Cincinnati Retail Market Report

Selective new supply and downtown catalysts drive momentum. After a year of negative net absorption and declines in average asking rent, Cincinnati looks to post a moderate recovery. Downtown’s multi‑tenant segment still stands out as one of the metro’s lowest-vacancy and highest‑rent areas. Despite a slight increase in vacancies in 2025, its limited construction pipeline, accounting for less than 1 percent of new supply, could position the submarket for improvement. Momentum should build as the Duke Energy Convention Center renovation boosts visitor traffic. Similarly, a major mixed‑use development near TQL Stadium, now under final zoning approval, adds longer‑term exposure beyond 2026. Low availability in the metro’s outlying submarkets also supports the outlook, with Butler County achieving one of the lowest single‑tenant vacancy rates after a meaningful second‑half 2025 drop, followed by Northern Kentucky despite a nearly 120 basis-point increase in vacancy.