Cincinnati, OH, April 14, 2016 – Market fundamentals for the Greater Cincinnati office market continued to be strong during the first quarter of 2016, according to CBRE’s Office MarketView. During Q1 2016, the market saw 144,861 square feet of net absorption, which was driven primarily by Class A product. Speculative developments such as the Kenwood Collection and Rookwood Exchange, which were both completed in late 2015, are at least 90 percent leased.
“The success of the Kenwood Collection and Rookwood Exchange show that companies are willing to pay higher rents for premium space if it will provide not only an attractive client experience but also an environment that will help attract and retain quality employees,” said John Eckert, first vice president at CBRE’s Cincinnati office.
Other highlights from the report include:
- The availability of large blocks of space continues to decline and remains problematic for many companies looking to find large footprints in desirable submarkets.
- Over-the-Rhine (OTR) is beginning to see development of office product that was previously limited. It will soon have 10,000-to-15,000-square-foot floor plates, which will accommodate larger users.
- The overall vacancy rate decreased slightly from 20.6 percent in Q4 2015 to 19.9 percent in Q1 2016.
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 speak to a CBRE expert, please contact Joe Ludwig at +1 513 369 1305 or joe.ludwig@cbre.com. Click here to download the full report.
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.