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Market Report

Cincinnati Retail Market Report

4Q 2023

Market Splits as Multi- and Single-Tenant
Performance Trends Take Divergent Paths

Multi-tenant space drives up vacancy. In Cincinnati, retail vacancy has held above 6 percent since at least 2007. The overall metro rate has largely been driven up by shopping center space as Cincinnati claims the highest multi-tenant vacancy among all major U.S. markets at 16.3 percent in June. However, underperforming properties are predominantly located in Western Cincinnati, where local vacancy was over double the market average. In recent months the sector has logged some improvement as six of the seven submarkets with more than 1 million square feet of multi-tenant space noted annual vacancy drops. Renewing demand, exhibited by several large-scale leases signed by retailers like Kohl’s and Nova Trampoline Park, offers positive signs despite the sector’s historical struggles. 

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