 45.00% 40.98% 14.72% 100.00% 29.97% 60.43% 25.10% 18.37% 9
Re tail & Res taur ants
Bromwell’s—a nearly 200-year-old business on Fourth Street— opened a new 3,200 square-foot gallery space to complement their fireplace showroom, and England’s Elegant Attire relocated downtown from a suburban mall. Also, Over-the-Rhine saw new businesses opening on Main Street and around the Gateway Quarter, while Findlay Market doubled its number of annual visitors to 612,000 and saw an increase in retail occupancy, bringing the rate up to 83%. (Please see the following pages for a detailed list of 2009 retail and restaurant openings.)
The retail industry on a whole had a difficult year nationwide. The National Retail Federation President and CEO, Tracy Mullin stated, “…for nearly all of 2009 Americans pulled back on everything but the bare necessities, and when they did shop they were focused almost exclusively on price. As a result, companies were forced to do more with less…” — The Courage to Lead: www.nrf.com As a reflection of the economic conditions nationwide and in Cincinnati, there was an increase in the available retail space, but the downtown retail market remained fairly stable and even grew in some areas with 30 new establishments opening in 2009. The Downtown Gift Card† program continued to promote spending with downtown establishments. Although the number of gift cards purchased was down, there was an increase of 14% in the average dollar amount of gift cards purchased and a 45% increase in total dollars spent using the gift card ($81,540).
Shopping Dining
Dining
40 % The unique selection of restaurants and retailers49% continued to 49% bring patrons downtown in 2009. Several restaurants received the Personal Care AAA/CAA Four Diamond Award (the second-highest designation in 11% the organization’s ratings system): Jean Robert at Pigall’s, Nicola’s Ristorante, Orchids at Palm Court, and the Palace Restaurant.
Additionally, during 2009 new focus was given to downtown’s retail potential as Brandt Retail Group launched a new division— Private Private Brandt Urban Retail—to help fill some of the retail gaps in the Dining Dining urban core in order to stay onFamiliar pace with growing 5% downtown 5% the Familiar Faces Faces housing and entertainment markets. 20% 20%
49%
40% Personal Care
11% 10
**
**
† For more information and/or to purchase a gift card, visit downtowncincinnati.com ‡ For the full study conducted by Brandstetter Carroll, please visit downtowncincinnati.com
5% FamiliarDining * Faces
shopping
20%
Antiques/Auction Houses 2% Antiques/Auction Houses 2%
Shopping
Full Fare
Full Fare
Light 22% Light 22% year ‡ Pedestrian conducted for the third consecutive Shopping counts wereFare/Bars Fare/Bars 9% showed a 9continued % % intersections and at40 select increase during peak weekday times (11 a.m.–2 p.m.) and a total increase of 20% Personal Daytimers Daytimers Care in the presence of pedestrians during 44%hours. 44%the evening 11%
Private Dining
CBD retail comparison
Dining
*
*
5% 5% Wireless/ElectronicsWireless/Electronics Newstands/Pharmacies 6% Newstands/Pharmacies 6% ShoppingRepair 5% Auto 5% Care/Home Auto Care/Home Dining Repair 40% Markets
49%
19%
Personal
Malls/Department Stores 3% Malls/Department Stores 3% Care
11% Home Furnishings/ Home Furnishings/ 8% 8% Enhancements/Art Enhancements/Art
Apparel/ Accessories/ Jewelry
28%
Markets
19% Florists/
Light 28% Fare/Bars Light
9%
Gifts/Books/ Novelty
24%
Apparel/ Accessories/ Jewelry
Private Dining
Familiar Faces*
9% 24%
22% 14%
FullCleaners/ Fare 22% Tailors/ Shoe Repair
Fare/Bars
Florists/ Gifts/Books/ Novelty
Eyewear Full Fare
5%
20%
personal care
14%
Daytimers**
44%
Daytimers**
44%
* Familiar Faces: Franchises/National Chains ** Daytimers: Open only for breakfast and/or lunch
Eyewear
14%
Cleaners/ Tailors/ Beauty Salons/ Shoe Repair Nail Salons/ 14% Barbers
72%
Beauty Salons/ Nail Salons/ Barbers
72%
Re tail & Res taur ants 2009 Downtown Openings Establishment Name Category Busken Bakery Dine – Daytimers Capri Dine – Daytimers Chicken Joy Dine – Daytimers Christopher Marcus Salon Personal – Salon Cold Turkey Dine – Daytimers Elm Street Deli Dine – Daytimers England’s Elegant Attire Shop – Apparel/Shoes/Accessories Essential Styles Hair & Nail Salon Personal – Salon Everheart Shop – Gifts/Books/Novelty Eyebrows Personal – Salon FB’s Dine – Bars/Light Fare Fins & Feathers Dine – Daytimers Gilpin’s Bagel and Deli Dine – Daytimers Hamburger Mary’s Dine – Full Fare Islamic Clothing Store Shop – Apparel/Accessories Kidd Coffee Dine – Daytimers Killer Brows and Lashes Personal – Salon Local 127 Dine – Full Fare Lucy Blue Pizza Cafe Dine – Daytimers Main Street Caskets Shop – Gifts/Books/Novelty Mainstay Rock Bar Play – Night Clubs Mayberry Dine – Daytimers Mynt Martini Dine – Bars/Light Fare Plum Street Pet Clinic Play – Pets Raya Restaurant Dine – Daytimers Righteous Room Dine – Bars/Light Fare Sophisticated Threads Consignments Shop – Apparel/Shoes/Accessories Studio Vertu Shop – Gifts/Books/Novelty Yagoot Dine – Daytimers Your Wedding by Jen Shop – Photography/Wedding
Address 121 E. Seventh Street 420 Walnut Street 28 W. Fourth Street 1010 Race Street 130 E. Sixth Street 435 Elm Street 28 W. Fourth Street 619 Main Street 28 W. Fourth Street 28 W. Fourth Street 126 W. Fifth Street 3 Garfield Place 37 E. Seventh Street 909 Vine Street 3 E. Court Street 312 Walnut Street 31 E. Court Street 127 W. Fourth Street 35 E. Seventh Street 722 Main Street 301 W. Fifth Street 915 Vine Street 511 Walnut Street 427 Plum Street 29 E. Court Street 641 Walnut Street 921 Vine Street 28 W. Fourth Street 1 P&G Plaza 21 E. Court Street
Downtown Retail Availability 2005 2006 2007 2008 2009
Base SF 2,438,306 3,006,222 3,098,350 2,403,035 2,403,000
Available SF 172,592 268,202 213,289 208,338 278,923
% Available 7.08% 8.92% 6.88% 8.67% 11.61%
Source: CB Richard Ellis
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Re tail & Res taur ants TOTAL Daytime Pedestrian counts
Daytime Pedestrian counts 11 a.m. – 2 p.m.
8000
2009 2008 2007
5th & Vine
4th & Race
2,977 2,686 2,422
3,935 3,949 4,080
4th & Walnut
Intersections
6th & Walnut
7th & Vine
3,091 3,062 3,143
7th & Main
2,374 2,871 2,950
1,152 1,256 885
4th & Plum
0
1,098 1,022 1,154
1,000
8th & Elm
2,000
9th & Main
3,000
2,734 2,627 3,045
4,000
3,929
5,184 4,682
5,000
Vine & Court
Pedestrians
6,000
5,953 5,013 5,360
6,325
7,200 7,087
7,000
Total Evening Pedestrian counts 3,000 2,510
Pedestrians
2,500 1,994
2,000
2,143
2,118
1,500 1,113
2009 2008
1,283
1,000 608 500 0
218
288
4th & Plum
257 5th & Vine
5th & Elm Intersections
12
7th & Vine
6th & Walnut
All pedestrian counts for this study were taken by an experienced team of two observers between 11 a.m.–2 p.m. and 6 p.m.–8 p.m. over a span of four weeks during late October/early November.
safe & cle an
2009 DCI Ambassador hours
Outreach
5% The overall crime rate for the CBD/Riverfront was down by double digits in both part 1 and part 2 offenses* over the past 10 years. More than 80% of all Part 1 crimes are theft from auto and shoplifting, and more than 57% of all Part 2 crimes are non-aggravated assault, which includes panhandling. Although the statistics show an increase in crime between 2008 and 2009, several factors played a role in this increase, including the lack of available jail space, and an increased amount of theft from autos. In response to this, the police department re-initiated the “Put Your Junk in Your Trunk” campaign, reminding everyone not to leave any valuables in plain sight inside their cars. This campaign began to see results during fourth quarter 2009. Also to enhance safety, eight surveillance cameras were installed throughout the CBD—7th and Vine; 8th and Main; 5th and Vine; 5th and Main; 4th and Race; 6th and Race; 6th and Walnut; and 9th and Walnut. Video can be reviewed later during an investigation and in real time. The DCI Ambassador Program ramped up their efforts to meet with the CBD business owners and employees to raise awareness about the safe, clean, and welcoming services the Ambassadors provide—from litter patrols throughout the CBD, to safety escorts from one place to another, to pedestrian and motorist assistance, graffiti removal, and more. Additionally, the Ambassador social service outreach coordinator assisted more than 51 homeless people living on the streets of the CBD to find permanent housing. The positive perception and reality of a clean downtown continued in 2009 as the Litter Index©** average score for the CBD was 1.2, with 1 meaning “no litter” and 4 meaning “extremely littered.” The Ambassador team spent more than 45,000 hours in conjunction with the City of Cincinnati’s public services department and the Cincinnati police department keeping downtown safe, clean, and welcoming. * Part 1 crimes are defined as more serious crimes, but include crimes such as shoplifting in which no use of force or violence occurs; Part 2 crimes are defined as “quality of life” crimes, which include aggressive panhandling and vandalism. ** Developed by Keep America Beautiful, Inc. is used in affiliate communities throughout the nation to assess litter conditions. Keep Cincinnati Beautiful completes the litter index for the City of Cincinnati.
Beautiful & Welcoming
17%
Safe
17%
Clean
61%
CBD Crime Statistics Part 1 Crime % Change Part 2 Crime % Change 2000 1,795 N/A 528 N/A 2001 2,013 12.1% 601 13.8% 2002 1,881 -6.6% 596 -0.8% 2003 1,929 2.6% 614 3.0% 2004 2,026 5.0% 613 -0.2% 2005 1,950 -3.8% 588 -4.1% 2006 1,489 -23.6% 503 -14.5% 2007 1,334 -10.4% 471 -6.4% 2008 1,153 -13.6% 496 5.3% 2009 1,402 21.6% 440 -11.3% Total 10-year change -28.0% -20.0%
13
Residential Marke t
Downtown Condominium Sales 175
169
$300,000
125
$200,000
90
100
2005
2006
$235,138
2004
$241,516
50
$265,207
$100,000
$332,248
75
$278,093
$150,000
2007
2008
2009
Units Sold
115
126
102
0
DOWNTOWN POPULATION GROWTH*
150
$250,000
$50,000
14,000
156
$254,765
Although the single family sales were lower in 2009 than 2008, the condominium market remained relatively stable with a less than 3% decrease in average sales price and 9.5% increase in the number of sales. More than 500 new residential units were completed in 2009 with more than 2,000 additional units under construction and in the planning stages.
$350,000
Average Selling Price
The housing market has been a focal point of the national economy for at least the prior two years. The national home sales numbers increased slightly as of year-end 2009. According to the president of the Cincinnati Area Board of Realtors, the firsttime homebuyer credit, which Congress established in 2009 helped boost sales.
Units Sold Average Selling Price
25 0
Year
12,452
12,000
2012
Year * Residential data is tracked and estimated by DCI in consultation with the building representatives/owners/developers, public records, and media reports. Population growth is not an actual population number, but an estimate based on 100% occupancy of all available residential units at 1.5 residents per unit. Source: Cincinnati Multiple Listing Service (MLS) Note: City MLS listings incorporate listings outside the CBD and the 45202 zip code
14
$100,000
$50,000
0
21
2004
2005
2006 Year
2007
2008
2009
30
15
0
Units Sold
7,214
2009
32
45
35
$135,249
4,283
2008
40
$150,000
$172,551
4,268
2007
60
$148,402
4,122
2006
56
$179,958
3,980
2005
58
$201,555
3,786
0
$200,000
75
$181,344
4,032
CBD
4,000 2,000
$250,000
CBD Periphery
Average Selling Price
3,806
Downtown Single Family Home Sales 5,238
6,000
9,026
4,743
7,785
8,375 4,107
7,445
8,154
8,000
3,659
Population
10,000
Units Sold Average Selling Price
CBD MA WE PEN
OTR
Residential Marke t Legend CBD=Central Business District MA=Mt. Adams OTR=Over-the-Rhine PEN=Pendleton WE=West End/City West/Betts-Longworth
Residential Sales – CONDOMINIUMS
Residential Sales – SINGLE FAMILY HOMES
Development Name Parker Flats The McAlpin on Fourth Park Place at Lytle The Lofts at Graydon Place Le Brittany The Lofts at Fountain Square Gibson Lofts Williamson Lofts at 335 W. Fifth Street 18 E. Fourth 911 Race Street Condominiums Captain’s Watch Condominiums Adams Place Condominiums The Hatchviews Condominium Duncanson Lofts Mottainai Lofts Trinity Flats Condominiums American Building Gateway Condominiums Centennial Row Falling Wall Good Fellows Hall Lofts City Home The Collins Lofts Crawford Lofts Flats on Main Condominium Lackman Lofts The Melindy Condominiums Sycamore Orchard Pendleton Glass House Lofts The Lofts on Broadway Hopkins Manor Condominiums
Mt. Adams Over-the-Rhine West End
Address # of 2009 sales 353 W. Fourth St. 16 15 W. Fourth St. 15 400 Pike St. 12 26 E. Sixth 4 104 W. Ninth St. 3 417 Vine St. 3 637 Walnut St. 2 335 W. Fifth St.
2
18 E. Fourth St. 911 Race St. 903 Adams Crossing 900 Adams Crossing 970 Hatch St. 1201-1213 Vine St. 1222 Republic 1331-1335 Vine St. 30 E. Central Pkwy. 1150 Vine St. 1122-1128 Race St. 1417-1421 Main 1306 Main St. 1420 Pleasant St. 1341-1343 Main St. 1410 Main St. 1324 Main St. 1237 Vine St. 1431 Main St. 1417 Sycamore 512 Reading 404 Reading 427-429 Hopkins St.
1 1 9 2 1 8 7 6 4 4 2 2 2 1 1 1 1 1 1 1 4 2 2
# of 2009 sales 5 5 19
Growth in Existing Residential Units CBD Prior to and including 2004 2,469 2005 55 2006 129 2007 95 2008 97 2009 10 Total Existing Units 2,855 Under Construction 1,600 Pre-Development/Proposed 354 Total Future Units 1,954
CBD Periphery 2,172 267 98 151 50 424 3,162 125 205 330
Some differences in total units sold may occur based on different reporting procedures from the Cincinnati Multiple Listings Service and the Hamilton County Auditor’s office.
15
Conventions & Hotel s The Cincinnati Convention & Visitors Bureau (CVB)* reported a record-setting 2009, with its fifth consecutive year of sales growth and an economic impact of more than $59 million amidst a struggling national economy.
176,061
187,887
198,219
0
2005
2006
2007
2008
2009
16
Groups Booked
0
Year
economic impact of total room nights booked by cvb $60,000,000
$55,000,000
$50,000,000
$40,000,000
$35,000,000
$59,000,000
$45,000,000
2005
2006
2007
2008
2009
Year
* Unless otherwise noted, all statistics in this section of this report were provided by the Cincinnati USA Convention & Visitors Bureau
Groups Booked Total Room Nights
50
$56,000,000
Economic Impact $ 4,163,060 $ 3,692,220 $ 2,423,336 $ 2,006,136 $ 1,818,694 $ 1,500,430 $ 1,120,480 $ 1,031,080 $ 946,746 $ 800,130 $ 19,502,312
100
$52,000,000
Room Nights 13,970 12,390 8,132 6,732 6,103 5,035 3,760 3,460 3,177 2,685 65,444
50,000
150
$49,000,000
Group Education Testing Services Gospel Music Workshop of America U.S. Department of Education State Wars Hockey Youth Specialists U.S. Institute for Theatre Technology United Auto Workers Cincy Flames U.S.A. Gymnastics Spirit Team American Challenge Total
130
100,000
4,200 1,200 9,856
Top 10 Conventions Hosted in 2009 (by Total Hotel Room Nights)
141
163,194
17,000
160 135
150,000
$45,000,000
Room Nights 45,000 15,000
200
200,000
Dollars Spent
Group Event Date 2012 World Choir Games 2012 National Fraternal Order of Police 2013 The Ancient Egyptian Arabic Order 2011 Nobles Mystic Shrine League of United Latin American Citizens (LULAC) 2011 National Conference of Black Mayors 2010 National Society of Hispanic Professional Engineers 2010
207
150,466
Key National Conventions Booked in 2009
250
250,000
Total Room Nights
The CBD offers hotel accommodation choices across six hotels with a total of more than 2,200 rooms. In 2009 hotel occupancy and average rate per night were down nationwide, but downtown Cincinnati still remained higher than the national and regional averages.
total room nights & Groups Booked
Year-End Hotel Comparison*
$130
$80 $73.62
$73.89
$75
$70.52 $66.25
$66.10
$70
$105 $100
2005
2006
2007
2008
$115.32
$60
$124.14
$110
$126.97
$65
$115.73
$115
2009
Rev PAR
$120
$110.92
Average Room Rate/Night
$125
Rev PAR Avg. Room Rate/Night
$55 $50
Hotel occupancy rate Downtown Gr Cinci 60%
Rate
Cinci USA National
55%
50%
45%
2005
2006
2007
2008
2009
Year
Avg. Occupancy 2008 2009 60% 57% 55% 52% 55% 60%
Downtown Hotels Hotel Millennium Hotel Cincinnati Hilton Cincinnati Netherland Plaza Hyatt Regency Cincinnati Westin Hotel Cincinnati Garfield Suites Hotel The Cincinnatian Hotel
Year
65%
Market Downtown Gr. Cincinnati Cincinnati USA (Tri-state) National
51%
2005 2006 55% 2007 2008 2009
Avg. Rate/Night Rev PAR** 2008 2009 2008 2009 $ 124.14 $ 115.32 $73.89 $66.25 $ Hotel 87.89 $ 83.45 $48.67 $43.27 Occupancy Rate
National Cincinnati USA Gr.(OH-KY-IN) CincinnatiDowntown $ 85.70 $ 81.54 $47.33 $41.67 63% 56% 55% 60% 57% 54% 60% $ 163% 06.55 $ 97.51 $ 64.37 $53.71 63% 56% 53% 58% 60% 55% 55% 60% 55% 51% 52% 57%
Rooms 872 561 486 456 152 146
Conventions & Hotel s
Downtown Hotel Performance
* Source: Smith Travel Research c/o Cincinnati USA Convention & Visitors Bureau **Rev PAR: Revenue per available room
17
Arts, Culture & Entertainment
Downtown Cincinnati boasts numerous arts, culture, and entertainment venues, not to mention a diverse array of festivals and philanthropic events that remain well attended year after year. These renowned venues are an attraction for Cincinnati residents and visitors of all ages—the young and the young at heart. While the arts, culture, and entertainment industry did not as a whole see major increases in attendance, several venues—the Main Library, the Cincinnati Museum Center, the Krohn Conservatory, and Fountain Square—had record-breaking attendance. The Children’s Theater of Cincinnati was the first regional
theater in the country to present Disney’s High School Musical 2: On Stage. The Cincinnati Museum Center at Union Terminal received the
2009 National Medal for Museum and Library Service award (the industry “Oscar”). It was one of five museums from across the nation to receive the award. The Museum Center is the 17th most visited museum in the nation, according to a 2009 report by Forbes Traveler and set an attendance record of more than 1.4 million visitors—a nearly 6% increase over the previous record. In 2009, with fewer performances than in 2008, the Cincinnati
Opera exceeded both their 2008 attendance figures and ticket income, welcoming attendees from 29 states, Washington, D.C., and Puerto Rico and more than 4,000 first-time attendees. They reached a new high in student attendance (2,550, of which 1,164 attended the production of Carmen). Additionally, in June, Cincinnati launched a community-wide search for the next great opera star, drawing over 160 amateur singers to open auditions at Music Hall. Margaret Russo, a 25-year-old copywriter from Bridge Worldwide, was named the competition’s first winner, receiving a $3,500 contract with the company as well as the chance to sing before the Opening Night audience of Carmen. Krohn Conservatory had a record breaking 2009 with attendance
for the butterfly show of over 84,000 people. 18
The PNC Summer Music Series drew an estimated 110,000
people to Fountain Square through August 25, shattering 2008’s attendance (approximately 50,000) at the Music Series for the entire season (through Labor Day). In 2009, the Midpoint Music Festival showcased live music on
23 different stages located throughout downtown and Over-theRhine, including the sold out main stage at the newly reopened Grammer’s. Over 15,000 fans turned out for 270 performances— a 45% increase in the number of performers over the previous year. A Christmas Carol continued to draw near-capacity (96.5% capacity)
crowds to the Cincinnati Playhouse in the Park, playing to more than 21,000 people. Additionally, Playhouse in the Park reached more than 50,000 students through its mainstage performances and education programs. The Public Library of Cincinnati and Hamilton County’s Main
Library had another record breaking year with more than 1.4 million people visiting (up nearly 5% over 2008). Of those visitors, 30,708 attended 2,066 free programs. Nearly 4.8 million books, music CDs, and other items were borrowed from the Main Library in 2009, an 8.7% increase over 2008’s all time high circulation at the Main Library. Hennen’s American Public Library Ratings ranked the Library system among the 10 best public libraries in its population category for the fourth consecutive time. The April issue of Cincinnati Magazine named the Main Library one of “50 things that contribute to Cincinnati’s identity”, while CityBeat magazine named the Main Library the “Best Public Institution” in their 13th annual “Best of Cincinnati” issue. The Reds were the first Major League Baseball team awarded
to host the Civil Rights Game during the baseball season. Previously, the game was only played during preseason. There were a handful of teams wishing to host and Cincinnati was selected, which was a big coup for the team and the city.
Arts, Culture & Entertainment Theater Attendance Organization* 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 Children’s Theatre of Cincinnati 73,464 89,000 91,663 105,230 97,654 Cincinnati Arts Association** 241,277 248,522 223,737 239,203 205,000 Cincinnati Ballet 60,012 59,964 55,687 40,739 45,516 Cincinnati May Festival 15,756 15,781 15,944 15,663 14,563 Cincinnati Opera 30,742 23,885 30,435 25,072 25,907 Cincinnati Playhouse in the Park 229,438 233,158 214,069 207,614 188,336 Cincinnati Shakespeare Company 11,886 14,772 14,632 16,069 16,765 Cincinnati Symphony Orchestra/ 176,629 177,125 171,000 229,368 192,000 Cincinnati POPS Ensemble Theatre of Cincinnati 35,000 35,200 36,000 39,000 40,500 Fifth Third Bank Broadway 300,000 242,426 332,000 296,157 212,800 Across America – Cincinnati Know Theatre of Cincinnati 5,000 7,000 6,100 5,154 5,615 School for Creative & 18,343 26,628 13,903 10,324 8,699 Performing Arts Showboat Majestic/Cincinnati 18,103 17,714 20,401 17,905 15,127 Recreation Commission Total 1,215,650 1,191,175 1,011,502 1,247,498 1,068,482
Museum Attendance Organization 2005 Cincinnati Art Museum 263,637 Cincinnati Fire Museum 12,000 Cincinnati Museum Center 1,028,241 Contemporary Arts Center 53,428 National Underground Railroad 255,000 Freedom Center † Taft Museum of Art 64,757 Total 1,677,063
2006 2007 2008 2,009 242,092 232,937 245,247 228,745 8,357 7,453 9,041 8,990 970,104 1,200,000 1,310,000 1,484,607 65,913 61,283 DND 40,000 124,644
162,000
138,016
114,000
46,503 54,017 59,139 54,263 1,457,613 1,717,690 1,761,443 1,930,605
* Taft Theater does not disclose attendance figures ** Does not include Cincinnati Symphony Orchestra/Cincinnati Pops, Cincinnati Ballet, Cincinnati Opera, Cincinnati May Festival, or Broadway in Cincinnati † Open one less day/week ‡ Events included but not limited to philanthropic walks, music festivals, and cultural festivals § Only includes downtown venues/events DND - Did Not Disclose
Other Downtown Venue Attendance Organization Cincinnati Bengals Cincinnati Reds Fountain Square Ice Skating Rink Krohn Conservatory Main Library/Public Library of Cincinnati & Hamilton County Riverfront/Cincinnati Recreation Commission‡ US Bank Arena Total
2005 2006 2007 2008 2,009 774,007 527,870 656,790 645,583 684,557 1,943,067 2,134,472 2,058,593 2,058,632 1,747,919 N/A N/A 250,000
226,000
1,287,900 1,272,038 359,075
1,117,105
34,304
40,000
50,000
162,091
273,903
294,890
1,137,533 1,344,302 1,408,323 573,083
545,255
527,087
800,000 800,000 472,635 DND DND 5,414,049 6,077,485 5,095,029 4,907,675 4,712,776
Festival Attendance Organization 2005 2006 2007 2008 2,009 Black Family Reunion 75,000 85,000 85,000 75,000 50,000 Cincinnati Brew Ha-Ha N/A N/A N/A 8,000 13,000 Fine Arts Sampler Weekend § N/A N/A 9,470 13,794 14,260 Fringe Festival 4,000 4,000 6,500 6,610 7,541 MidPoint Music Festival 50,000 50,000 40,000 13,000 15,000 Oktoberfest Zinzinnati 500,000 500,000 500,000 500,000 500,000 Riverfest 250,000 250,000 300,000 250,000 250,000 Taste of Cincinnati 500,000 500,000 500,000 500,000 500,000 Total 1,379,000 1,389,000 1,440,970 1,366,404 1,349,801
19
Access & parking Green Access & Transportation is on the rise:
National Monthly & Daily Parking Survey*
Metro introduced its first six (of 15) hybrid buses in April
Unreserved Parking Rates
2009 as part of Fountain Square’s Earth Day event. The hybrid buses use 30% less fuel and reduce emissions by up to 90%. Additionally, in December 2009 Metro introduced several 60-foot articulated “accordion” buses that carry twice as many passengers with only one operator and about the same amount of fuel. Clean Fuels Ohio awarded Cincinnati a $122,000 grant to add
alternative fuel vehicles to the city’s fleet. The fleet currently has 14 hybrid electric vehicles and 41 gas/ethanol vehicles. In 2009, the city used 56,000 fewer gallons of gas than in 2008. In a recent study conducted by Transportation for America,
Cincinnati was ranked as the seventh safest city for pedestrians out of the nation’s 52 largest metropolitan areas—ranking highest among other Ohio cities.
Market High Atlanta $ 135.00 Baltimore $ 180.00 Boston $ 500.00 Charlotte $ 170.00 Chicago $ 505.00 Cincinnati $ 225.00 Cleveland $ 260.00 Columbus $ 200.00 Dallas $ 160.00 Denver $ 195.00 Houston $ 250.00 Indianapolis $ 130.00 Kansas City $ 136.00 Los Angeles $ 363.00 Minneapolis/St. Paul $ 270.00 Nashville $ 180.00 New York $ 550.00 Philadelphia $ 464.00 San Diego $ 190.00 San Francisco $ 475.00 Washington, DC $ 260.00 National Average $ 208.98
Monthly Low Median High $ 35.00 $ 90.00 $ 22.00 $ 110.00 $ 160.00 $ 25.00 $ 325.00 $ 402.50 $ 39.00 $ 20.00 $ 103.75 $ 20.00 $ 210.00 $ 325.00 $ 52.00 $ 25.00 $ 127.50 $ 16.00 $ 90.00 $ 172.50 $ 20.00 $ 60.00 $ 110.00 $ 15.00 $ 45.00 $ 90.00 $ 22.00 $ 165.00 $ 175.00 $ 26.00 $ 76.00 $ 140.00 $ 30.00 $ 90.00 $ 105.00 $ 23.00 $ 75.00 $ 90.00 $ 15.00 $ 100.00 $ 205.00 $ 47.00 $ 105.00 $ 187.00 $ 27.00 $ 75.00 $ 125.00 $ 22.00 $ 450.00 $ 500.00 $ 45.00 $ 200.00 $ 314.00 $ 33.00 $ 150.00 $ 180.00 $ 30.00 $ 130.00 $ 350.00 $ 39.00 $ 200.00 $ 215.00 $ 20.00 $ 107.16 $ 154.23 $ 24.16
Daily Low Median $ 4.00 $ 12.00 $ 10.00 $ 13.00 $ 25.00 $ 34.00 $ 10.00 $ 13.61 $ 17.00 $ 31.00 $ 1.50 $ 9.50 $ 6.00 $ 10.00 $ 5.00 $ 9.00 $ 30.00 $ 10.50 $ 12.00 $ 16.00 $ 5.00 $ 12.00 $ 8.00 $ 11.00 $ 8.00 $ 10.00 $ 7.00 $ 28.20 $ 7.50 $ 17.25 $ 6.00 $ 12.00 $ 25.69 $ 38.00 $ 20.50 $ 26.00 $ 18.00 $ 26.00 $ 6.00 $ 25.00 $ 13.00 $ 14.00 $ 10.07 $ 15.96
* Source: Colliers International North America CBD Parking Rate Survey; Note: Survey only includes covered or underground parking garages located in prime central business districts; the above chart is an excerpt of the entire survey.
20
Access & parking Monthly Parking by Sector* 2005 33,456 15% $63.42 5,952 12% $87.09 5,349 4% $100.55 10,856 28% $51.64 4,445 13% $75.00 6,854 7% $73.82
2006 35,223 17% $64.16 6,902 17% $71.92 6,311 5% $124.33 10,856 29% $50.83 4,300 13% $71.25 6,854 12% $74.42
2007 35,091 16% $66.77 6,902 16% $70.50 6,186 5% $111.25 10,856 27% $51.00 4,300 11% $102.75 6,847 13% $79.25
2008 31,710 17% $63.66 5,607 17% $69.75 4,440 4% $92.25 10,530 24% $50.00 4,253 8% $114.75 6,880 18% $67.75
CBD Average Price for Available Monthly Parking space
2009 31,618 15% $57.69 5,599 11% $71.25 4,440 3% $112.00 10,530 17% $47.50 4,169 9% $131.00 6,880 20% $64.25
$68 $66.77 $66 $64.16 $64 Rate
CBD Total Spaces CBD % Available CBD Average Price NE Total Spaces NE % Available NE Average Price SE Total Spaces SE % Available SE Average Price Riverfront Total Spaces Riverfront % Available Riverfront Average Price SW Total Spaces SW % Available SW Average Price NW Total Spaces NW % Available NW Average Price
$63.66
$63.42
$62 $60 $57.69
$58 $56
2005
2006
2007
2008
2009
Year
* NE=north of 6th St., east of Vine St.; SE=south of 6th St., east of Vine St.; NW=north of 6th St., west of Vine St.; SW=south of 6th St., west of Vine St.
daily parking rates $20
$150
$15
0
$0 2005
2006
2007 Year
2008
2009
2005
2006
2007
2008
$9.50
$15.96
$9.50
$15.42
$8.00
$15.38
$10.00
$15.15
$5
$7.00
$127.50
$154.23
$125.00
$153.79
$100.00
$152.38
$85.00
$153.85
$76.00
$50
Cincinnati National
$10
$14.04
Cincinnati National
$100
Rate
$200
$148.30
Rate
monthly parking rates (median)
2009
Year
21
35 East Seventh Street, Suite 202 Cincinnati, OH 45202 513.421.4440 www.downtowncincinnati.com