Cincinnati Office Market Report
Total vacancy fell 20 basis points to 25.0% with another quarter of low, but positive absorption of 73,459 SF, bringing YTD net absorption to 162,652 SF. 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. Leasing volume is down significantly in the market and like national trends it’s the deal size that has fallen, averaging 5,800 SF in 2023 to 4,400 SF YTD.
Cincinnati Industrial Market Reports
Absorption was negative 22,000 SF this quarter, bringing YTD absorption to just over 700,000 SF. Leasing volume has decelerated with only 1.47MSF of transactions completed this quarter, over 55% of those leases were completed in Class A warehouses. After four quarters of increasing vacancy coming into 2024 the market saw a third consecutive quarter of no movement in the vacancy rate. Rent growth slightly increased by 1.1% quarter-over-quarter.