The overall office vacancy rate in the Greater Cincinnati market has increased steadily over the past four quarters, setting new record highs in the process. In Q3 2023, the vacancy rate reached a new record-high at 25.7%, which was a 290-basis point (bps) jump on a year-over-year (YOY) basis. While the vacancy increase was spread across both the Central Business District (CBD) and suburban submarkets, the majority of the change came from the suburbs, which grew by more than 330 bps YOY. Of the 8.8 million square feet (msf) vacant across the market, more than 1.0 msf was available for sublease. This level of sublease vacancy has remained consistent for more than a year.
Q3 2023 MarketBeat Report
