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Construction, Subleases Lift Cincy Vacancies

PHILADELPHIA-Large amounts of empty speculative office space combine with an increase in subleases and continuing new construction to push the suburban Cincinnati office vacancy rate toward 16% in 2002, according to research by Encino, CA-based Marcus & Millichap's Cincinnati office.

By Marita Thomas | Updated on July 13, 2002

PHILADELPHIA-A glut of vacancies in the suburban Cincinnati, OH office market, caused by overbuilding and increased subleases during the weak economy, is giving the Downtown Cincinnati office market stiff competition, according to research by the local office of Encino, CA-based Marcus & Millichap. Investment activity downtown has slowed, yet several large transactions recently took place and more are on the way, says the study.

Also, Downtown Cincinnati is “undergoing a makeover,” the researchers say, with several major road constructions that are making it easier for commuters to get to and from work.

The full Cincinnati area’s average office vacancy rate reached 14.9% at the end of last year and is expected to rise to 15.8% this year. Average asking rental rates are expected to remain flat at an average of $17.85 per sf.

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