For the fourth consecutive quarter, the overall office vacancy rate in the Greater Cincinnati market exceeded the 22.0% threshold. Following revisions to recent historical data, the Q2 2023 vacancy rate set a record high for the market at 23.7%. On a year-over-year (YOY) basis, Q2 2023 vacancy increased by more than 250 basis points (bps). Both the Central Business District (CBD) and suburban submarkets saw yearly vacancy rate increases of at least 200 bps. Of the 8.2 million square feet (msf) vacant across the market, more than 1.0 msf was available for sublease, which represented an 12.0% YOY increase.
Q2 2023 MarketBeat Report
