Skip to main content Skip to footer

Cincinnati Office 21Q4 Report

Download Report
alt=""

Record Occupancy Losses Take Their Toll

With negative net absorption setting records, Greater Cincinnati’s office market looks to 2022 for a clearer path forward.

  • Negative net absorption totaled 557,913 square feet, the largest yearly decline for the market since 2003.
  • Vacancy rose 30 bps from the prior quarter to 16.2%, a 180-bps increase year-over-year.
  • New deliveries in 2021 far outpaced 2020 levels with 652,505 square feet of completions, and another 668,121 square feet is currently in the pipeline.
  • 1.4 million square feet of sublease space is available in Greater Cincinnati, accounting for 2.2% of all inventory.

alt=""

Cincinnati Office 21Q4 Report

Download Report
Related Experts

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. As the CEO, I make it a priority to provide 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 services, construction services, information technology services and property management services.

The experience I gained from holding a variety of 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 find great joy 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).

View expert

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.

View expert