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Cincinnati Office Report | Q4/2022

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Quick Summary on the Cincinnati Office Sector in 2022

The negative effects of the COVID pandemic and work from home policies slowed in 2022 as evidenced by these changes for the overall Cincinnati market: 

  • A small increase in office vacancy of .06% to 16.8% in 2022
  • Negative absorption totaled 441,619 square feet in 2022 down from 557,913 square feet in 2021
  • Sublease space declined to 1.6% (960,000 square feet) compared to 2.2% (1,337,000 square feet) in 2021

Submarkets most favored by Class A tenants remain healthy for landlords:

  • Midtown Class A vacancy finished 2022 at 7%, the lowest vacancy rate of all major submarkets 
  • Kenwood’s vacancy increased from 9.9% in 2021 to 13.3% in 2022 but did not affect its rental rates which are the highest in the market 
  • I-75 North (West Chester) saw a steep decline in vacancy from 14.1 % in 2021 to 10.6% in 2022

The places of greatest weakness are likely years from returning to pre COVID conditions:

  • I-71 North, Class A vacancy climbed to 31.4%, totaling 918,000 square feet
  • Blue Ash vacancy ended the year at 22.8% with its Class A segment even higher at 24.8 % vacant  
  • Downtown Class A vacancy spiked to 17.2% with vacancy increasing in the older, second tier Class A buildings 

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Cincinnati Office Report | Q4/2022

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Kyle Corbett

Research Analyst

Cincinnati

Kyle graduated from the University of Cincinnati with a dual-major in Economics and Marketing in 2021. After school, Kyle worked for a medical clearinghouse before  joining Colliers in the spring of 2022. Kyle's duties include market analysis, database maintenance, CRM operations, and brokerage support. Additionally, Kyle is responsible for working with third-party data sources and conducting training programs on various tools.

 

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