A guide to executive suites and office space to rent in Cincinnati as well as general information that may be useful if you are thinking of renting offices in the city.
History & Geography
Cincinnati is one of Ohio’s largest cities and the oldest in the region. The city lies on the border of Ohio and Kentucky north of the Ohio River. Located in the Bluegrass region of the country the city is set on a series of low hills, bluffs and ridges. Founded in 1788 by John Cleves Symmes and Colonel Robert Patterson, the city was named after the Society of Cincinnati, an organisation in both France and US dedicated to the ideals of the Revolutionary War. In 1819 Cincinnati was incorporated as a city and with the completion of the Erie Canal soon became a boom town. By 1850 the town had over 100,000 citizens and was a major centre of trade with the states which lay south of the Ohio River. Cincinnati continued to expand became the first city with a paid Fire Department and the first to use steam-powered fire engines. In 1859 the city built six streetcar lines which connected to the local railway. During the American Civil War Cincinnati grew still more off its role as a major supply and headquarters centre to the Union Army. After the war Cincinnati continued to expand, but in 1884 saw the worst rioting in American history, dubbed the Courthouse Riots, after two murderers were found not guilty. Cincinnati survived the Great Depression better than most American cities, due mostly to the thriving trade it enjoyed from the Ohio River. During the latter half of the century the city grew still more and embarked on several ambitious construction projects, including the Riverfront Stadium and the Riverfront Coliseum. Cincinnati continued to redevelop itself in the 1990s, building new stadiums, museums and office blocks. The city has recently been recognized as having a very high quality of life and being one of the most affordable cities in the country.
Cincinnati has a very diverse economy and is home to several major corporations. These include Procter & Gamble, Macy’s, The Kroger Company, American Financial Group, Omnicare, The E.W. Scripps Company, Cincinnati Bell, Convergys and the Kao Corporation. Another major employer in Cincinnati is Toyota, which has several major operations in the region. Ford also has a plant in the nearby Sharonville, employing 1.400 people. The largest employer in the city is the University of Cincinnati, which has almost 20,000 employees. There is also a fairly substantial financial services industry in Cincinnati, with several major companies having a presence in the city, including Citigroup, Fidelity Investments, PNC Bank, US Bank, and Huntington Bancshares. Cincinnati has a sizable industrial base as well, with the companies AK Steel, CFM International, Fujitec, GE Aviation and Clopay Company all having major operations in the city. Currently Cincinnati has a population of approximately 300,000 people, with the median income per family USD 29,493. The per capita income for Cincinnati currently stands at USD 19,962. Approximately 21.9 percent of the population of the city live below the poverty line. The city has had a problem with crime in the past, especially involving guns. However the city has made an attempt to combat this. It is currently ranked the 19th most dangerous city in the country.
Tourism & Culture
While Cincinnati may not be on many people’s radars as a place to visit, it was recently ranked number three in top US travel destinations by Lonely Planet and has a thriving cultural scene. Many of Cincinnati’s early residents were German and Italian immigrants and this is reflected in the culture of the city. Cincinnati’s Oktoberfest is the largest in the country and annually attracts hundreds of thousands of visitors to the city. Taste of Cincinnati is the longest-running culinary festival in the country and attracts over half a million people every year. The festival features hundreds of food stalls and eateries selling a vast variety of foods reflecting the city’s cosmopolitan makeup. Other popular festivals in the city are MidPoint Music Festival and the Cincinnati Fringe Festival. Sports are also very popular in the city with the Cincinnati Reds baseball team being one of the most successful teams in the history of the game. The city is represented in the NFL by the Cincinnati Bengals. Among the top attractions in the city are the Krohn Conservatory, Kings Island, and the Beach Waterpark.
Cincinnati is served by the Cincinnati/Northern Kentucky International Airport which is located across the Ohio River in Hebron, Kentucky. The city itself has a fairly comprehensive public transportation system consisting of a comprehensive bus system and metro. Attempts have been made to build a light rail system in the city, but have so far failed to get off the ground. A recent survey found that residents of the city spend approximately 20 percent of their income on transit, making Cincinnati one of the most expensive city’s in the world to get around in. The city also has an Amtrak station Cincinnati Union Terminal.
Currently the Cincinnati office market has a vacancy rate of approximately 20 percent. Class A office space in the city has a vacancy rate of 26 percent, a climb on the previous year. The average rent for Cincinnati is USD 15.10 per square foot while Class A rents are USD 17.48 per square foot. Currently there is approximately 30,000 square feet of office space under construction in the city. As more supply hits the market rents are expected to decrease slightly, though major fluctuations are unlikely according to analysts.