Cincinnati Office Market Report
| Average Asking Rent (Price/SF) | $19.51 |
| Availability Rate (%) | 22.0% |
| Net Absorption (SF) | 56,110 |
After four consecutive quarters of negative absorption, the Cincinnati office market has posted a modest 56,110 square feet of positive absorption for the second quarter of 2021. The vacancy rate also decreased just 10 basis points since the end of first quarter 2021, from 19.9% to 19.8%. This is a welcome sign that the massive downturn brought on by the COVID-19 pandemic is in the rearview mirror and the recovery can begin. These positive signs of a brighter future were primarily driven by a slight uptick in leasing activity as well as the take-back of space that had previously been placed on the market for sublease. The announcement that office employees could return to work and that life could somewhat return to normal is evidence of the remarkable effort by the public/private partnership to not only create a vaccine but also distribute it widely to the general public.
Download Cincinnati Office Market Report 2Q21
Cincinnati Industrial Market Reports
| Average Asking Rent (Price/SF) | $4.40 |
| Availability Rate (%) | 7.1% |
| Net Absorption (SF) | 930,575 |
While not as impressive as the nearly 2 million square feet absorbed in the first quarter of 2021, the total of 930,575 square feet for the second quarter is very welcome, especially considering there were some large move-outs that occurred. This leasing activity lowered the vacancy rate 10 basis points, from 5.7% to 5.6%. Large warehouse/distribution buildings continue to be the dominant force in the market as bulk warehouse users continue to lease large blocks of space. There are very few buildings available for sale either for users or for investors, even though demand is extremely high. This lack of supply and strong demand has created upward momentum on the sale prices of buildings, both leased and vacant.
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