Marcus & Millichap

Cincinnati Office Investment Forecast

Cincinnati Metro Area, 2017 Outlook

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Growing Healthcare Segment, Class B/C Demand Fueling Cincinnati Office Market

Class B/C performance sustains office market’s health. A second consecutive year of historically strong job creation bodes well for Cincinnati, with hiring in the health services sector driving medical office-using employment growth. Currently, TriHealth, Cincinnati Children’s Hospital and the University of Cincinnati Medical Center are expanding, adding nurses, therapists and technicians while breaking ground on new care centers. Office deliveries will ease this year, as completions fall below 1 million square feet after surpassing this benchmark in each of the previous two years. Increased demand for Class B/C space, coupled with the cool down in construction, will drive vacancy to a low point for this cycle. Gains in the Class B/C sector will negate a decrease in Class A rents and support a nominal increase in the average rent for a third consecutive year.

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