Cincinnati Retail Market Report

Retail fundamentals stay on strong footing in 2025. Overall vacancy fell below 6 percent last year — the lowest level observed since mid-2016 — spurred by tenant demand in Outlying Warren County, where availability contracted by 230 basis points to 2.5 percent. This contrasts starkly with Western Cincinnati, which is grappling with nearly 40 percent multi-tenant vacancy entering 2025. Single-tenant performance is noticeably healthier, especially in Northern Kentucky, where sub-3 percent vacancy was sustained by experiential projects and steady foot traffic. Retailers are expanding omnichannel operations, adding designated pickup zones and interactive spaces that resonate with evolving consumer needs. Though current development remains modest at 296,000 square feet — much of it pre-leased — major openings like Bass Pro Shop and Aldi’s recent expansions highlight corporate confidence. Inflationary pressures and potential store closures pose risks, yet Cincinnati’s balanced supply-side fundamentals and steady population gains are set to support a stable outlook for 2025.