High prices of commercial real estate in the mid-Atlantic states, the Northeast, the Southeast and the West Coast has created what Shenan Murphy, owner and CEO of Colliers International in Greater Cincinnati, calls an “accordion effect.” 

And it’s going to be music to the ears of anyone owning and willing to sell commercial real estate in southwest Ohio or Northern Kentucky, he says.

Because of those high prices on the coasts, says Murphy, “Investors are now starting to look at the Midwest, and as they start to look at the Midwest Cincinnati is going to be very high on everybody’s list.”

That means more people will be looking to buy assets in Cincinnati, he says. “I think it’s going to continue to be a very positive step forward,” says Murphy.

Another positive step for the Greater Cincinnati region in 2016 is the continued collaboration between politicians, corporations and business owners, he says. “I’ve spent 50 years of my life here and I cannot think of a better time when we’ve had an alignment of the political set, the corporate set and the business owners who are excited about the city,” Murphy says. “I think that’s an important shift taking place in our DNA here in Cincinnati.”

That collaboration has generated a momentum for the region’s economy, he says. “And that momentum, if you look at it regionally and you compare it to some of the other markets, I really feel confident that we’re doing some things that are out ahead,” says Murphy. “We’ve seen stability in rent prices, we’ve seen investment into the region and we’re starting to see more and more new jobs being created.”

The one big issue that could possibly slow down the region’s economy is its transportation. “I think transportation is going to be a big issue for our community and how we’re going to deal with streetcar issues, light rail and moving people around,” says Murphy. “Our interstates right now are at capacity, certainly you can weave the [Brent Spence] bridge into that conversation, so transportation is a huge thing.”

One transportation item that is being improved is the new Interstate 71 interchange at Martin Luther King Boulevard. That project will be a tremendous catalyst for the next five years, he says. Other projects that will help bolster the region’s economy include General Electric’s new office tower at The Banks, which will employ about 2,000 people, the continued redevelopment of Over-the-Rhine, and the build-out of Oakley Station, he says.

And Colliers International in Greater Cincinnati—which focuses on commercial real estate services, such as leasing, sales and facilities management—hopes to be an active partner in the region’s improving economy.

“While we are an international company, leadership at the corporate level of Colliers recognizes that the commercial real estate business is ultimately a very localized business,” says Murphy.

And what sets Colliers International in Greater Cincinnati apart from its competition in that local market is its ability to accelerate success based on entrepreneurial thinking, he says. That’s important, says Murphy, because the majority of its clients are entrepreneurs.