Cincinnati Office Figures Q4 2022

MARKET OVERVIEW

‒ The Greater Cincinnati office market experienced another strong quarter, showing signs that a return to normalcy is on the horizon. This was the third consecutive quarter of positive net absorption.

‒ Leasing activity held steady with over 348K sq. ft. of transaction volume in the fourth quarter of 2022. Class A office space across the region accounted for 84.5% of all sq. ft leased this quarter.

‒ Vacancy declined 30 bps to 20.4% quarter-over-quarter and availability declined 20 bps to 25.8% quarter-over-quarter.

‒ There were no construction completions in the fourth quarter of 2022. The only project currently under construction is Corporex’s Ovation that will be anchored by MegaCorp Logistics. This development in the Northern Kentucky will offer 50K sq. ft. of Class A office space.