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Cincinnati Retail 22Q1 Report

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Increasing demand sets the stage for the year ahead

Steady momentum carried forward into 2022 as the Cincinnati retail market saw an increase in demand during the first quarter. Demand increased by 23% with the market recording 202.6 thousand square feet of positive net absorption. The market is set to test conditions that were last seen during the first quarter of 2021. Average asking rates increased to $14.43 from $14.29. The Northern Kentucky submarket posted the highest average asking rates within the market, at $15.70 per square foot. Additionally, the Northeast submarket experienced the most growth in terms of asking rates with an increase to $15.33 per square foot, from $15.07. With the effects of Covid-19 becoming a challenge of the past, the retail market is making a comeback. Consumers are continuing to seek more experiential dining options, extreme convenience, and favor smaller format shopping locations. Due to this retail demand is likely to increase throughout 2022 as retailers strive to meet consumer demand.

  • Demand increased quarter-over-quarter with 202.6 thousand square feet of space being absorbed.
  • Vacancy decreased by 60 basis points to 5.8%.
  • Average asking rates continued the climb upwards topping out for the quarter at $14.43.
  • There were no new supply additions for the quarter however, construction remained at 219.3 thousand square feet with 174.9 thousand square feet completing before year-end.


Cincinnati Retail 22Q1 Report

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Shenan Murphy

Vice Chairman


Growing up, I always knew I wanted a job where I would be in control of my career path, and commercial real estate has allowed me to do that both personally and professionally. I began my career as a retail and investment broker in 1989. Today, I leverage my previous brokerage experience and knowledge to oversee the strategic and daily operations of Colliers International | Greater Cincinnati and Dayton. Additionally, in 2012 founded the Colliers Cleveland office. As the Vice-Chairmain leading multiple offices, I prioritize providing the best strategic leadership and oversight to a truly remarkable team. In addition to commercial real estate, I have created a diversified and innovative family of companies providing brokerage sales, investment, construction, information technology, and property management services.

The experience I gained from holding various positions throughout my career has allowed me to reach a broad base of clients and establish valuable relationships throughout Greater Cincinnati and Dayton. These relationships have provided the opportunity to aid some of the region’s most successful companies in making sound real estate decisions.

In addition to my daily responsibilities with Colliers, I'm part of a great family, three great kids and  spouse who is so supportive. 

I find great joy in being involved in my community. One of my personal goals is to help the Cincinnati community and those around me to move forward and grow with energy and purpose. I am a member of various organizations serving the community such as the University of Cincinnati Foundation (Board Member), the University of Cincinnati UCATS (Board Member), the University of Cincinnati Diamond Club for Baseball (Chairman), the University of Cincinnati College of Business (Real Estate Board Member), the Greater Cincinnati Regional Business Committee, and Cincinnati Young Presidents Organization.

I hold the CCIM commercial real estate designation and have affiliations with ICSC (International Council of Shopping Center), ULI (Urban Land Institute), and NAIOP (National Association of Industrial and Office Properties).

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