by Dan Rafter
Vacancies are falling for Class-B office space in the Cincinnati Central Business District, according to the latest research from Colliers International.
According to Colliers, in the third quarter 40,754 square feet of Class-B space was leased in downtown Cincinnati alone. That compares to 44,000 square feet in the first and second quarters downtown combined.
The Executive Building, located at 35 E. Seventh St., accounted for nearly half of the Class-B leasing activity, according to Colliers. That building leased 18,523 square feet in the third quarter. This included new tenants BlackbookHR, Chobani, Cincinnati Endocrine Clinic and Curiosity Advertising.
“Today’s tenants are seeking creative spaces that are proximate to amenities like the streetcar, red bike locations, top restaurants, entertainment and hotels,” said Matt Smyth of Colliers International, in a statement.
At the same time, it’s important for tenants to be accessible to the large clients they serve. This makes Class-B office space in and around Cincinnati’s CBD attractive. At the same time, tenants can lease Class-B office space at about 75 percent of what they’d pay for Class-A space in the same area, Smyth said.