2020 Office Space Rent & Sales
- $18.39 2020 Avg. Asking Rent
- 3.50% Y-o-Y Avg. Asking Rent Change
- 15.35% 2020 Office Vacancy Rate
- $196.3M2020 Total Office Sales
- $106.51Avg. Sale Price/SF
Cincinnati office price per square foot in 2020 was $18.39 on average. This marked a +3.50% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.35% across all asset classes combined. The 11 transactions that closed here throughout 2020 amounted to a total sale volume of $196.3M. Cincinnati office space commanded an average sale price per square foot of $106.51.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Cincinnati Class A Office Space$22.39
- Cincinnati Class B Office Space$16.85
- Cincinnati Class C Office Space$15.03
- Ohio Class A Office Space$22.10
- Ohio Class B Office Space$17.86
- Ohio Class C Office Space$14.13
Cincinnati, OH Office Asking Rents by Class
Average office rent in Cincinnati rested at $18.39 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Cincinnati averaged $22.39 per square foot. Across all submarkets, class B office space recorded an average asking rent of $16.85 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.03 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2020 were: $22.10 per square foot for class A office space; $17.86 per square foot for class B office space; $14.13 per square foot for class C office space.
2020 Office Vacancy Rates in Cincinnati
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Cincinnati - Kenwood | $22.37 | 7.81% |
Cincinnati - CBD | $20.72 | 13.93% |
Cincinnati - Midtown East | $19.77 | 8.54% |
Cincinnati - Midtown West | $18.98 | 13.37% |
Cincinnati - Blue Ash | $17.73 | 17.94% |
Cincinnati - North | $15.29 | 21.90% |
Cincinnati Office Sale Price per SF
- $106.512020 Avg. Price per SF
- -22.19%Y-o-Y Avg. PpSF Change
- $196.3M2020 Office Sales Volume
- 112020 Number of Transactions
Cincinnati, OH Sale Price per SF Trend
- Cincinnati Avg. Sale Price per SF in 2020$106.51
- Ohio Avg. Sale Price per SF in 2020$83.91
2020 Office Sales Volume
- Cincinnati, OH Total Office Sales Volume in 2020 $196.3M
- Cincinnati, OH Total Number of Office Sales Closed in 2020 11
Largest Cincinnati Office Sales in 2020
Property name | Address | Date | Price |
---|---|---|---|
First Financial Center at 255 Fifth | 255 East 5th Street | 10/28/2020 | $64,200,000 |
PNC Center | 201 East 5th Street | 3/9/2020 | $50,250,000 |
Anderson Professional Centre | 7794 Five Mile Road | 6/25/2020 | $21,095,000 |
4350 Malsbary Road | 4350 Malsbary Road | 11/18/2020 | $16,500,000 |
302 West 3rd Street | 302 West 3rd Street | 2/24/2020 | $13,250,000 |
2020 Office Construction in Cincinnati, OH
- Cincinnati, OH Total SF completed in 2020 25,000
- Cincinnati, OH Total SF under construction in 2021 1,026,840
During 2020, 25,000 square feet of new office space were delivered across the market. At the close of 2020, the Cincinnati office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 25,000 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 1,026,840 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
University of Cincinnati - Digital Futures Building | 3025 Bathgate Street, 45206 | 189,000 | 2022 |
The Foundry | 505 Vine Street, 45202 | 185,000 | 2022 |
Uptown Gateway Development - Digital Futures Building II | 627 Melish Place, 45206 | 180,000 | 2022 |
The Offices @ Montgomery Quarter - Building 2B | 9292 Montgomery Road, 45242 | 65,900 | 2022 |
Medpace Corporate Campus - Building 400 | 5400 Medpace Way, 45227 | 252,500 | 2021 |
AeroHub | 10310 Aerohub Blvd, 45215 | 40,000 | 2020 |
UC Gardner Neuroscience Institute | 3113 Bellevue Avenue, 45219 | 114,000 | 2019 |
Rumpke Headquarters | 3990 Generation Drive, 45251 | 74,000 | 2019 |
15th & Vine | 1425 Vine Street, 45202 | 55,000 | 2018 |
1911 Radcliff Drive | 1911 Radcliff Drive, 45204 | 25,000 | 2018 |
Worth noting among recent office completions on the Cincinnati market is University of Cincinnati - Digital Futures Building, which is currently the largest new office development in the city, at 189,000 square feet.
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Cincinnati commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.