Cincinnati Office Market Report
Absorption in the fourth quarter of 2023 totaled 61,537 SF. This brings year to date absorption to negative 294,886 SF. The only office building currently under construction is located at One NKY Center in the Northern Kentucky submarket which began construction in the third quarter of 2023. Vacancy increased year-over-year while rents slightly decreased. Vacancy increased to 26.9% as deliveries modestly outpaced absorption. Asking rents slightly decreased to $20.17/SF. Sublease space continues to increase quarter- over- quarter.
Cincinnati Industrial Market Reports
Absorption in the fourth quarter of 2023 totaled 125,395 SF. This was a large increase of 125% from the negative 510,125 SF of absorption in the third quarter. The construction pipeline is now at 3.7 million SF, after 3.2 million SF of buildings were delivered during the fourth quarter of 2023. There were seven speculative buildings that completed. Vacancy increased year over year, growing slightly from 2.7% to 6.2%, while deliveries outpaced absorption in the fourth quarter of 2023. Rent growth slightly increased by 4.9% quarter- over- quarter.