Cincinnati's real-estate tycoons shouldn't expect any dramatic improvements in 2002. That's the conclusion of Grubb & Ellis West Shell Commercial's 2002 Real Estate Market, which forecasts another white-knuckle year for office, industrial and retail landlords.

        “I wish we had some magic answer that things are going to turn around,” said Shenan Murphy, chief executive officer of Grubb & Ellis' local brokerage. “We still think there is time to go on this.”

        Office landlords ended 2001 on a lackluster note, with tenants gaining the upper hand through incentives such as free rent and more money to dress up office space.

        Grubb & Ellis predicts a dogfight among downtown office owners seeking to retain tenants during the recession.

        Downtown's Class A office market appears stable with a relatively low vacancy rate. But vacancies soar to nearly 22 percent when Class B, sublease and buildings on the fringes of downtown is factored.

        The northern suburbs also will see a similar battle for tenants. New office buildings in the area will add another 677,000 square feet of rentable office space. Expect leasing activity to decline during the first six months this year with a possible turnaround this summer.

        Northern Kentucky office market should be steady.

        Greater Cincinnati's industrial market also is looking to recover from a slow 2001. Almost 3 mil lion square feet of speculative space built last year is empty.

        Grubb & Ellis sees a small recovery this year. It expects up to 1 million square feet of industrial space will be leased.

Hylant Group moving to Summit Woods II

        The Hylant Group will relocate from Bank One Towers in Kenwood to Summit Woods II in Sharonville.

        The Toledo-based commercial insurer has grown rapidly since Jeffrey Sanders founded the firm's local chapter four years ago.

        Hylant signed a five-year lease to occupy 9,100 square feet at Summit Woods II, leaving the 142,000-square-foot building with just 60,000 square feet of available space.

        Mr. Sanders' firm provides commercial insurance to clients in health care, manufacturing, construction and other industries.

        Call Ken Alltucker at 768-8384, e-mail kalltucker@yahoo.com, or fax 768-8340.

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