After reaching a ten-year low level before the start of the pandemic, overall vacancy in the Greater Cincinnati office market has risen in each of the past seven quarters to 20.7% vacancy in Q3 2021. On a year-over-year (YOY) basis, vacancy increased by nearly 300 basis points (bps). While vacancy rates substantially increased YOY in both the Central Business District (CBD) and Suburban submarkets, the largest of amount of vacant square footage was in Class A suburban buildings. Of the 7.0 million square feet (msf) of vacant space, over 600,000 square feet (sf) was available for sublease, mostly located in suburban submarkets. Vacant sublease space was evenly distributed between Class A and Class B suburban buildings in Q3 2021.
Q3 2021 MarketBeat Report
