Cincinnati, OH Office Overview
The Cincy real estate scene includes the Blue Ash, Montgomery, and Walnut Hills office submarkets. With a metropolitan population of over 2.1 million people, the economy is driven by a mix of Fortune 500 companies including those in the financial services, manufacturing, and food & beverage industries, generating a strong demand in the Cincinnati office market for white-collar employment.
As of mid-2017, the Greater Cincinnati office market encompasses nearly 33 million square feet of existing office space in properties larger than 50,000 square feet. Cincinnati has an abundance of highly-trained workers in the science, business, and management disciplines, which creates consistently high demand for office space.
Cincinnati, OH Office Inventory Description
Cincinnati is located along the banks of the Ohio River and lies midway between the cities of Pittsburgh, Pennsylvania and Cairo, Ill. With a gross metropolitan product of $119 billion annually, there is dynamic demand for Class A office space in the metro area. Nearly 46% of the office space in Cincinnati is Class A or A+, with Class B office product adding another 53% of inventory to the Cincinnati commercial real estate market.
The Downtown Cincinnati office submarket is seeing some of the strongest demand for Class A office space in the city. Located along the northern bank of the Ohio River, between I-71 and I- 75, this neighborhood is home to trophy properties like the Atrium Two building, 36 East 7th Street, and the Great American Tower at Queen City Square on East 4th Street.
Another suburban Cincinnati office market that sees strong demand for space is the Sharonville office submarket. Located along I-75 just north of Cincinnati, this area is home to Class A office property such as the Spectrum Office Tower, the Sharonview Corporate Center, and Summit Woods I at 100 East Business Way.
Cincinnati, OH Commercial Inventory Breakdown
Total: 40,708,628 SF
By square footage range:
- 50k to 100k SF: 9,465,273 SF / 23.25% of total office
- 100k to 500k SF: 21,746,569 SF / 53.42% of total office
- 500k to 1M SF: 9,496,786 SF / 23.33% of total office
- Class A: 16,184,026 SF / 39.76% of total office
- Class B: 18,389,996 SF / 45.17% of total office
- Class C: 640,736 SF / 1.57% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Great American Tower at Queen City Square||301 East 4th Street, 45202||850,000||2010|
|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|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|15th & Vine||1425 Vine Street, 45202||55,000||2018|
|1911 Radcliff Drive||1911 Radcliff Drive, 45204||25,000||2018|
|The Offices at Vernon Place||2905 Vernon Place, 45219||146,000||2017|
|The Strietmann Center||235 West 12th Street, 45202||91,283||2017|
|3075 Vandercar Way||3075 Vandercar Way, 45209||80,000||2017|
|Empower MediaMarketing Headquarters||15 East 14th Street, 45202||64,000||2017|
|Messer Headquarters||643 West Court Street, 45203||50,000||2017|
|3310 Mercy Health Blvd||3310 Mercy Health Blvd, 45211||50,000||2017|
|4801 Kennedy Avenue||4801 Kennedy Avenue, 45209||32,270||2017|
|Mercy Health Headquarters||1701 Mercy Health Place, 45237||368,447||2016|
Cincinnati, OH Green Office Space
In 2017 the National Green Building Adoption Index surveyed commercial properties in the top 30 markets in the country and discovered that the percentage of green certified buildings has increased from about 5% in 2005 to 38% as of the middle of 2017.
Cincinnati hasn't yet ranked in the top 30 green energy-efficient markets in the U.S., but the city does have dozens of LEED and green building initiatives underway in the metropolitan area.
The 3075 Vandercar Way office building was just completed in 2017 and attained a coveted LEED Silver certification. This Class A office property contains 80,000 square feet and is located in the Oakley neighborhood of Cincinnati.
Cincinnati, OH's Top Office-Using Sectors
The education, financial services, and the health & biotechnology industries all add to the demand for Class A office space and commercial real estate in Cincinnati.
- Education – Cincinnati is home to the University of Cincinnati, Xavier University, and the University of Cincinnati Medical Center.
- Financial Services – First Financial Bank, Fifth Third Bank, and Cincinnati Financial are all headquartered in Cincinnati and are part of a top office-using sector in the city.
- Health & Biotechnology – Demand for office employment is created by companies such as CareStar, Prasco Laboratories, Anthem Inc., Humana, and Amylin Pharmaceuticals.
- Fortune 500 – Procter & Gamble, The Kroger Company, Macy's, and General Electric's Aviation and Global Operations all generate demand for white collar office employment in the Cincinnati metro area.
- Total Population298,957
- Male Population(48.2 %) 144,077
- Female Population(51.8 %) 154,880
- Median Age32.40
- Average Household Income$58,863
- Median Household Income$36,429
- Median Income Under 25$20,633
- Median Income 25-44$42,175
- Median Income 45-64$38,958
- Median Income Over 65$31,485
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