Cincinnati Office Market Report
Absorption in the first quarter of 2024 totaled 41,821 SF. This is slightly less than the fourth quarter of 2023, when 61,537 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 while rents slightly increased. Vacancy decreased to 25.2% as deliveries modestly outpaced absorption. Asking rents slightly increased to $22.18/SF. Sublease space continues to increase quarter- over- quarter.
Cincinnati Industrial Market Reports
Absorption in the first quarter of 2024 totaled 96,174 SF. This was a 30% decrease from the 125,395 SF of absorption in the fourth quarter. The construction pipeline is now at 3.4 million SF, after a 374,475 SF speculative building was delivered during the first quarter of 2024. The pipeline includes 618,197 SF of speculative space currently under construction. Vacancy increased year over year, growing from 3.1% to 6.3%, while deliveries outpaced absorption in the first quarter of 2024. Rent growth slightly decreased by -0.8% quarter- over- quarter.