Office Rental Market
- $17.77 2019 Avg. Asking Rent
- 14.96 % 2019 Avg. Vacancy Rate
- 263,000 2019 Office Completions (Sqft)
- 527,000 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Cincinnati Class A Office Buildings$19.01
- Cincinnati Class B Office Buildings$17.30
- Cincinnati Class C Office Buildings$14.36
- OH Class A Office Buildings$21.17
- OH Class B Office Buildings$17.96
- OH Class C Office Buildings$13.21
Cincinnati, OH Office Asking Rents by Class
Office asking rents vary across the Cincinnati office market depending on several factors, one of which is property class. While rents for Class A office buildings in Cincinnati averaged $19.01 per square foot in 2019, Class B office properties garnered average rental rates of $17.30 per square foot. Rental rates for Class C office property in Cincinnati averaged $14.36 per square foot. On a statewide level, Class B office space rents averaged $17.96 per square foot, while rents for Class A office space across Ohio averaged $21.17 per square foot. On average, Class C office properties in Ohio commanded rents of $13.21 per square foot.
2019 OFFICE VACANCY RATES
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Cincinnati - Over-the-Rhine | $26.50 | 11.81 % |
| Cincinnati - Midtown East | $19.88 | 7.80 % |
| Cincinnati - CBD | $19.08 | 10.12 % |
| Cincinnati - Midtown West | $18.99 | 3.82 % |
| Cincinnati - Blue Ash | $17.39 | 12.61 % |
| Cincinnati - Governor's Hill | $17.33 | 33.35 % |
| Cincinnati - North | $15.42 | 23.62 % |
- The lowest office vacancy rate in 2019 in Cincinnati was 3.82 % in the Cincinnati - Midtown West submarket, where asking rents averaged $18.99.
- The highest office vacancy rate in 2019 in Cincinnati was 33.35 % in the Cincinnati - Governor's Hill submarket, where asking rents averaged $17.33.
OFFICE CONSTRUCTION IN Cincinnati, OH
- Cincinnati, OH Total Sqft completed in 2019 263,000
- Cincinnati, OH Total Sqft under construction in 2020 527,000
| Building name | Address | Total Sqft | Year built |
|---|---|---|---|
| Great American Tower at Queen City Square | 301 Fourth St E, 45202 | 825,000 | 2011 |
| Procter & Gamble GO Towers | 1 Procter & Gamble Plaza, 45202 | 793,468 | 1985 |
| The Macy's Building | 7 West 7th Street, 45202 | 659,631 | 1978 |
| Atrium Two | 221 East 4th Street, 45202 | 655,863 | 1984 |
| Center at 600 Vine | 600 Vine Street, 45202 | 625,765 | 1984 |
| Procter & Gamble Central Building | 2 Procter & Gamble Plaza, 45202 | 567,104 | 1955 |
| Omnicare Center | 201 East 4th Street, 45202 | 566,509 | 1981 |
| U.S. Bank Tower | 425 Walnut Street, 45202 | 562,198 | 1981 |
| First Financial Center at 255 Fifth | 255 East 5th Street, 45202 | 553,659 | 1990 |
| The Tower at Kenwood Collection | 5901 East Galbraith Road, 45236 | 552,000 | 2007 |
| Office building | Address | Sqft | Completed |
|---|---|---|---|
| Medpace Corporate Campus - Building 400 | 4820 Red Bank Road, 45227 | 268,377 | 2020 |
| Total Quality Logistics Headquarters Expansion | NWC Clough Pike & Ivy Pointe Blvd, 45245 | 133,100 | 2020 |
| Good Samaritan Medical Western Ridge Medical Office - Expansion | NEC Harrison Avenue & Good Samaritan Drive, 45247 | 97,000 | 2020 |
| The Red - Phase 3 | SWC Madison Road & Red Bank Expwy, 45227 | 52,300 | 2020 |
| AeroHub | 10310 Aerohub Blvd, 45215 | 40,000 | 2020 |
| UC Gardner Neuroscience Institute | 3113 Bellevue Avenue, 45219 | 114,000 | 2019 |
| Mercy Health Eastgate Medical Center | 601 Ivy Gateway, 45245 | 75,000 | 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 |
Office Spaces for Rent in Ohio
CINCINNATI OFFICE SALES TRENDS
- $113.702019 Avg. Price per Sqft
- 49.86 %Y-o-Y Avg. PpSF Change
- $165.5M2019 Office Sales Volume
- 122019 Number of Transactions
In 2019, office sales in Cincinnati averaged $113.70 per square foot. This marked a 49.86 % increase in office price per square foot, compared to the previous year. A total of 12 office sales closed on the Cincinnati office market in 2019, amounting to a total sales volume of $165.5M.
Average Office Sale Price per Sqft
Cincinnati, OH Sales Trends
- Cincinnati Price per Sqft$113.70
- Ohio Price per Sqft$102.10
Office Sales - Trend and Volume
- Cincinnati, OH Total Office Sales Volume in 2019 $165.5M
- Cincinnati, OH Total Number of Office Sales Closed in 2019 12
Largest Cincinnati Office Sales in 2019
| Property name | Address | Date | Price |
|---|---|---|---|
| Towers of Kenwood | 8044 Montgomery Road | 5/9/2019 | $80,600,000 |
| Huntington Center | 525 Vine Street | 7/31/2019 | $24,500,000 |
| 995 Dalton Avenue | 995 Dalton Avenue | 3/6/2019 | $9,743,803 |
| One Northlake Place | 11500 Northlake Drive | 7/17/2019 | $8,700,000 |
| 4850 Red Bank Road | 4850 Red Bank Road | 5/10/2019 | $8,468,000 |
See trends for nearby markets
The Cincinnati office market contains an inventory of 40,141,420 square feet of office space, in 462 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.