Following a year of fluctuating vacancy, 2023 in Greater Cincinnati began with a record-high overall vacancy rate of 24.2%. On a year-over-year (YOY) basis, Q1 2023 vacancy increased by nearly 200 basis points (bps). Both the Central Business District (CBD) and suburban submarkets saw yearly vacancy rate increases, although Class A suburban buildings accounted for the majority of new vacant square footage. Of the 8.3 million square feet (msf) vacant across the market, 982,000 square feet (sf) was available for sublease. Sublease vacancy also increased YOY by nearly 60,000 square feet (sf).
Q1 2023 MarketBeat Report
