Cincinnati Office Market Report
Absorption in the third quarter of 2023 totaled negative 366,555 SF. This was a -407.74% decrease from the second quarter of 2023. The 85,000 SF in the construction pipeline trended downward for the second consecutive quarter due to completions in the construction pipeline. One new project located at One NKY Center in the Northern Kentucky submarket began construction in the third quarter. Vacancy and rents both increased year over year. Vacancy slightly increased to 26.0% as deliveries modestly outpaced absorption. The availability rate in Greater Cincinnati is currently at 29.0%. Sublease space continues to increase quarter- over- quarter.
Cincinnati Industrial Market Reports
Absorption in the third quarter of 2023 totaled negative 510,125 SF. This was a large decrease from the second quarter of 2023, which totaled 368,772 SF. This was a 238.33% decline quarter- over- quarter. The construction pipeline is now at 7.0 million SF, after 1.52 million SF of buildings were delivered during the third quarter of 2023. There were two speculative buildings and one build-to-suit that completed. Vacancy increased year over year, growing slightly from 4.4% to 5.1%, while deliveries outpaced absorption in the third quarter of 2023. Rent growth slightly increased by 2.2% quarter- over- quarter.