The downtown Cincinnati office market
took a beating during the COVID-19 pandemic. Like many officemarkets, vacancies have reached a high, but there are signs of improvements.
The office market in downtown Cincinnati reached a five-year high in vacancies with 517,000 SQ FT of office space vacated from spring 2020 through 2021. That created a 14% vacancy rate. To put it into perspective, that vacated space is equivalent to a completely empty Carew Tower!
There was also 461,000 SQ FT of subleased downtown office space at the end of 2021, or 3% of the total 16.8 million SQ FT of office space in downtown Cincinnati OH.
There are many positive signs including rising demand for new class A office space. The Foundry, the $50 million mixed-use redevelopment at Fifth & Race by Fountain Square, boasts 150,000 SQ FT of class A space and it’s already fully leased.
What does this mean for your company? You’ll find great deals on leased space and many options to choose from. Many property owners are investing in improvements, reducing rent, or offering incentives
. You may find it’s time to finally open a new location, relocate to a more desirable area, or offer a more comfortable work setting to your employees. You may even decide your company is ready to invest in purchasing space instead of leasing thanks to lower prices.