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Cincinnati Office Report | Q3/2022

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The Office is Not Dead. It's Just Different.

While concerns over the increasing office vacancy in the Greater Cincinnati/Northern Kentucky market are real, overall activity remains strong. The challenges of the past two years have provided ample opportunity to adjust the way companies see office space, like learning they can do more with less. This means office space footprints have reduced by about a third for those embracing flexible work schedules. Notably, budgets for companies have remained the same, or even increased, when it comes to office spending. As a result, office users are flocking to higher quality spaces, attempting to improve the employee experience and ensuring the office is a valuable place to work and collaborate. 

Landlords are luring tenants with improved and modernized amenity-rich areas with tenant lounges, on-site cafes, multi-purpose meeting areas, etc. While landlords have been reluctant to provide rate reductions, tenants in the market are taking advantage of free rent and tenant improvement packages, which help offset the relocation costs and enable companies to the build their “office of the future.”

The office workplace may be getting smaller, but it is increasing in quality and functionality. Employers want to balance work-from-home policies with face-to-face engagement. These trends and increased construction costs are driving longer-term leases. This combination should provide more stability for the office market in the future.


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Cincinnati Office Report | Q3/2022

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