Business Development News

Promise of Streetcar Driving Occupancy Rates at Hanke Exchange

Just three years ago a collection of buildings along Main Street in OTR stood at 28% occupancy. Now they are at 84% occupancy and may be entirely filled by the end of the year.

The owners of The Hanke Exchange – a collection of five buildings in Over-the-Rhine between Reading Road and Michael Bany Way – have announced that Teach for America will open their Cincinnati office at the Jupiter Building at 1110 Main Street.

Teach for America, a non-profit focusing on urban education, will reportedly occupy 4,019 square feet of street-level space.

The property now has an 84% occupancy rate, which stood at a paltry 28% just three years ago, and the Stough Group, which owns the properties; believe they can reach 100% occupancy by the end of the year.

Hanke Building
The Hanke Building’s street level space was more recently used as a headquarters for the Barack Obama campaign. Photograph by Travis Estell for UrbanCincy.

“With regards to our tenants, we like to have a wide range of users, from creative or restaurant contacts to corporate and institutional users due to our access to parking,” explained Scott Stough, Director of Marketing, Stough Group.

The Hanke Exchange not only has direct access to the Parkhaus Garage, but also to a 32-space parking lot behind the 137-year-old Hanke Building on Sycamore Street.

Scott went on to say that the final tenant they are pursuing for the first floor space at the Hanke Building is a “progressive institutional tenant” that is extremely interested in the area and excited about being in such close proximity to the new streetcar.

If that lease works out, it would mark the sixth corporate or institutional tenant to lease space including US Bank, Grifol’s PlasmaCare, Human Capital Institute, and the Stough Development Corporation.

Later this month, the owners say they plan to update the wall painting on the side of 1116 Main Street to reflect the new Hanke Exchange branding. It is a move that the Stough Group hopes will boost visibility as the first phase of the Cincinnati Streetcar is built with a stop right across the street.

“I cannot speculate on property values, but I believe the streetcar is an important first step in developing public transportation for our city’s urban core,” Scott concluded.

By Randy A. Simes

Randy is an award-winning urban planner who founded UrbanCincy in May 2007. He grew up on Cincinnati’s west side in Covedale, and graduated from the University of Cincinnati’s nationally acclaimed School of Planning in June 2009. In addition to maintaining ownership and serving as the managing editor for UrbanCincy, Randy has worked professionally as a planning consultant throughout the United States, Korea and the Middle East. After brief stints in Atlanta and Chicago, he currently lives in the Daechi neighborhood of Seoul’s Gangnam district.