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Cincinnati Office 21Q1 Report

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Uncertainty Puts Cincinnati Office Market on Hold

Rents have remained stable, despite a six-quarter occupancy loss in excess of 700,000 square feet. Expect further losses as occupiers adopt hybrid workplace strategies, offering employees remote, flexible space and in-office work options.

  • The Cincinnati office market recorded a sixth consecutive quarter of negative net absorption totaling 246,717 square feet.
  • Vacancy rose to 15.3%, a 50 bps increase for the quarter and 130 bps, year-over-year.
  • Class A rental rates currently average $23.09 per square foot, an increase of 1.6% over the past year.
  • Construction activity has increased over the past two years. Of the total 1,021,550 square feet in the pipeline 375,000 square feet is speculative space.

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Cincinnati Office 21Q1 Report

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Related Experts

Loren DeFilippo

Senior Customer Success Lead

Cincinnati

Loren oversees all  research activities for Colliers'  Ohio markets including, Cincinnati, Cleveland, Dayton and Akron/Canton.  His responsibilities include the collection, aggregation and analysis of data regarding office, industrial, retail and  multifamily asset classes, along with capital markets.  He prepares reports documenting current economic and commercial real estate market  conditions and provides forecasts to assist brokers  and clients in making informed business decisions. A firm believer in the power of knowledge, Loren utilizes research as a marketing tool in conjunction with the firm's marketing and business development efforts. Loren leverages  his 30+ years of career experiences as an architect, a broker specializing in the leasing and sale of office properties and market researcher to accelerate the success of our brokers, clients and stakeholders.

 

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Shenan Murphy

Vice Chairman

Cincinnati

Growing up, I always knew I wanted a job where I would be in control of my career path, and commercial real estate has allowed me to do that both personally and professionally. I began my career as a retail and investment broker in 1989. Today, I leverage my previous brokerage experience and knowledge to oversee the strategic and daily operations of Colliers International | Greater Cincinnati and Dayton. Additionally, in 2012 founded the Colliers Cleveland office. As the Vice-Chairmain leading multiple offices, I prioritize providing the best strategic leadership and oversight to a truly remarkable team. In addition to commercial real estate, I have created a diversified and innovative family of companies providing brokerage sales, investment, construction, information technology, and property management services.

The experience I gained from holding various positions throughout my career has allowed me to reach a broad base of clients and establish valuable relationships throughout Greater Cincinnati and Dayton. These relationships have provided the opportunity to aid some of the region’s most successful companies in making sound real estate decisions.

In addition to my daily responsibilities with Colliers, I'm part of a great family, three great kids and  spouse who is so supportive. 

I find great joy in being involved in my community. One of my personal goals is to help the Cincinnati community and those around me to move forward and grow with energy and purpose. I am a member of various organizations serving the community such as the University of Cincinnati Foundation (Board Member), the University of Cincinnati UCATS (Board Member), the University of Cincinnati Diamond Club for Baseball (Chairman), the University of Cincinnati College of Business (Real Estate Board Member), the Greater Cincinnati Regional Business Committee, and Cincinnati Young Presidents Organization.

I hold the CCIM commercial real estate designation and have affiliations with ICSC (International Council of Shopping Center), ULI (Urban Land Institute), and NAIOP (National Association of Industrial and Office Properties).

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Fred Macke

Sr. VP

Cincinnati

With more than 40 years of experience in commercial real estate, I brand myself as a master of the business and the nurturing of relationships. As a Senior Vice President at Colliers, I work to achieve the best possible outcome for my clients in the leasing or sale of office buildings. Whether I am working with a Landlord or a Tenant, I always make sure the process goes smoothly from start to finish and no matter the circumstance, my client’s interests come well before my own.

Focusing mostly on the Northern Kentucky market, I have completed more than $600 million in sales, 10 million square feet of leases and over 2,500 transactions. Because of my experience, I am consulted regularly by local media representatives and the general business community on issues relating to the local commercial real estate market. My experience has lead me to be a Cincinnati Area board of REALTORS Commercial Top Producer’s Club inductee every year from 1999-2016 except 2007. In 1992 I was recognized as the Greater Cincinnati Leading Commercial Broker.

I pride myself in being highly involved in the commercial real estate industry and being highly involved in my community. I sit on the boards for the Northern Kentucky University Foundation, St. Elizabeth Hospital, Campbell County Economic Progress Authority, CBank, The Northern Kentucky Water District and a past board member of the Northern Kentucky Chamber of Commerce.

I enjoy every day I get to work in this industry and am appreciative for all of the relationships I have made after 40 years. You are never pigeonholed into one thing in commercial real estate and that is what keeps it exciting.

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