The business park owner and developer, Al Neyer Inc., is building the office facility and will lease the property back to Psion. Groundbreaking is expected to begin later this month. Other tenants at the corporate and flex-use park include Hahn Automation, Inc. and Krups Conveyor Systems Inc.
Karen Finan, with the Northern Kentucky Tri-County Economic Development Corp., tells GlobeSt.com that the Psion lease is part of the area's targeted industry focus. "They're a high-growth company with good technical jobs, in the emerging field of RFID," she says. "We feel these types of high-tech jobs are very important to the long-term vibrancy of our economy, and provide a blueprint to the types of companies we would like to see in this area, at the corners of Indiana, Ohio and Kentucky."
She says the company did get some incentives from the Kentucky Jobs Development Act for locating in the business park. "They have to create a minimum of 15 new jobs," Finan says. The company, with its main headquarters in Mississauga, Ontario, currently has about 142 employees in Erlanger, she says. Finan says she does not know the agreed-upon lease rate. Office asking rents are expected to reach $18.44 per sf in the Cincinnati area this year, while effective rents increase 2.8% to $15.22 per sf, according to a recent report by Marcus & Millichap.
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