The Cincinnati metro continued its steady expansion by recently adding 20,000 payrolls, year-over-year, bringing total non-farm employment to 1.06 million. Meanwhile, unemployment fell 80 basis points year-over-year to 4.1 percent.

1. Office real estate implications
Sources: JLL Research, Bureau of Labor Statistics
Job growth/loss by sector (12-month change)
Cincinnati
-2,800
-1,500
0
400
900
1,300
1,800
2,700
8,600
8,600
-4,000 0 4,000 8,000 12,000
Government
Educational & Health Services
Information
Other Services
Financial Activities
Mining and Logging
Manufacturing
Leisure & Hospitality
Trade, Transportation & Utilities
Professional & Business Services
Number of Jobs
Cincinnati is driven by a diverse range of office-using tenants, while the bulk of
activity has historically belonged to medical, data, and marketing and branding
firms. The office sector continues to experience new development, with
particular renewed interest in the suburban markets, which ended 2014 with
over 450,000 square feet of office space under construction.
The Cincinnati economy is humming, moving from its slow-gear recovery
stages and now poised for accelerated growth and expansion. A number of
high-profile capital investments announced in 2014 have marked a continually
improving real estate market and metro as a whole, while strengthening
employment figures indicate the growing strength in the Cincinnati labor
market. In fact, the Cincinnati USA Regional Chamber expects local
employment to increase by 2.0 percent through 2015, bringing with it an
increase of nearly 21,000 net new jobs.
Office employment trends (12-month change)
Cincinnati
Office employment update
Metro Cincinnati . June 2015
• The Cincinnati metro continued its steady expansion by recently
adding 20,000 payrolls, year-over-year, bringing total non-farm
employment to 1.06 million. Meanwhile, unemployment fell 80 basis
points year-over-year to 4.1 percent.
• Office employment sectors continued their streak of strong jobs
growth, posting an annual net gain of 6,700 jobs according to the
latest data from the BLS. Professional and business services led the
pack, adding 8,600 new jobs, year-over-year. Meanwhile, the
government super sector continued its nine month streak of
negative jobs growth, dropping 2,800 from payrolls, annually.
• Total U.S. nonfarm employment increased by 280,000 jobs in May
and upward revisions were made to previous months totaling 32,000
jobs. May's jobs report is welcome news and signals that growth is
back on track after a slow start to the year.
• U.S. unemployment increased 10 basis points to 5.5 percent as the
labor force participation rate ticked higher. Wages also showed
growth, recording an annualized increase of 2.3 percent, the highest
level in nearly two years.
-10.0
-5.0
0.0
5.0
10.0
2011
2012
2013
2014
2015
Professional & Business Services Information Government Financial Activities
5.5%U.S. unemployment
2.2%U.S. 12-month job growth
4.1%Cincinnati unemployment
1.9%Cincinnati 12-month job growth
5.2%Ohio unemployment
1.4%Ohio 12-month job growth
Total jobs vs. unemployment rate
Cincinnati
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
900,000
920,000
940,000
960,000
980,000
1,000,000
1,020,000
1,040,000
1,060,000
1,080,000
2000 2002 2004 2006 2008 2010 2012 2014
Peak: 1,069,054 jobs
3.2%
unemployment rate
total jobs

2. JLL Americas Research • Cincinnati Office Employment Update 2
April 2013 April 2014 April 2015
Total Non-farm
Employment
1,026,300
1.8%
1,042,600
1.6%
1,062,600
1.9%
Unemployment Rate 6.7% 4.9% 4.1%
Cincinnati Supersectors April 2013 April 2014 April 2015
Mining, Logging & Construction 37,300 -1.6% 40,200 7.8% 41,500 3.2%
Manufacturing 105,000 0.3% 109,100 3.9% 110,900 1.6%
Trade, Transportation, & Utilities 199,400 0.9% 201,400 1.0% 210,000 4.3%
Information 14,100 2.9% 13,600 -3.5% 13,600 0.0%
Financial Activities 65,200 2.5% 66,100 1.4% 67,000 1.4%
Professional & Business Services 162,600 1.6% 166,200 2.2% 174,800 5.2%
Educational & Health Services 156,300 2.5% 159,400 2.0% 157,900 -0.9%
Leisure & Hospitality 111,300 4.9% 113,800 2.2% 116,500 2.4%
Other Services 39,900 3.6% 39,100 -2.0% 39,500 1.0%
Government 135,200 1.2% 133,700 -1.1% 130,900 -2.1%
News on the street
Cincinnati businesses expanding, contracting, etc.
Cassady Schiller & Associates Inc. Ι Accounting Services: Relocating
One of Greater Cincinnati’s largest accounting firms is getting ready to move its offices. Cassady Schiller & Associates Inc. has outgrown the building it owns on
Lake Forest Drive in Blue Ash and is moving down the street. The company has signed a lease to move this summer to become a major tenant at the Westlake
Center at 4555 Lake Forest Drive. It’s vacating about 10,000 square feet and moving into 16,000 square feet on the fourth floor of the seven-story building.
GreenSky Trade Credit LLC Ι Credit Reporting Services: Expanding
GreenSky Trade Credit LLC, a consumer finance company specializing in home improvement and retail credit, is looking at moving and nearly tripling the size of its
Covington call center operation. Atlanta-based GreenSky proposed to invest nearly $6.9 million in the project. It is considering a move from its office in Covington to
a location in Crestview Hills, a move that would “enable the growth of its business.” GreenSky works with its bank partners across all 50 states.
Procter & Gamble Ι Personal Care Products Manufacturing: Contracting
Procter & Gamble’s (NYSE: PG) three-year effort to trim its office workforce by about 10,000 employees is a year ahead of schedule, and up to 6,000 additional non-
manufacturing jobs could be eliminated over the next two years through buyouts, retirements and not filling vacant positions. P&G has about 11,000 employees in
Greater Cincinnati and another 107,000 elsewhere. In addition, roughly 10,000 manufacturing jobs have been eliminated globally over the last three years.
Staffmark Ι Staffing Services: Relocating
Staffmark, the national commercial staffing firm based in downtown Cincinnati, is moving its corporate headquarters after more than 20 years on Elm Street.
Staffmark signed an eight-year lease for more than 37,000 square feet of space at Omnicare Center. The company, which has 200 employees in its downtown
office, is expected to move before the end of the year. The firm will take all of the eighth floor and a portion of the seventh floor in the building.
Time Warner Cable Ι Commercial Real Estate: Acquisition
Time Warner Cable (NYSE: TWC) is adding 40 new jobs in Greater Cincinnati in advance of its planned, $56.7 billion merger with Charter Communications. Time
Warner Cable will host a job fair at its 7906 Dixie Highway location to fill more than 40 full-time direct sales and technical support positions. Time Warner Cable is
one of the biggest television and Internet providers in Cincinnati, competing against local provider Cincinnati Bell.
VonLehman & Co. Inc. Ι Accounting Services: Expanding
VonLehman & Co. Inc., another of the largest accounting firms in Greater Cincinnati, is looking at moving its Northern Kentucky office and adding 20 new employees
as part of a more than $3 million investment. The firm would spend nearly $2.5 million on rent and another $600,000 on other start-up costs as it considers moving
the firm’s Fort Mitchell office to Fort Wright. The firm expects to create 20 new jobs in the next seven years, with an average hourly wage of $43 including benefits.
Employment statistics
Cincinnati
Industry employment stratification
Cincinnati
Cody Brooks
Research Analyst
Great Lakes Region
tel +1 513 297 2509
Cody.Brooks@am.jll.com
312 Walnut St,
Suite 3030
Cincinnati, OH 45202
www.jll.com/cincinnati
Andrew Batson
Senior Research Analyst
Great Lakes Region
tel +1 216 937 4374
Andrew.Batson@am.jll.com
127 Public Square,
Suite 2410
Cleveland, OH 44114
www.jll.com/cleveland
© 2015 Jones Lang LaSalle IP, Inc. All rights reserved.
All information contained herein is from sources deemed
reliable; however, no representation or warranty is made
to the accuracy thereof.
Trade, transportation
and Utilities,
210,000, 20%
Professional and
Business Services,
174,800, 17%
Educational and Health
Services,
157,900, 15%
Government,
130,900, 12%
Leisure and Hospitality,
116,500, 11%
Manufacturing,
110,900, 10%
Financial Activities,
67,000, 6%
Mining, Logging and
construction,
41,500, 4%
Other Services,
39,500, 4%
Information,
13,600, 1%