Cincinnati’s office market remained stable throughout the course of the previous year. In total, it reported more than 455 thousand sq.ft. of positive net absorption. Although traditionally, most of the commercial activity in American cities and towns is happening in their CBDs, Cincinnati’s suburban areas outperformed the downtown in the number of office space take-ups, accounting for about 70% of the positive net absorption. Such a condition can be explained by the fact that the commuter zones have faced several large-scale transactions, such as e.g., Hawthorne Center project. The vacancy rate in the office market in Cincinnati stays at about 18,4%. It has started the decline path since 2018 and is anticipated to continue this trend. The CBD has a limited amount of Class A office space, and its availability is lowering year by year. Within the last two years, Cincinnati didn’t have much of the construction activity. Yet, as several projects are waiting in the pipeline, the situation is likely to change for the better soon. According to the statistics, the most active office locations in Cincinnati (including the suburbs) are the CBD, Central, East, Fields Ertel, Blue Ash, Kenwood, etc. Two neighborhoods that go first in this list, as well as Blue Ash zone, boast the highest rental rates - more than $20 per sq.ft. per year. The cheapest office suites in the city are found in the East district ($15,3, accordingly). Judging on fees, we can state that the city is one of the cheapest locations in Ohio to establish a commercial presence. It’s true that Class A venues are in top demand among potential renters. Yet, Class B and C office spaces in Cincinnati are also available for rent and attract a number of tenants. Class C submarket, by the way, is the smallest one.
