Cincinnati Office Market Report
| Average Asking Rent (Price/SF) | $19.37 |
| Availability Rate (%) | 21.4% |
| Net Absorption (SF) | -316,947 |
The Greater Cincinnati office market performed poorly compared to the third quarter of 2020. Tenants vacated space at a higher rate than the previous quarter, which resulted in 316,947 square feet of negative net absorption. Availability increased 20.5% from the third quarter to 21.4% in the fourth quarter. The fourth quarter’s negative absorption is mainly attributable to the moveout of Fifth Third from the 580 Walnut building in Downtown Cincinnati and the move outs and sublease offerings which have increased in the past year. Sublease square footage alone has increased by over 170,000 square feet in the Cincinnati market. Some of the most notable subleases to come online during the pandemic are Governors Pointe for 127,416 square feet and North Mark 1 with 47,435 square feet. There has been little new leasing activity to offset these conditions.
Download Cincinnati Office Market Report 4Q20Cincinnati Industrial Market Reports
| Average Asking Rent (Price/SF) | $4.40 |
| Availability Rate (%) | 7.6% |
| Net Absorption (SF) | 876,020 |
After an active third quarter of 2020 that posted positive net absorption of 956,049 square feet, the Greater Cincinnati industrial market stayed consistent in fourth-quarter 2020, with an overall positive net absorption of 876,020 square feet. The overall market’s average vacancy rate remained considerably below the long-term average at 6.0%. Rental rates have been on a consistent upward pace coming into the fourth quarter at $4.40/SF The negative effects of COVID-19 on the Greater Cincinnati industrial market are starting to wear off. Demand was up for the latter part of the year as companies started to become more active in searches for space.