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Market Report

Cincinnati Office Investment Forecast

2020 Outlook

Research Industry Spurs Resurgence of Office Construction in Metro Suburbs

Expanding healthcare services and education industries encourage office development. Tenant demand for suburban Class B/C space outpaces supply, positioning suburban office vacancy in the low-13 percent band, 100 basis points below last year’s vacancy rate. As demand permeates outside of downtown, new construction is focused near major employment centers, such as the city’s research campuses and hospitals. In the suburb of Evendale, near the GE Aviation headquarters and learning center, the initial 100,000 square feet of AeroHub Innovation District will be delivered this year. The campus will bring together researchers, engineers, and advanced manufacturing businesses. Slightly southeast, in the suburb of Madisonville, 268,000 square feet of the 350,000-square-foot Madison Square development will be delivered in the spring. Medpace, a clinical research firm, initiated the commercial growth of the area, advancing the medical research industry. Its initiative to expand healthcare education, along with AeroHub’s plan to educate the millennial workforce on advanced manufacturing and technology, will notably elevate the appeal of office space in the metro’s suburbs this year, boosting the metro’s overall average asking rent over $17.00 per square foot.

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