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Market Report

Ohio Office Market Report

Second Quarter 2019

Major Ohio Metros Boast Improving Economies, Supporting Office Price Appreciation

 
 

Office space demand advances across Ohio. Continued growth in the state is supporting heightened leasing activity and positive net absorption in all three major markets. Despite having the highest vacancy, Columbus office users are anticipated to occupy more than 1 million square feet of space during 2019, the largest annual gain. The diverse local metro, which includes the state capital and Ohio State University, benefits from government departments and support firms that occupy competitive office buildings. Additionally, stable employment growth is an indication that Columbus firms will need larger footprints in the future. Cincinnati, meanwhile, nearly mirrors the state capital in terms of economic and employment growth, which will support a decline in vacancy this year. The metro also benefits from limited construction that funnels nearly all new demand into existing properties.

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