FAIRFIELD -- A new logistics park under development will join the Tri-County market this year.
The $30 million Union Centre Logistics Park is situated on 40 acres near the intersection of Union Centre Boulevard and Seward Road.
It will offer up roughly 600,000 square feet of industrial space split between two buildings. One building features approximately 477,000 square feet; the other is about 128,000 square feet.
"These buildings can really be kind of molded for whatever they might need it for," said Fairfield Economic Development Manager Alex Kraemer.
The Class A institutional grade buildings are designed primarily for businesses specializing in light manufacturing and distribution.
Union Centre Logistics Park is the second new industrial park developed in the area within a two-year span. Union Centre Industrial Park opened in 2016. It's currently about half-full with occupants.
Representatives for the Union Centre Logistics Park developer, NorthPoint Development, aren't concerned about competition or market oversaturation.
"We know where to speculate and what the market is ready for," said Tim McElroy, vice president of development for NorthPoint Development's Cincinnati office.
He also isn't worried about opening the logistics park with no tenants yet announced. "We have a lot of proposals out there right now," McElroy said.
McElroy's mindset on renting out the space is "the sooner, the better," but the company has no official deadline for establishing tenants.
"These developers are pretty confident that they can find tenants because there's a lack of space available right now," Kraemer said.
High market demand and low vacancy rates among industrial parks in the area help fuel that confidence.
"The vacancy rate in Greater Cincinnati is in the low single digits," McElroy said.
Access to interstate highways and the availability of labor also are key factors that lend themselves to successful logistics facilities. "Those are the two major driving factors," McElroy said.
Fairfield's location in the Tri-County area lends itself particularly well to developments like Union Centre Logistics Park, he said.
Once complete, the logistics park is expected to accommodate at least 400 employees. NorthPoint representatives also are hopeful for a capital investment of more than $30 million.
Construction on the development is expected to be complete this fall.
"They're really moving quickly on that and making good progress," Kraemer said.