After reaching a two-year high in Q1 of 18.4%, direct vacancy (which excludes sublease vacancy) in the Greater Cincinnati office market decreased slightly to 18.2% in Q2 2021. While lower than the prior quarter, vacancy was still 120 basis points (bps) higher on a year-over-year (YOY) basis. This difference in vacant space was evenly distributed between the Central Business District (CBD) and Suburban submarkets. However, more new vacancy was created in Class B properties (+180 bps) than in Class A properties (+80 bps) over the past year. In addition to new direct vacant space, 150,000 square feet (sf) of new vacant sublease space was added to the market in Q2 2021. When combined, overall vacancy (direct plus sublease vacancy) grew from 17.7% in Q1 2020 to 20.1% in Q2 2021.
Q2 2021 MarketBeat Report
