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Insights
 | 
Evolving Workforces
Cincinnati Class A
Office Snapshot
CBRE INSIGHTS  | 
Q3 2022
CBRE
Class A Market Statistics
Number of
Records
Vacancy
Rate
Net Absorption
YTD
Avg. Asking Rent (FSG)
Non-Prime
151
22.1%
-88,478
$22.89
Prime
13
9.4%
92,310
$26.74
Grand Total
164
19.3%
3,832
$23.47
Cincinnati continues to see a "flight to quality" trend, as tenant demand for top-tier office space remains high. In order to compete, landlords are realizing the need for amenities and experiences in their buildings. Class A properties that have successfully done this are considered "prime" and are performing better than "non-prime" properties, on average. 

Of the 164 Class A office buildings in Cincinnati, 13 of them are prime while 151 are non-prime. So far in 2022, prime assets posted positive absorption of 92,310 square feet, while non-prime properties recorded negative net absorption of -88,478 square feet. This decreased vacancy for prime buildings to 9.4% and increased vacancy for non-prime properties to 22.1%. There is also a significant difference in asking rents for these types assets. On average, prime properties are asking $26.74 per square foot - nearly $4 higher than non-prime buildings.

This demonstrates that the "flight to quality" trend is happening and will continue to drive office demand in future quarters. 
FIGURE 1: Class A Vacancy Rate
Source: CBRE Research, Q3 2022
FIGURE 2: Class A Asking Rates
Source: CBRE Research, Q3 2022
For more information, please contact:
Parker
Gilmore
Field Research Analyst
+1 513 369 1620
parker.gilmore@cbre.com
Hannah
Williams
Senior Field Research Analyst
+1 614 430 5080
hannah.williams@cbre.com
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