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Market Report

Cincinnati Retail Market Report

3Q 2021

Vacancy Stability and Job Creation Among Larger Employers Poised to Attract More Investors

Positive absorption returns to largest submarkets. Cincinnati’s economy has exhibited resiliency over the past year ended in June with unemployment holding below the U.S. average. Entering the second half, the number of professional and business services jobs exceeded the pre-pandemic level by 4,400, with the volume of education and health services workers also above the tally recorded in February 2020. The performance of these sectors has sustained consumer spending and retailer demand. Vacancy reflects this, as availability over the last 12 months hovered in the high-4 to low-5 percent band, a range that was maintained during the prior 16 quarters. With minimal supply additions on the horizon and three of the metro’s four largest submarkets recording positive absorption during the past year, vacancy is positioned to adjust nominally in the second half.
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