Cincinnati Office Rent Price & Sales Report

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%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Cincinnati market was 15.35% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cincinnati was 7.81% in the Cincinnati - Kenwood submarket, while the highest office vacancy in the market was 21.90%, recorded in Cincinnati - North.

Office Spaces for Rent in Ohio

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
Cincinnati office space cost in 2020 marked a -22.19% change compared to the previous year. The sale price for office space in Cincinnati averaged $106.51 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $83.91 per square foot.

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
A total of 11 deals closed on the Cincinnati office market in 2020, adding up to a yearly sales volume of $196.3M. Notably, the largest transaction on the market saw First Financial Center at 255 Fifth change hands for $64,200,000 on 10/28/2020.

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
Data provided by Commercial Edge

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.

Largest Office Properties Recently Completed in Cincinnati
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.

Data provided by Commercial Edge

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.