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Market Report

Cincinnati Office Market Report

2024 Investment Forecast

Kroger’s In-Person Policy a Positive Signal for The CBD;
Owner/User Deals Gain Traction

Low vacancy around the river counterbalances underperforming suburbs. Cincinnati companies reignited return-to-office plans at the end of 2023. Kroger, one of the metro’s largest employers, announced local staff will be expected to work in person three to four days per week beginning in February. For now, the mandate is focused on employees living near the corporate hub, but the company expects remote workers to relocate within a reasonable distance by 2025. This comes as the City of Cincinnati announced its intention to re-examine tax breaks given to General Electric, after the company relocated employees from its office tower at The Banks to Evendale. While the GE occurrence was case-specific, these actions may encourage other companies to consider the benefits of maintaining space downtown. South of the river, Northern Kentucky kept a vacancy rate below 12 percent exiting 2023 as life science firms like Thermo Fisher Scientific expand in the area. These close-in submarkets will help offset higher-vacancy suburban areas, keeping Cincinnati’s overall rate within 60 basis points of its long-term average in 2024.
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