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Cincinnati Market Reports

Cincinnati Office Market Report

Average Asking Rent (Price/SF)     $19.51
Availability Rate (%)       18.3%
Net Absorption (SF)     33,072

The fundamentals of the Greater Cincinnati office market delivered another solid performance in the second quarter of 2019. Vacancy decreased by 10 basis points to 16.9%, while availability decreased by 50 basis points to 18.3%. Although second quarter leasing was steady and slow, the market tallied 33,072 feet of positive net absorption. Despite lackluster leasing, there were major investments in the office market; the largest was the sale of Towers of Kenwood in the Blue Ash submarket for $80.6 million, or $199/SF. The gap between vacancy and availability continued to become more narrow, which suggested that market occupancy was stable. The long-term outlook is that the market will continue to grow and present opportunities. Buildings currently under construction include 5310 Medpace Way, which will offer 250,000 square feet of office space when complete, and 637 Melish Place Uptown Gateway, which is expected to provide 184,000 square feet of space. Excess inventory such as Carew Tower and the Textile Building in the Central Business District, continues to be converted into multi-family uses, leaving the remaining office inventory more competitive.

Cincinnati Industrial Market Reports

Average Asking Rent (Price/SF)          $4.27
Availability Rate (%)            5.4%
Net Absorption (SF)     139,391

The Greater Cincinnati industrial market continued its positive net absorption trend in the second quarter of 2019. However, the second quarter tallied only 139,391 square feet of absorption, about one-eight the amount recorded in the prior quarter and significantly less than in the prior year. Tenant demand tapered off and the emergence of several vacancies in the Airport and Tri-County submarkets affected the absorption totals. If demand continues to run its course as it did in the first half of the year the second half could see net absorption fall into negative territory.



Cincinnati Office Market Report
2Q19
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Cincinnati Industrial Market Report
2Q19
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