Cincinnati, OH | 2016 Top #CRE Markets to Watch: Office

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2016 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Cincinnati, OH

Cincinnati - top office market to watchCincinnati’s economy is still struggling to find a consistent growth trend as unemployment started the new year at 5.2%, up from 3.9% in August of ‘15, according to the Bureau of Labor Statistics. Positive signs for the office market can be seen in Financial Activities and Information, which are growing at annualized rates of 3.6% and 2.2%, respectively; however the key office-using sector of Professional and Business Services is losing ground with –1.6% growth. Overall, the run of consolidations in industries such as banking, legal firms, etc. has still left Cincinnati with relatively high vacancies and lower lease rates. As the national economy grows, these relative pricing advantages should position Cincinnati to gain new tenants and users looking to locate in the region.

Advisor Insights: SVN | Commercial Realty Advisors, Inc.

SVN’s Cincinnati-based Advisors at SVN | Commercial Realty Advisors, Inc. have some office market highlights to share. Here’s what to look out for in the Cincinnati office market in 2016:

  • Continued rise in absorption
  • Declining vacancy rate
  • Continued recovery and stabilization

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top office markets, download the full version of the 2016 Office Market Outlook report here.

2016 Office Market Outlook

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SVN Specialty Awards: Prospector of the Year – Jamie Renzenbrink

Recognizing the SVN Difference with Specialty Awards

SVN 2015 Prospector of the YearIf you read my recent blog post about the SVN Annual Conference highlights, you know that the SVN Specialty Awards recognize members of the SVN community who have distinguished themselves in 2015 by making significant impacts on the commercial real estate industry and beyond. The awards – which included Team Player of the Year, Ambassador of the Year, Collaborator of the Year, Trainer of the Year, Humanitarian of the Year, Prospector of the Year, Innovator of the Year, and Firm of the Year – looked beyond production results and instead focused on culture. The winners of this year’s SVN Specialty Awards each embody traits that the SVN culture values immensely: practicing collaboration, cooperation and conscious capitalism while excelling in commercial real estate.

SVN Prospector of the Year 2015 – Jamie Renzenbrink

SVN Prospector of the Year - Jamie RenzenbrinkHow does one make it to the SVN Partners Circle? Some make it because they have years of contacts built up or they have a couple of deals that have been in the works for years that finally come through. But there is another way: specialization, focus, and an unparalleled work ethic of making the calls and getting it done. Jamie Renzenbrink, who specializes with Gene Levental on Affordable Housing, did the work and landed one of the biggest deals in SVN history. Her prospecting was an integral part of the overall success of our #1 firm this year, so she is our Prospector of the Year. Jamie Renzenbrink is a Senior Advisor at SVN | Affordable | Levental Realty in Cincinnati, OH.

The SVN blog will be featuring one SVN Specialty Award winner every week for the next few weeks. Subscribe to the SVN blog on the right-hand column of the blog homepage to stay up to date with SVN and CRE industry news.

5 for Friday with Stasiu Geleszinski of SVN / RICORE Investment Management, Inc.

Stasiu Geleszinski Shares His 5 for Friday

This week, our 5 for Friday features Stasiu Geleszinski, Vice President of Investments at Sperry Van Ness / RICORE Investment Management, Inc. based out of Cincinnati, OH.Stasiu Galeszinsky

1. What is your geographic market and product specialty?

The SELL with STASH Multi-Family Investment Sales Team (STASH) specializes in market rate apartments in Cincinnati, Dayton, Columbus, and into Northern Kentucky. We focus on Multi-Family Investment properties, with active prospecting on properties of 50 units or more, those likely to have at least a $1,000,000 value. ​

2. What is your latest best practice tip that you can share?

​What gets measured gets improved; being in touch with people, if we’re not on the phone as a broker, we’re not doing a job.  We strive to have 50 conversations a week and often far exceed that.

Another best practice is building and having a team.  My success is our success, and without my colleagues, Sherief Gouda and Nathan Murphy, I wouldn’t be where I am today.  Together we can truly get more done than any one of us could on our own.  Previously, when I would be out of the office everything would stop, now we always have someone in the office to cover phone calls and handling of client issues. The team is the source of our success.

3. What does the SVN Difference mean to you?

​​​The SVN difference to me means getting new listings out to market in record time with high quality marketing material, to the largest pool of market participants, be it buyers directly or co-op brokers.

4. What business book, blog, or website do you like to recommend to your colleagues?

​Think & Grow Rich by Napoleon Hill.

5. What is a fun fact that not everyone knows about you?

In high school I was a championship wrestler with more than 120 career wins.

Are you ready to experience the SVN Difference? Check out our Careers page here.

Office Spotlight: Sperry Van Ness l RICORE Investment Management, Inc. in Cincinnati, OH

This week, we turn the spotlight on Sperry Van Ness | RICORE Investment Management, Inc. with offices in Cincinnati, Ohio.

Rickert_John1. What has been your strategy for growing your firm and also your market share?
We do this by understanding our clients’ investment objectives and formulating strategies to achieve these objectives in the context of the current and anticipated market forces. Specifically, our clients will experience SVN-RICORE’s superior real estate investment modeling, strategic thought process, rent collection and operating expense escalation management, attention to detail, prompt and accurate financial reporting.  We are enhanced by having the brightest and hardest working people join our firm who bring with them their expertise in the market and their specific disciplines.  Having seasoned professionals, we are able to position ourselves as a full service real estate firm, where we can provide professional services for Receivership, Property Management, Investment Brokerage, Leasing and Construction Services, with “Maximum Value and Minimum Risk” for our clients.

We have also implemented the use of our website www.svn-ricore.com for marketing our services and staff along with our properties, and have complemented it with our daily postings of property sales and lease listings on Facebook, Twitter, LinkedIn, Google+, Instagram and Tumblr.  We also regularly advertise in the local Business Journals, Midwest Real Estate News and National Real Estate Investor publications. Our social media marketing initiative has opened up our client base to new avenues of advertising our services from listings to Property and Facility management.  It allows our firm the ability to have interaction with clients in the ‘new media market’ and the property owners are ecstatic to see their properties appear in this medium, along with case studies, well researched market reports and client testimonials.

RICORE2. What are some of the unique activities you do to motivate your team? 
We hold monthly birthday and anniversary cake tastings and go to and participate in events as a group.  We recently held an open house for our new space and invited clients, past, present and future, along with public dignitaries for an evening of food, social time and entertainment.  We have gone bowling, trap shooting, a vineyard and plan on attending a Cincinnati Reds games for team building events.  SVN-RICORE is also pleased to corporately sponsor and participate in many civic, community and philanthropic organizations that make a difference.

 3. What’s been the biggest challenge in running your business in the last few years?
With the downturn then recovery of the Commercial Real Estate market, weathering the storm has been a challenge, however, with well positioned managed properties, accounting services, receivership services, along with a few good investment sales opportunities completed, we have been able to maintain and grow our staff in anticipation of the full boom currently beginning in our market. Bringing in additional staff in this economy for some firms could not have happened, but for us, it was a necessity in order to keep up with the business lines as they were expanding during these years.

RICORE Team4. How many Advisors/Staff did you have when you joined SVN? How many (in total) do you have now? 
In the beginning of our SVN Franchise in 2010 we started with 3 Property Managers, 2 Property Services Administrators, 1 Facilities Manager,  2 Advisors, 1  Brokerage Administrator/Office Manager/Marketing,  2 Construction Staff, and 2 Accounting personnel.

Currently we have 4 Property Managers, 5 Property Services Administrators, 5 Facilities Managers, 9 Advisors, 2 Brokerage Administrators, a Marketing Manager, 3 Construction Staff, and 5 Accounting personnel. We also have a CFO  & Controller to round out our services staff, in addition to the Executive Managing Director.

Increasing our staff has been an integral part to create an environment for well-rounded commercial real estate professionals the ability to provide services to clients that are world class in nature.

John Rickert
Executive Managing Director
Sperry Van Ness | RICORE Investment Management, Inc.
Cincinnati, OH

*All Sperry Van Ness® offices are independently owned and operated.