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Cincinnati Market Reports

Cincinnati Office Market Report

Average Asking Rent (Price/SF)     $19.35
Availability Rate (%)       18.4%
Net Absorption (SF)      23,092

The fundamentals of the Greater Cincinnati office market delivered a positive performance in the third quarter of 2019. Vacancy decreased by 10 basis points to 16.4%, but availability was unchanged from the second quarter, at 18.4%. Although third - quarter leasing was slow and steady, the market tallied 23,092 square feet of positive net absorption. The gap between vacancy and availability grew narrower, which suggested that market occupancy was stable. The long-term outlook is that the market will continue to grow and present opportunities. Properties currently under construction include the 250,000- square-foot 5310 Medpace Way building, which is expected to provide 184,000 square feet of space for Medpace, and Uptown Gateway. Excess inventory, such as 1 West 4th Street, which sold for $11.5 million, or $34/SF, in the Central Business District, continues to be converted into multi-family uses, leaving the remaining office inventory more competitive. Despite lackluster leasing, there were major investments in the office market. The largest of which, in terms of square footage, was the confidential sale of the 566,509sSquare-foot Omnicare Center in the CBD. The next largest sale was the 394,366-square-foot Huntington Center for $24.5 million.

Cincinnati Industrial Market Reports

Average Asking Rent (Price/SF)          $4.30
Availability Rate (%)            6.3%
Net Absorption (SF)     (463,587)

The Greater Cincinnati Industrial market ended the third quarter of 2019 with negative absorption, after giving back 463,587 square feet. This is 790,000 square feet less than the absorption tallied in the prior quarter and 1.4 million square feet less than in the prior year. Tenant demand remained lackluster, and the emergence of several vacancies in the Airport and Tri-County submarkets combined to create the negative absorption. Although leasing velocity will be slower in 2019 than last year, several large tenants/buyers are currently in the market, which points to a positive net absorption in the fourth quarter.

Cincinnati Office Market Report
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Cincinnati Industrial Market Report
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