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1Q 2020 Office Market Report


A Note Regarding COVID-19

A Note Regarding COVID-19:

As we publish this report, the U.S. and the world at large

are facing a tremendous challenge, the scale of which is

unprecedented in recent history. The spread of the novel

coronavirus (COVID-19) is significantly altering day-to-day life,

impacting society, the economy and, by extension, commercial

real estate.  Visit our Colliers COVID-19 website for more information: CLICK HERE

The Cincinnati office market finished the first quarter of 2020 with a small loss in occupancy, which totaled a little over 33,000 square feet. Overall market vacancy, however, decreased by 20 basis points (bps) to 14.0%, primarily due to annual adjustments to inventory. Notably, six properties in the CBD, totaling 1.2 million square feet, were removed from competitive inventory because they are currently or will be converted to residential or hospitality uses. Since emerging from the Great Recession, the Cincinnati office market has recorded an occupancy gain in excess of 4.4 million square feet. However, for the past three years the pace of these gains slowed. We have noted in previous reports that the accelerating growth during that timeframe in office-using jobs did not translate into a corresponding outsized demand for office space. Many major companies signed new leases or renewed for less space than previously occupied. Up to this point, flexible space, coworking, telecommuting, job sharing, open office and activity-based work have certainly been a contributing factor to occupiers’ desire to reduce their space requirements.


Loren DeFilippo
Director of Research | Ohio