Cincinnati Office Market Report

CBD vacancy of 10.7 percent is the nation’s third lowest to start 2025. Cincinnati’s resilience will be further bolstered by corporate relocations. These include Paycor’s move downtown, as well as Procter & Gamble’s transfer of 1,500 employees from Winton Hills, with 300 heading to the CBD and 1,200 moving to Mason. Meanwhile, an uncertain interest rate outlook and elevated material costs are curtailing development, funneling demand into existing buildings. Class B and C properties capture an outsized share of these leasings, boasting an overall vacancy rate under 9 percent — about half the Class A level — while just over 5 percent in Butler County. With sublease availability still below national averages, Cincinnati’s vacancy is poised to dip another 90 basis points this year. A limited pipeline in recent years has helped preserve moderate rent growth, which remains on par with the market’s historical average and continues to outpace the nation’s rent trajectory for the second consecutive year.