For the first time in six quarters, the overall office vacancy rate in the Greater Cincinnati market decreased on a quarter-by-quarter (QOQ) basis. In Q1 2024, the vacancy rate was 25.2%, which was a 100-basis point (bps) increase on a YOY basis, but a 20 bps decrease from the prior quarter. The YOY change was due to vacancy increases in Central Business District (CBD) buildings, while suburban vacancy went virtually unchanged. Of the 8.5 million square feet (msf) vacant across the market, nearly 1.1 msf was available for sublease. This represents an all-time high for sublease vacancy after hovering around 950,000 square feet (sf) in 2023.
Q1 2024 MarketBeat Report
