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Cincinnati Market Reports

Cincinnati Office Market Report

Average Asking Rent (Price/SF)     $19.43
Availability Rate (%)       17.7%
Net Absorption (SF)   (129,187)

The Greater Cincinnati office market delivered a negative performance in the fourth quarter of 2019, causing negative net absorption for the year. Fourth-quarter leasing was slow, the market tallied 129,187 square feet of negative net absorption causing vacancy increased by 40 basis points to 16.8%. Availability decreased from the third quarter to 17.7%, yet the gap between vacancy and availability narrowed suggesting that market occupancy was stable. The fourth quarter's negative absorption was primarily the result of companies putting space on the market for sublease following consolidations, mergers and acquisitions. For example, AdvancePierre Foods vacated 43,000 square feet in Blue Ash following its acquisition by Tyson Foods. In addition, Concentrix vacated more than 100,000 square feet in the CBD, as well as 85,000 square feet in Northern Kentucky that originally had been leased by Convergys. Health Carousel and CDK Global put 131,000 square feet of sublease space on the market in Midtown. Overall, sublease space accounted for 6.5% of all vacant space in the fourth quarter.

Cincinnati Industrial Market Reports

Average Asking Rent (Price/SF)          $4.25
Availability Rate (%)            6.4%
Net Absorption (SF)     1,515,042

After a sluggish third quarter that posted negative absorption, the Greater Cincinnati industrial market made a comeback in the fourth quarter end 2019 with overall positive net absorption of 3.8 million square feet. Although demand ended 2019 in positive territory, it lagged behind the 4.3 million square feet of net positive absorption recorded in 2018. The overall market's average vacancy rate remained considerably below the long-term average at 4.5% for the fourth quarter.

Cincinnati Office Market Report
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Cincinnati Industrial Market Report
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