The overall office vacancy rate in the Greater Cincinnati market has increased continuously for past five quarters, passing the 25.0% threshold in the process. In Q4 2023, the vacancy rate was 25.4%, which was a 300-basis point (bps) jump on a year-over-year (YOY) basis. The YOY change was due almost entirely to vacancy increases in Class A buildings in both the Central Business District (CBD) and suburban submarkets such as Blue Ash and Tri County/Sharonville. Of the 8.8 million square feet (msf) vacant across the market, 951,000 square feet (sf) was available for sublease. This level of sublease vacancy has remained virtually unchanged throughout 2023.
Q4 2023 MarketBeat Report
