Cincinnati Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $18.83 2023 Avg. Asking Rent
  • 1.62% Y-o-Y Avg. Asking Rent Change
  • 25.17% 2023 Office Vacancy Rate
  • $120.8M2023 Total Office Sales
  • $124.19Avg. Sale Price/SF

Cincinnati office price per square foot in 2023 was $18.83 on average. This marked a +1.62% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 25.17% across all asset classes combined. The 12 transactions that closed here throughout 2023 amounted to a total sale volume of $120.8M. Cincinnati office space commanded an average sale price per square foot of $124.19.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Cincinnati Class A & A+ Office Space$22.94
  • Cincinnati Class B Office Space$18.13
  • Cincinnati Class C Office Space$17.24
  • Ohio Class A & A+ Office Space$24.12
  • Ohio Class B Office Space$18.73
  • Ohio Class C Office Space$19.85

Cincinnati, OH Office Asking Rents by Class

Average office rent in Cincinnati rested at $18.83 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Cincinnati averaged $22.94 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.13 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.24 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2023 were: $24.12 per square foot for class A office space; $18.73 per square foot for class B office space; $19.85 per square foot for class C office space.

2023 Office Vacancy Rates in Cincinnati

Submarket Asking Rents Vacancy Rates
Mason $22.91 34.90%
Cincinnati - Over-the-Rhine $22.68 21.32%
Cincinnati - Kenwood $21.00 20.53%
Cincinnati - CBD $20.95 24.41%
Cincinnati - Blue Ash $19.78 26.53%
Cincinnati - Governor's Hill $17.67 28.71%
Cincinnati - Midtown East $17.38 21.74%
Cincinnati - Midtown West $16.77 29.83%
Cincinnati - North $16.44 31.42%
Milford $15.89 16.04%
Cincinnati - West $15.27 3.29%
Cincinnati - Queensgate $15.17 43.27%
Cincinnati - Northwest $14.37 17.66%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Cincinnati market was 25.17% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cincinnati was 3.29% in the Cincinnati - West submarket, while the highest office vacancy in the market was 43.27%, recorded in Cincinnati - Queensgate.

Office Spaces for Rent in Ohio

Cincinnati Office Sale Price per SF

  • $124.192023 Avg. Price per SF
  • $120.8M2023 Office Sales Volume
  • 122023 Number of Transactions

Cincinnati, OH Sale Price per SF Trend

  • Cincinnati Avg. Sale Price per SF in 2023$124.19
  • Ohio Avg. Sale Price per SF in 2023$81.82
The sale price for office space in Cincinnati averaged $124.19 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $81.82 per square foot.

2023 Office Sales Volume

  • Cincinnati, OH Total Office Sales Volume in 2023 $120.8M
  • Cincinnati, OH Total Number of Office Sales Closed in 2023 12
A total of 12 deals closed on the Cincinnati office market in 2023, adding up to a yearly sales volume of $120.8M. Notably, the largest transaction on the market saw Evendale Healthcare Center change hands for $11,900,000 on 8/31/2023.

Largest Cincinnati Office Sales in 2023

Property name Address Date Price
Evendale Healthcare Center 10475 Reading Road 8/31/2023 $11,900,000
Governor's Hill - 8600-8650 Governors Hill Drive 8600 Governors Hill Drive 3/6/2023 $8,500,000
1280 Kemper Meadow Drive 1280 Kemper Meadow Drive 9/11/2023 $8,150,000
Red Bank Village II 3962 Red Bank Road 12/28/2023 $3,390,000
Mill Valley I 2055 Reading Road 2/7/2023 $3,165,000
Data provided by Commercial Edge

Coworking Spaces in Ohio

2023 Office Construction in Cincinnati, OH

  • Cincinnati, OH Total SF completed in 2023 108,000
  • Cincinnati, OH Total SF under construction in 2024 128,000

During 2023, 108,000 square feet of new office space were delivered across the market. At the close of 2023, the Cincinnati office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 108,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 128,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Cincinnati
Office building Address SF Completed
The Offices @ Montgomery Quarter - Building 2A 9260 Montgomery Road, 45242 61,000 2023
Northlake Commons 7903-7915 E Kemper Rd, 45249 8,492 2023
3075 Vandercar Way 3075 Vandercar Way, 45209 80,000 2017
Empower MediaMarketing Headquarters 15 East 14th Street, 45202 64,000 2017
GE Building at The Banks 191 Rosa Parks Street, 45202 339,678 2016
Kenwood Collection 5901-5905 Galbraith Rd. E, 45236 295,000 2016
Landings III 9999 Carver Road, 45242 140,990 2016
Rookwood Exchange 3825 Edwards Rd., 45209 230,000 2015
Summit Woods IV 400 East Business Way, 45241 106,000 2015
Legacy Pointe 10856 Reed Hartman Hwy., Cincinnati OH 45242, 45242 69,856 2012

Worth noting among recent office completions on the Cincinnati market is The Offices @ Montgomery Quarter - Building 2A, which is currently the largest new office development in the city, at 61,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Cincinnati commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.