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Cincinnati, OH

Apartment
Vacancy in the 111,646-unit Cincinnati apartment market was 4.6% in the third quarter of 2017 and 4.7% by November. Occupancy tends not to fluctuate much in this market. The quarterly rate is up 60 basis points from the second quarter and up 40 over the year. Reis reports a third quarter 2017 average asking rent of $867 per month, up 3.0% year-over-year and 1.2% for the quarter. The average effective rent of $830 per month was up 2.1% over the year and 0.9% for the quarter. After opening the year rather softly, rents have picked up speed, and the third quarter’s gains are quite solid. Gains continued through October and November; First Glance data from Reis show a fourth quarter asking rent of $874 per month. VIEW APARTMENT LISTINGS >
Industrial
Cincinnati’s warehouse/distribution market finished November 2017 with a 10.0% vacancy rate. The rate was 10.1% at year-end 2016 and had been below 11.0% for all of that year. Reis reports average asking and effective rents of $3.50 psf and $3.26 psf for November 2017, each up 4.2% year-to-date. Reis expects 2018 gains of 2.9% asking and 3.1% effective. For Flex/R&D space, Reis reports third quarter 2017 vacancy at 11.4%, down 30 basis points from the prior quarter and down 50 basis points year-over-year. The rate was 10.4% in November. Average asking and effective rents finished the third quarter at $6.33 psf and $5.82 psf, respectively, up 0.3% for the quarter, and up 1.6% and 1.7% year-over-year. VIEW INDUSTRIAL LISTINGS >
Office
The Cincinnati general purpose, multi-tenant office market’s November 2017 vacancy rate of 18.0% was up 10 basis points over the October rate. Asking and effective rents rose 0.1% in the third quarter, to $19.57 psf and $15.61 psf, respectively. These rates are up 1.1% over the year but posted declines of 0.1% in November. First Glance data show a fourth quarter asking rent of $19.64 psf and fourth quarter vacancy at 18.6%. VIEW OFFICE LISTINGS >
Retail
The vacancy rate in Cincinnati’s community-neighborhood shopping center market was 11.8% in the fourth quarter of 2017, according to First Glance data from Reis. The rate was down 30 basis points over three months and 20 basis points over 12 months. As of November, the 22.3-million-square-foot market posted a year-to-date net absorption total of 29,000 square feet with no new space added. The fourth quarter community-neighborhood shopping center market asking rent of $15.77 psf is up 0.2% from the previous quarter and up 2.5% year-over-year, according to First Glance data. The average third quarter effective rent of $13.30 psf was up 1.1% for the quarter and up 2.2% year-over-year. Asking and effective rents faltered over the course of October and November after posting decent gains over the first three quarters, so it looks like another year of modest, but still positive, rent growth. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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