Cincinnati Office Space for Rent
Cincinnati, Ohio is home to three major sports teams—the Cincinnati Reds, the Cincinnati Bengals, and FC Cincinnati—a world-class zoo, and more chili restaurants than any other city on the planet. Nicknamed the “Queen City” and “Cincy,” Cincinnati is the third-largest city in the state of Ohio, and its metropolitan area is increasing in economic output faster than anywhere else in the Midwest.
Cincinnati’s top two employers are Kroger and the University of Cincinnati. Securing office space in Cincinnati means working next door to several Fortune 500 companies; Procter & Gamble, The Kroger Company, and Macy’s, Inc. all have headquarters here. The University of Cincinnati, one of the 50 largest universities in the nation and the second largest in the state, educates more than 44,000 students in Cincy per year.
Cincinnati Office Space | Lease Data and Trends
Cincinnati houses nearly 36 million square feet of office space, most of which is Class A and nearly half of which is located within Downtown Cincinnati. About 20 percent of both Class A and Class B office space are open and available for new renters. Landlords typically charge an average of $22 per square foot to rent Class A office space, and around $17 per square foot to rent Class B space. The most affordable area in the region to rent commercial real estate is Tri-County, while Kenwood is among the most expensive.
Popular Neighborhoods to Rent Cincinnati Office Space
If you decide to put down roots in Cincinnati, consider renting space in one of these popular areas:
Downtown: Downtown is the central business district and economic center of Cincinnati. Fountain Square marks the center of Downtown, which includes all of the city’s 25 tallest buildings except one. Kroger, Macy’s, Inc., Fifth Third Bank, Western & Southern Financial Group, and Cincinnati Bell all have their headquarters in Downtown. On average, office spaces here rent for just over $21 per square foot, with the Class A average a few dollars higher at $23 per square foot.
Blue Ash: Blue Ash rests just 20 minutes north of Downtown and is home to Belcan Corporation, Citigroup, Sunny Delight Beverages, and Apollo Integrated Systems. It’s known for its safe neighborhoods, quality school systems, and close-knit community. Office rental prices in Blue Ash are pretty comparable with those of Downtown. The average asking rent is slightly below $20 per square foot, and the Class A average is just under $22 per square foot.
Midtown: Midtown is part of the area surrounding Downtown Cincinnati, and holds 2.5 million square feet of Cincinnati’s overall office space inventory. Rent a property here for an average of $22 per square foot. Class A properties cost a bit more to rent at $26 per square foot, while Class B space costs are closer to $20.
Tri-County: Tri-County is a business district located north of Downtown in Springdale, a Cincinnati suburb. Tri-County offers some of the cheapest office rental options in the region. The average asking rate is just under $16 per square foot overall, with Class A space costing just a few dollars more at $21 per square foot.
Northern Kentucky: Northern Kentucky comprises the region just south of Cincinnati and the northernmost parts of Kentucky. Right now about 27 percent of Northern Kentucky’s 4.3 million square feet of office space is available to rent. Landlords here typically charge just over $20 per square foot to rent office space.
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What Our Brokers Say About Cincinnati Office Space
Cincinnati, the government seat of Hamilton County, is situated north of Licking and Ohio Rivers; it is right next to the Ohio-Kentucky border. The Greater Cincinnati area stretches into parts of Ohio, Kentucky, and Indiana. Cincy can be divided into three smaller enclaves: Norwood, which is a business and industrial area, and Elmwood Place and Saint Bernard, which are mostly residential villages. In 2011, the Western & Southern Financial Group built the Great American Tower at Queen City Square, which is the tallest building in Cincinnati and stands at 665 feet. Great American Insurance Company uses about half of the building for its headquarters.
Currently, Cincinnati’s fast-growing economy is worth $132 billion. Manufacturing, finance, and professional services are three of the city’s most rapidly growing industries. Other important industries include insurance and education. Nine Fortune 500 companies and two Fortune 100 companies operate here. The City of Cincinnati website offers extensive helpful information about business incentives, tax credits, building permits, parking facilities, small business loans, and other resources for business owners operating in Cincinnati.
Cincinnati isn’t all business, however. For fun, visit theme park King’s Island, home of the world’s fastest wooden roller coaster; the Cincinnati Zoo; or the nearby Newport Aquarium. It would take awhile to exhaust all the food options, considering that Cincinnati boasts more than 4,000 restaurants within city limits. According to Yelp, some of the best locations for business lunch include Red Feather Kitchen, Maplewood Kitchen and Bar, Lucius Q, and Paradise Food Court. Cincinnati is also known for Skyline Chili and Graeter’s Ice Cream. Sports fans can easily follow football, soccer, and baseball, among other sports, at any of city’s seven major sports venues, including the Great American Ball Park, home of the Cincinnati Reds. Cincinnati also has several professional theater companies, such as the Cincinnati Shakespeare Company and Cincinnati Opera.
Transportation in Cincinnati
Cincinnati is somewhat walkable, but most people get around by car. Three major interstate highways—I-71, I-74, and I-75—run through the city. Cincy does offer public transportation, including a streetcar line, trains, and buses. The average Cincinnati resident spends around 20 percent of his or her income on transit.
Downtown Cincinnati has an elevated, indoor walkway called the Cincinnati Skywalk that allows pedestrians to get around more easily during inclement weather. Also unique to Downtown is the relatively new streetcar known as the Cincinnati Bell Connector. It travels on a 3.6-mile loop from Second Street to Henry Street, running 18 hours per day and serving more than 2,000 travelers per day. It has 18 stops, including the Duke Energy Convention Center, Fountain Square, and the Contemporary Arts Center.
The Southwest Ohio Regional Transit Authority (SORTA), the Transit Authority of Northern Kentucky (TANK), and the Clermont Transportation Connection provide buses throughout the city of Cincinnati, though a higher concentration of bus lines serve the Downtown area. SORTA is the largest of the three transportation systems, serving about six times as many travelers as TANK per day.
To reach neighboring cities, people in Cincinnati can use Amtrak’s Cardinal train or Greyhound buses. Amtrak trains travel to Chicago, Indianapolis, Washington, D.C., Philadelphia, and New York City. Greyhound has a 24-hour bus terminal Downtown that travelers can use to get basically anywhere in the country.
The Cincinnati/Northern Kentucky International Airport is just a 15-minute drive from Downtown Cincinnati in Hebron, Kentucky. Amazon Air and DHL Aviation use it as a global hub. Another airport option is the Cincinnati Municipal Lunken Airport.