Cincinnati Office Market Report
Absorption in the second quarter of 2024 totaled 47,372 SF. This is slightly greater than the first quarter of 2024, when 41,821 SF was absorbed. The only office building currently under construction is located at OneNKY Center in the Northern Kentucky Submarket, where construction began in the third quarter of 2023. Vacancy decreased year-over-year by 190 basis points, to 25.0%, while rents slightly increased year-over-year. Average asking rents quarter-over-quarter remained the same at $22.18/SF. Sublease space availability decreased quarter- over- quarter.
Cincinnati Industrial Market Reports
Absorption in the second quarter of 2024 totaled 663,043 SF. This brings year to date absorption in 2024 to 727,130 SF. The construction pipeline is now at 2.8 million SF, after 892,447 SF of space was delivered during the second quarter of 2024. After the second quarter, there are only build-to-suits under construction. Vacancy increased quarter over quarter, growing slightly from 6.3% to 6.4%, due to deliveries outpacing absorption in the second quarter of 2024. Rent growth slightly increased by 1.1% quarter- over- quarter.