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Cincinnati Market Reports

Cincinnati Office Market Report

Average Asking Rent (Price/SF)     $19.34
Availability Rate (%)       18.7%
Net Absorption (SF)   261,292

The Greater Cincinnati office market picked back up in the first quarter of 2019. Vacancy decreased by 30 basis points to 16.5%, while availability fell 120 basis points to 18.7%. Quarterly net absorption totaled 261,292 square feet. However, no substantive tenant vacancies influenced the absorption, which was primarily the result of sublease space becoming vacant. The gap between vacancy and availability continued to tighten, which suggested that market occupancy was stable. The long-term outlook is a market that is rightsizing itself. In fact, excess inventory in the Central Business District is being converted into multi-family uses, leaving the remaining office inventory more competitive.

Cincinnati Industrial Market Reports

Average Asking Rent (Price/SF)          $4.60
Availability Rate (%)            4.9%
Net Absorption (SF)     784,333

The fundamentals of the Greater Cincinnati industrial market delivered another solid performance in the first quarter of 2019, as a net 784,333 square feet was positively absorbed. Although this was about half the net absorption at this time in 2018, the apparent slowdown was likely due to a lack of available inventory. Absorption should increase in the near term, as more than 6 million square feet of inventory is due to deliver. Overall net absorption for 2018 totaled 4.3 million square feet. The vacancy rate for the first quarter increased by 10 basis points to 2.8% and represented 7.8 million square feet of vacant rentable space. Availability rose to 13.4 million square feet. The trend of positive absorption is expected to continue, even with low availability levels.

Cincinnati Office Market Report
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Cincinnati Industrial Market Report
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