The Cincinnati office market saw positive net absorption of over 285,000 square feet in the first quarter of 2016. Class B properties absorbed the most space at over 140,000 square feet, while Class A absorbed over 119,000 square feet. The submarket with the highest absorption was Tri County, absorbing just over 72,000 square feet. The overall vacancy rate for the Cincinnati office market is currently 18.3%, declining from 20% at the start of 2015. Office investment in Cincinnati has increased, with out-of-town private capital groups and equity funds investing in the market.

1. SUBMITTED BY: MARK FREIBERG, CCIM | SVN-RICORE| 11500 NORTHLAKE DR. #100 | CINCINNATI, OH 45249
513 886 3303 | MFREIBERG@SVN.COM |WWW.SVN-RICORE.COM
The Cincinnati office market posted over 285,000 square feet of positive net absorption for the first quarter of
2016. Class B office product has, once again, reported the highest positive net gain with over 140,000 square
feet during the first quarter of 2016. Class A office product absorbed over 119,000 square feet.
The submarket posting the highest overall absorption was Tri County, with just over 72,000 square feet. The
overall (class A, B & C) vacancy rate for the Cincinnati office market is currently 18.3% and has been on a
steady decline from the 20% vacancy rate reported at the beginning of 2015.
GREATER CINCINNATI 1Q16 | OFFICE MARKET REPORT
Office investment continues to ramp up, and the Cincinnati office market has seen significant sales activity
since the beginning of 2015. The flow of capital into the office market has been driven by out of town
investment in the form of private capital groups and equity funds looking to the Cincinnati market to broaden
their portfolios into secondary markets and generate a return from Cincinnati’s recent momentum.
The major players in the market span from New York to California, further solidifying Cincinnati as a national
destination for firms looking to invest in secondary markets.
OFFICE MARKET AT-A-GLANCE
ABSORPTION CONSTRUCTIONVACANCY LEASE RATESAVAILABLE SF

2. WEIGHTED TOTAL QUARTERLY NET YTD NET
SUBMARKET # of BLDGS. TOTAL SF VACANT SF ASKING RATE* VACANCY ABSORPTION ABSORPTION
CBD 13 6,567,213 1,115,336 $23.77 17.0% (36,440) (36,440)
CBD Peripheral 5 789,967 226,978 $21.25 28.7% 2,637 2,637
Midtown 10 965,259 101,034 $26.15 10.5% 27,234 27,234
Northern Kentucky 24 1,405,627 231,541 $19.69 16.5% 13,322 13,322
NKY Riverfront 5 1,464,284 561,427 I$22.19 38.3% 3,571 3,571
Kenwood 6 996,823 126,786 $28.14 12.7% 63,851 63,851
Blue Ash/Montgomery 21 2,547,280 118,976 $21.91 4.7% 2,442 2,442
Fields Ertel/Mason 11 1,553,238 195,516 $20.24 12.6% 38,693 38,693
Tri County 7 1,001,196 144,307 $19.08 14.4% (4,006) (4,006)
West Chester 21 1,429,502 194,897 $23.61 13.6% (3,615) (3,615)
*Full Service Gross
Tenant Address Size Submarket
WEIGHTED TOTAL QUARTERLY NET YTD NET
SUBMARKET # of BLDGS. TOTAL SF VACANT SF ASKING RATE* VACANCY ABSORPTION ABSORPTION
CBD 37 5,356,818 1,031,485 $17.23 19.3% 24,231 24,231
CBD Peripheral 12 757,194 179,395 $15.03 23.7% 3,917 3,917
Midtown 15 995,934 82,812 $18.52 8.3% 11,100 11,100
Northern Kentucky 33 1,282,637 282,138 $16.40 22% 1,192 1,192
NKY Riverfront 3 115,500 18,683 $17.95 16.2% 2,280 2,280
Kenwood 15 454,693 45,066 $20.70 9.9% (1,953) (1,953)
Blue Ash/Montgomery 56 2,415,011 384,000 $16.99 15.9% 23,602 23,602
Fields Ertel/Mason 26 1,069,291 237,931 $17.11 22.3% (4,118) (4,118)
Tri County 32 2,156,694 671,378 $13.85 31.1% 87,110 87,110
West Chester 9 212,163 43,555 $16.85 20.5% (6,360) (6,360)
*Full Service Gross
CBD
CBD PERIPHERAL
MIDTOWN
NKY RIVERFRONT
NORTHERN KENTUCKY
KENWOOD
BLUE ASH/MONTGOMERY
FIELDS ERTEL/MASON
TRI COUNTY
WEST CHESTER
EAST
WEST
18.4%
21.2%
10.0%
35.7%
19.8%
11.8%
10.8%
23.4%
25.6%
14.5%
14.6%
21.9%
CLASS A SUBMARKET OVERVIEW:
CLASS B SUBMARKET OVERVIEW:
SUBMARKET VACANCY (CLASS A, B & C):

3. Tenant Address Size Submarket
Blue Ash
16%
CBD
30%
Mason
11%
Midtown
35%
NKY
4%
Tri County
4%
On the Horizon…
MARKET ACTIVITY
1Q16 New Construction (1,209,157 SF)
NOTEWORTHY TRANSACTIONS
Sale Transactions 1Q16
Class Submarket Property Name Sale Price SF Sold Buyer Seller
A Blue Ash/Montgomery The Landings I $31,165,000 175,695 Blue Ash Landings RT Landings I
A Blue Ash/Montgomery McAuley Place $28,700,000 190,733 McAuley Place RT McAuley Place
A Blue Ash/Montgomery The Landings II $27,135,000 175,695 Blue Ash Landings RT Landings II
B CBD Textile Building $12,000,000 215,000 HH Cincinnati Textile Hertz Textile
B CBD Hartford Building $2,800,000 64,000 Drea 7 Main Place Vulcan Co
300,000 SF | VANDERCAR & AL NEYER
Madisonville 250,000 SF | RBM DEVELOPMENT
55,000 SF | 3CDC15th & Vine
Oakley Station
221 West 12th 88,000 SF | Grandin Properties
Landings Blue Ash
North Pointe
143,000 SF | Van Trust
300,000 SF | Kubicki Partners
Lease Transactions 1Q16
Class Submarket Property Name SF Occupied Tenant
0 Tri County Gilmore Pointe 74,500 Veritiv
A Kenwood The Kenwood Collection 70,387 Patient Point; Quotient Technology
A Fields Ertel/Mason Governor's Pointe 44,092 Strayer University; Mercy; BioRx
B CBD AT 580 32,000 Fifth Third Bank
C CBD Peripheral Longworth Hall 24,717 Interbrand
SUBMITTED BY: MARK FREIBERG, CCIM | SVN-RICORE| 11500 NORTHLAKE DR. #100 | CINCINNATI, OH 45249
513 886 3303 | MFREIBERG@SVN.COM |WWW.SVN-RICORE.COM