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Market Report

Cincinnati Retail Market Report

2019 Outlook

Rent Growth Remains Pronounced in Neighboring Kentucky; Local Investors Driving Market Activity

Tightening conditions headlined by several low-vacancy pockets.
Steady household formation will underpin another year of strong retail space demand as market vacancy decreases for the eighth time in nine years. Demand is particularly robust in the urban core where vacancy sits in the mid-2 percent band. First-floor retail space in several recently completed apartment projects in Over-the-Rhine should help alleviate some of this pressure, opening up opportunities for retailers struggling to find space near the city center. Furthermore, space availability in North Kentucky will remain limited this year despite the infusion of nearly 400,000 square feet over the past three years. This submarket is expected to receive a sparse amount of construction in 2019, so vacancy will likely stay contracted. Here, tight conditions have prompted substantial rent gains in recent quarters, bringing this area’s average asking rent to the highest in the metro and almost $3 per square foot above the market rate.

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