Cincinnati, OH Office Overview
Cincinnati’s real estate scene includes the Norwood, Montgomery, and Evanston 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 for white-collar employment.
As of mid-2017, the Greater Cincinnati market encompasses nearly 33 million square feet of office space in properties larger than 50,000 square feet. The city 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 is Class A or A+, with Class B product adding another 53% to the inventory.
Downtown Cincinnati, located along the northern bank of the Ohio River, between I-71 and I-75, 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 is the Sharonville submarket. Located along I-75 just north of the city, this area is home to Class A buildings such as the Spectrum Office Tower, the Sharonview Corporate Center, and Summit Woods I at 100 East Business Way.
Cincinnati, OH Commercial Inventory Breakdown
Office Spaces
Total: 42,348,434 SF
By square footage range:
- 50k to 100k SF: 9,788,657 SF / 23.11% of total office
- 100k to 500k SF: 23,062,991 SF / 54.46% of total office
- 500k to 1M SF: 9,496,786 SF / 22.43% of total office
By class:
- Class A: 17,622,330 SF / 41.61% of total office
- Class B: 19,806,425 SF / 46.77% of total office
- Class C: 1,314,103 SF / 3.1% of total office
Top 10 Largest Office Buildings
in Cincinnati
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 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 |
| Columbia Plaza | 250 East 5th Street, 45202 | 537,400 | 1984 |
Most Recently-Built Office Buildings
in Cincinnati
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 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 |
| The Offices at Vernon Place | 2905 Vernon Place, 45219 | 146,000 | 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 |
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 building was just completed in 2017 and attained a coveted LEED Silver certification. This Class A property contains 80,000 square feet and is located in Oakley.
Cincinnati, OH's Top Office-Using Sectors
The education, financial services, and the health & biotechnology industries all add to the demand for commercial real estate in Cincinnati.
- Education – institutions such as University of Cincinnati, Xavier University, and the University of Cincinnati Medical Center.
- Financial Services – organizations such as First Financial Bank, Fifth Third Bank, and Cincinnati Financial.
- Health & Biotechnology – companies such as CareStar, Prasco Laboratories, Anthem Inc., Humana, and Amylin Pharmaceuticals.
- Fortune 500 Companies – Procter & Gamble, The Kroger Company, Macy's, and General Electric's Aviation and Global Operations.
Cincinnati Demographics
Population
- Total Population300,357
- Male Population(48.2 %) 144,826
- Female Population(51.8 %) 155,531
- Median Age32.40
Income/Financial
- Average Household Income$61,937
- Median Household Income$38,542
- Median Income Under 25$21,355
- Median Income 25-44$45,069
- Median Income 45-64$40,750
- Median Income Over 65$32,341
News
In 2016, Antoine van Agtmael and Fred Bakker, authors of “The Smartest Places on Earth: Why Rustbelts are the Emerging Hotspots of Global Innovation,” commented on the current state of industry in the U.S. They highlighted the fact that while many voices decry the bleak state of manufacturing in...
According to a study by the Center for Work Life Policy, 73% of women struggle to re-enter the labor market after having children. Although 91% of women say that having worksite childcare made it easier to come back to work after birth or adoption, and parents who brought their child on-site wer...
Winners and Losers in the Labor Market – US States and Metros with the Highest Income Inequality
August 21, 2018
Ever since Gordon Gekko uttered his now infamous credo, “greed is good,” many economists have been concerned with the long-term effects of the growing income inequality in the U.S. While free-market enthusiasts see things differently, inequality has become a recurring topic within our news cyc...