Cincinnati office market reaches highest annual positive net absorption since 2007
Cincinnati, OH, January 25, 2016 – The Greater Cincinnati office market ended 2015 with 626,272 square feet of positive net absorption, the highest annual positive net absorption since 2007, according to CBRE’s Q4 2015 MarketView report. New product being delivered to the market with leases in place, along with new companies expanding to Cincinnati, were some of the factors that contributed to the positive absorption.“2015 finished on a positive note with significant activity and the pipeline for 2016 looks healthy,” said Scott Yards, first vice president at CBRE’s Cincinnati office. “Supply for large blocks of space continues to be tight, requiring larger users to seek non-traditional buildings for office use or build-to-suit options.”
Other highlights from the report include:
- Cincinnati asking lease rates remained steady at $18.73.
- The vacancy rate has decreased year-over-year to 20.6 percent in Q4 2015 from 22.2 percent in Q4 2014.
- The metro area net absorption was 181,701 square feet, the highest quarterly net absorption since 2008 excluding Q3 2015)
- Construction for the office tower at The Kenwood Collection was completed during Q4 2015. Tenants include Merrill Lynch, Roundtower Technologies, Hauser Insurance Group, Partners Specialty Group, Oppenheimer and Co. Inc. and Bellweather Enterprise Real Estate Capital, LLC.
CBRE’s Cincinnati office provides a complete spectrum of commercial real estate services including Asset Services, Brokerage Services, Corporate Services, Debt and Equity Financing, Facilities Management, Industrial Services, Investment Sales, Office Services, Project Management, Research and Valuation and Advisory Services.
To access the report, click here. To speak to a CBRE expert, please contact Joe Ludwig at +1 513 369 1305 or joe.ludwig@cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.