Cincinnati Office Market Report
| Average Asking Rent (Price/SF) | $19.21 |
| Availability Rate (%) | 18.2% |
| Net Absorption (SF) | (39,538) |
The Greater Cincinnati office market performed poorly compared to the first quarter of 2020. Tenants vacated space at a higher rate than the previous quarter, which resulted in 39,538 square feet of negative net absorption. Availability decreased from the first-quarter to 18.2%, yet the gap between vacancy and availability expanded, which suggested that market occupancy was starting to fall. The second quarter’s negative absorption is mainly attributable to downsizing in multiple buildings and submarkets with little new leasing activity to offset. The long-term outlook is that the market will bounce back when the economy starts to recover post-COVID-19.
Download Cincinnati Office Market Report 2Q20Cincinnati Industrial Market Reports
| Average Asking Rent (Price/SF) | $4.37 |
| Availability Rate (%) | 7.5% |
| Net Absorption (SF) | 75,930 |
After an average first quarter with 502,194 square feet of positive net absorption, the Greater Cincinnati industrial market regressed in the second quarter of 2020 with overall positive net absorption of 75,930 square feet. The market’s average vacancy rate remained considerably below the long-term average at 5.9% for the second quarter, as the effects of COVID-19 on the Greater Cincinnati industrial market started to come to light. Demand was significantly down for the second quarter while companies paused to assess the pandemic’s impact on individual businesses.
Download Cincinnati Industrial Market Report 2Q20