After reaching its highest point in eight years in Q3 2022 (23.4%), the overall vacancy rate in the Greater Cincinnati office market decreased in the fourth quarter of 2022 to 23.3%. Despite a slight quarterly decline, Q4 vacancy was still 190 basis points (bps) higher on a year-over-year (YOY) basis. Of the 8.0 million square feet (msf) vacant across the market, 943,000 square feet (sf) was available for sublease. Sublease vacancy, especially in the suburban submarkets, grew significantly in mid-2021 and has been greater than 900,000 sf for all of 2022.
Q4 2022 MarketBeat Report
