Cincinnati Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $20.48 2024 Avg. Asking Rent
  • 22.41% 2024 Office Vacancy Rate
  • $147.1M2024 Total Office Sales
  • $113.66Avg. Sale Price/SF

Cincinnati office price per square foot in 2024 was $20.48 on average. The local office market recorded an average vacancy rate of 22.41% across all asset classes combined. The 12 transactions that closed here throughout 2024 amounted to a total sale volume of $147.1M. Cincinnati office space commanded an average sale price per square foot of $113.66.

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

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Cincinnati Class A & A+ Office Space$22.91
  • Cincinnati Class B Office Space$18.70
  • Cincinnati Class C Office Space$15.23
  • Ohio Class A & A+ Office Space$23.67
  • Ohio Class B Office Space$18.24
  • Ohio Class C Office Space$14.24

Cincinnati, OH Office Asking Rents by Class

Average office rent in Cincinnati rested at $20.48 per square foot in 2024. 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 $22.91 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.70 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.23 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2024 were: $23.67 per square foot for class A office space; $18.24 per square foot for class B office space; $14.24 per square foot for class C office space.

2024 Office Vacancy Rates in Cincinnati

Submarket Asking Rents Vacancy Rates
Cincinnati - Kenwood $27.67 12.92%
Cincinnati - Over-the-Rhine $27.46 28.11%
Cincinnati - East $26.50 5.07%
West Chester $22.90 9.96%
Cincinnati - CBD $22.00 23.40%
Cincinnati - Midtown West $21.34 18.19%
Cincinnati - Blue Ash $20.04 22.42%
Cincinnati - Midtown East $19.41 14.00%
Cincinnati - North $16.65 34.77%
Mason $16.42 28.61%
Cincinnati - Governor's Hill $15.60 24.96%
Cincinnati - Queensgate $15.50 0.33%
Cincinnati - Northwest $13.58 27.05%
Milford $12.88 18.02%
Cincinnati - West $8.50 5.21%
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 22.41% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Cincinnati was 0.33% in the Cincinnati - Queensgate submarket, while the highest office vacancy in the market was 34.77%, recorded in Cincinnati - North.

Office Spaces for Rent in Ohio

Cincinnati Office Sale Price per SF

  • $113.662024 Avg. Price per SF
  • -13.81%Y-o-Y Avg. PpSF Change
  • $147.1M2024 Office Sales Volume
  • 122024 Number of Transactions

Cincinnati, OH Sale Price per SF Trend

  • Cincinnati Avg. Sale Price per SF in 2024$113.66
  • Ohio Avg. Sale Price per SF in 2024$77.74
Cincinnati office space cost in 2024 marked a -13.81% change compared to the previous year. The sale price for office space in Cincinnati averaged $113.66 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $77.74 per square foot.

2024 Office Sales Volume

  • Cincinnati, OH Total Office Sales Volume in 2024 $147.1M
  • Cincinnati, OH Total Number of Office Sales Closed in 2024 12
A total of 12 deals closed on the Cincinnati office market in 2024, adding up to a yearly sales volume of $147.1M. Notably, the largest transaction on the market saw Cincinnati Eye Institute change hands for $40,000,000 on 7/19/2024.

Largest Cincinnati Office Sales in 2024

Property name Address Date Price
Cincinnati Eye Institute 1945 CEI Drive 7/19/2024 $40,000,000
Longworth Hall 700 West Pete Rose Way 6/3/2024 $25,000,000
2001 Gilbert Avenue 2001 Gilbert Avenue 5/6/2024 $8,710,800
Beechwood Square 4600 Beechwood Road 4/19/2024 $4,250,000
Presidential Plaza 19 Garfield Place 1/11/2024 $3,700,000
Data provided by Commercial Edge

Coworking Spaces in Ohio

2024 Office Construction in Cincinnati, OH

  • Cincinnati, OH Total SF under construction in 2025 213,000
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 E Kemper Rd, 45249 8,492 2023
Digital Futures II 3090 Exploration Ave., 45206 180,000 2022
Sycamore Executive Center II 8300 Kenwood Road, 45236 29,878 2019
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
Landings 3 9999 Carver Rd., 45242 140,500 2016

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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.