1. OVERALL VACANCY RATE
THE KNOWLEDGE REPORT
CINCINNATI, OH
www.colliers.com/cincinnati
EXECUTIVE SUMMARY
The Greater Cincinnati Office Market continued its slow down in the 4th quarter of 2012, as market
uncertainty held back companies from making any real estate decisions. The Fiscal Cliff weighed
heavily on the minds of most real estate participants during this quarter, as the direction of the
economy was yet to be determined. Net absorption for the quarter was down 320,686 square feet,
as year-to-date net absorption totaled negative 651,835 square feet. This raised the overall vacancy
rate for office properties from 19.43% to 20.03%. Rental rates crept up slightly, averaging $18.13 per
square foot for all classes of office space.
CENTRAL BUSINESS DISTRICT
The Central Business District saw a small increase in positive absorption for the quarter, but not
enough to swing the year-to-date numbers into positive territory. The year-to-date total was negative
145,399 square feet. The vacancy rate for the Central Business District finished at 18.09% overall.
Class A and B space finished at 22.06% and 17.86% respectively. Larger transactions of note this
quarter included the investment sale of Centennial Plaza to Neyer Properties. Neyer Properties
continues to remain active in the acquisition of underperforming assets, and has closed on these two
buildings located on Central Parkway. Neyer immediately sold Centennial Plaza One to Jedson
Engineering for $1.167 million, and the engineering firm plans to relocate its headquarters in Milford
to the CBD in 2013. Another notable item included Chiquita Brands officially vacating 250 E 5th
Street, producing over 120,000 square feet of negative absorption in this Class A building. While the
market has known of Chiquita’s plans for several months, the space was still partially occupied until
this quarter.
SUBURBAN MARKETS
Most of the negative absorption that occurred in the Office Market occurred in the suburbs, and the
combined suburban net absorption for the quarter came in at negative 326,094 square feet. This
negative absorption pushed the vacancy rate to 21.01% in the suburbs, and the year-to-date net
absorption totaled negative 506,436 square feet. Much of this negative absorption through out 2012
occurred at Madison Place and RiverCenter Two in Northern Kentucky. Combined, these two Class A
assets produced 365,267 square feet of negative absorption, primarily from two tenants, Omnicare
and Nielsen, leaving Northern Kentucky and relocating to Ohio.
CONSTRUCTION
On the construction side, developers are starting to dust off plans which were created before 2008
and are starting to market sites once again. Kenwood Towne Place is set to break ground “again” in
2013, while Jeffrey R. Anderson’s plans for office space at Rookwood Exchange are heating up as the
first retail phase is underway. In addition, several build-to-suit projects are also in the works, with a
heavy concentration on smaller medical office buildings.
MARKET INDICATORS
*Projected Change to
Following Quarter
Q4 12 Q1 13*
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
Q4 2012 | OFFICE
UNCERTAINTY HOLDING OFFICE
MARKET BACK
$20.99 $15.87 $17.90
$20.98 $15.80 $18.13
-250,000
-150,000
-50,000
50,000
150,000
250,000
350,000
450,000
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
16%
18%
20%
22%
24%
Vacancy
12%
14%
16%
18%
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
CLASS A
RENTAL RATES (GROSS)
CLASS B

2. FORECAST
As demand has been pent up for the last half of 2012, expect
to see some positive activity with the Fiscal Cliff behind us.
Even though the direction of our economy has yet to be figured
out, market participants are expected to jump back in and
make decisions on their real estate portfolios. There is still
some uncertainly about how real estate will be affected by the
decisions of our congressional representatives in Washington,
but an increase in demand should occur in the second half of
the year. Construction will continue to perk up and rental rates
should remain relatively flat.
UPDATE YTD Transactions
SALES
PROPERTY SUBMARKET TENANT/BUYER SIZE
229 West 7th Street CBD CyrusOne Inc. 350,000
Centennial Plaza One and Three CBD Neyer Properties 239,807
Crowne Pointe One and Two Tri-County Neyer Properties 148,242
Hawthorne Center Blue Ash OA Development 133,857
125 E Court Street CBD Court Street Partners, LLC 97,902
Olympic Corporate Center I NKY Neyer Properties 89,040
Center Hill Business Park Central/Midtown The Regis Investment Co. 86,292
Century Business & Service Center Tri-County RGW Development 82,775
Centennial Plaza One CBD Jedson Engineering 75,554
5155 Financial Way I-71 Corridor North Top Gun Sales Performance 67,000
1700 Edison Drive East FLF Milford LLC 58,920
Kenwood Executive Center Kenwood/Montgomery BRG 54,207
LEASES
PROPERTY SUBMARKET TENANT/BUYER SIZE
237 William Howard Taft Midtown Christ Hospital 152,000
4690 Parkway Drive I-71 Corridor North MedPlus 60,000
312 Plum CBD KAO Brands 55,000
4445 Lake Forest Place Blue Ash G.E. 54,000
525 Vine CBD Weltman, Winberg & Reis 37,365
77 Comair Blvd. NKY The Kenton County Airport Board 33,824
5300 Kings Island I-71 Corridor North ACT, Inc. 30,014
Holiday Office Park Building CBD Periphery Hamilton Co. Dev. Disability Svs. 28,306
302 W 3rd St. CBD BHDP Architecture 23,425
Kenwood Park Place Kenwood/Montgomery Jewish Hospital 21,742
Blue Ash Corporate Center I Blue Ash Lifesaver #1 Inc. 20,400
8600 Governor’s Hill Drive I-71 Corridor North G.E. 20,000
7116 Office Park Drive I-75 Corridor North ITT Tech 20,000
4680 Parkway Drive I-71 Corridor North Gensuite, LLC 19,000
311 Elm CBD Trivantis Corporation 18,618
Governor’s Pointe I-71 Corridor North Summit Funding Group 17,504
10615 Montgomery Road Kenwood/Montgomery Bethesda Hospital, Inc. 16,830
Fountain Pointe I Blue Ash Arcadis US 16,278
Transactions are believed to be accurate but not guaranteed.
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
June-12
July-12
Aug-12
Sep-12
US Unemployment Rate Ohio Unemployment Rate
Cincinnati Unemployment Rate Columbus Unemployment Rate
Cleveland Unemployment Rate
THE KNOWLEDGE REPORT | Q4 2012 | OFFICE | CINCINNATI
P. 2 | COLLIERS INTERNATIONAL

3. SUBMARKET Total Inventory
Total Vacant
SF
4Q 2012 Net
Absorption
YTD Net
Absorption
Vacancy Rate Avg. Rate
Blue Ash 4,598,290 755,630 29,021 24,003 16.43% $17.80
CBD 18,047,286 3,264,001 5,408 (145,399) 18.09% $19.24
CBD Periphery 3,495,606 913,769 (23,692) 2,026 26.14% $17.14
East 2,556,179 498,308 13,173 (56,245) 19.49% $15.69
I-71 Corridor
North
4,464,807 907,973 (23,048) 127,318 20.34% $18.97
I-75 Corridor
North
2,271,896 185,764 (143) 53,029 8.18% $19.94
Kenwood /
Montgomery
2,070,071 211,835 36,139 53,135 10.23% $21.51
Midtown 3,317,554 621,410 (33,268) (157,159) 18.73% $18.08
Northern
Kentucky
7,366,882 1,788,388 (146,676) (405,595) 24.28% $18.45
Tri-County 4,824,584 1,455,543 (196,870) (163,411) 30.17% $15.44
West 752,742 165,473 19,270 16,445 21.98% $17.29
Market Totals 53,765,897 10,768,094 (320,686) (651,835) 20.03% $18.13
SUBMARKET DATA
AVG. ASKING RATES (PER SF-FULL SERVICE GROSS)
$12.00
$13.00
$14.00
$15.00
$16.00
$17.00
$18.00
$19.00
$20.00
$21.00
$22.00
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
CLASS A
CLASS B
OVERALL (GROSS)
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
CLASS A
CLASS B
OVERALL (GROSS)
3Q12 $20.99 $15.87 $17.90
4Q12 $20.98 $15.80 $18.13
-250,000
-150,000
-50,000
50,000
150,000
250,000
350,000
450,000
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
18%
20%
22%
24%
Vacancy
18%
QUARTERLY NET ABSORPTION
SquareFeet
THE KNOWLEDGE REPORT | Q4 2012 | OFFICE | CINCINNATI
COLLIERS INTERNATIONAL | P. 3

4. CEO | PRINCIPAL:
Shenan P. Murphy, CCIM
+1 513 721 4200
522 offices in
62 countries on
6 continents
United States: 147
Canada: 37
Latin America: 19
Asia: 36
ANZ: 165
EMEA: 118
• $1.8 billion in annual revenue
• 1.25 billion square feet under
management
• Over 12,300 professionals
Colliers International statistics are audited annually
and may result in revisions to previously reported
quarterly and final year-end figures
www.colliers.com/cincinnati
Colliers International | Greater Cincinnati
425 Walnut Street, Suite 1200
Cincinnati, OH 45202
Office Services | Greater Cincinnati
3
8
INT’L
AIRPORT
I-75 NORTH OF
I-275
OUTLYING WARREN
COUNTY
I-71 NORTH OF I-275
TRI-COUNTY
BLUE ASH
KENWOOD/MONTGOMERY
EAST
MIDTOWN
CBD-PERIPHERY
NORTHERN KENTUCKY
WEST
Fred A. Macke, Jr., SIOR
Brokerage Senior Vice President
Principal | Cincinnati
fred.macke@colliers.com
DIR +1 513 562 2233
Richard P. Meder
Brokerage Senior Vice President
Principal | Cincinnati
richard.meder@colliers.com
DIR +1 513 562 2253
Chris Vollmer, Jr.
Brokerage Vice President
chrisjr.vollmer@colliers.com
DIR +1 513 562 2242
John P. Schenk, CCIM, SIOR
Brokerage Senior Vice President
Principal | Cincinnati
john.schenk@colliers.com
DIR +1 513 562 2279
Chris Vollmer, SIOR
Brokerage Senior Vice President
Principal | Cincinnati
chris.vollmer@colliers.com
DIR +1 513 562 2244
Matthew H. Smyth
Brokerage Senior Associate
matt.smyth@colliers.com
DIR +1 513 562 2260
Brian T. Graham, CCIM
Valuation Advisory Services
Director of Research | Ohio
brian.graham@colliers.com
DIR +1 513 562 2214
THE KNOWLEDGE REPORT | Q4 2012 | OFFICE | CINCINNATI