Greater Cincinnati Retail Regroups
Greater Cincinnati retail activity took a pause in the third quarter after posting nine consecutive occupancy gains beginning mid-2019. Net absorption totaled negative 60,757 square feet, though the market’s absorption year-to-date stands at a positive 363,438 square feet. Activity in northern trade areas like Tri-County, West Chester, and Springdale has been driven by significant consolidation over the past year. Retailers are giving up on highly vacant shopping centers and relocating to dense and high traffic centers, as well as prime urban corridors within mixed-use developments. Overall market rents are reflecting steady retail demand, averaging $14.17 per square foot, and remain on an upward trajectory with spaces in regional and community centers
demanding the highest rates.
- The Greater Cincinnati retail market posted negative net absorption of 60,757 square feet during the third quarter after nine consecutive
quarter of occupancy gains.
- Vacancy ticked up slightly to 6.6% but has fallen 90 bps year-over-year.
- Construction activity, totaling a modest 207,839 square feet, is concentrated primarily on ground-level retail serving larger mixed-use
- Rental rates have steadily risen over the past two years, driven by demand for quality retail space within high-traffic convenience centers
and mixed-use developments.