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Cincinnati Retail 21Q1 Report

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The Cincinnati market continues to buck the trends that were impacting the retail sector long before the pandemic-induced recession turned the world upside down.

The Cincinnati market continues to buck the trends that were impacting the retail sector long before the pandemic-induced recession turned the world upside down. Leasing activity remained steady with this quarter’s 233,577-square-foot absorption total driven by big box discounters, fitness operators and expansions of existing centers. Construction activity has been limited over the past few years and most new projects deliver nearly fully leased. The Cincinnati economy has recovered faster than many regions and, after peaking above 14% last April, the unemployment rate has fallen to 5.3% as of February, 2021. Rental rates are on the rise with community centers leading the way posting an annual gain of 3.1%.

  • The Cincinnati retail market posted positive net absorption of 233,577 square feet during the quarter.
  • Vacancy decreased by 40 bps to 6.8% and has fallen by 110 bps, year-over- year.
  • Construction activity, totaling a modest 236,241 square feet, is focused on ground level retail in mixed-use developments and strip centers in key trade areas.
  • Driven by demand for Class A locations, rental rates continue to increase, posting a gain of 1.5%, year-over-year, to $14.10 per square foot.

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Cincinnati Retail 21Q1 Report

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Related Experts

Loren DeFilippo

National Research and Data Manager

Cincinnati

 

I work with the Colliers Technology and Innovation team developing and supporting users of Colliers proprietary property data tools and resources. I have over 30 years of experience in the architecture and commercial real estate industries and utilize that knowledge in supporting our brokers, researchers and marketing professionals with technology solutions that enhance their daily activities.

 

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Shenan Murphy

Vice Chairman

Cincinnati

Growing up, I always knew I wanted a job where I would be in control of my career path, and commercial real estate has allowed me to do that both personally and professionally. I began my career as a retail and investment broker in 1989. Today, I leverage my previous brokerage experience and knowledge to oversee the strategic and daily operations of Colliers International | Greater Cincinnati and Dayton. Additionally, in 2012 founded the Colliers Cleveland office. As the Vice-Chairmain leading multiple offices, I prioritize providing the best strategic leadership and oversight to a truly remarkable team. In addition to commercial real estate, I have created a diversified and innovative family of companies providing brokerage sales, investment, construction, information technology, and property management services.

The experience I gained from holding various positions throughout my career has allowed me to reach a broad base of clients and establish valuable relationships throughout Greater Cincinnati and Dayton. These relationships have provided the opportunity to aid some of the region’s most successful companies in making sound real estate decisions.

In addition to my daily responsibilities with Colliers, I'm part of a great family, three great kids and  spouse who is so supportive. 

I find great joy in being involved in my community. One of my personal goals is to help the Cincinnati community and those around me to move forward and grow with energy and purpose. I am a member of various organizations serving the community such as the University of Cincinnati Foundation (Board Member), the University of Cincinnati UCATS (Board Member), the University of Cincinnati Diamond Club for Baseball (Chairman), the University of Cincinnati College of Business (Real Estate Board Member), the Greater Cincinnati Regional Business Committee, and Cincinnati Young Presidents Organization.

I hold the CCIM commercial real estate designation and have affiliations with ICSC (International Council of Shopping Center), ULI (Urban Land Institute), and NAIOP (National Association of Industrial and Office Properties).

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Justin Rex

Vice President

Cincinnati

After serving as a Research Analyst assisting brokers in the Greater Cincinnati market, I have transitioned into a Brokerage Vice President specializing in the retail sector.  I work with both property owners and tenants to provide value and market insight whether it is stabilizing a neighborhood center or locating the strongest position for their operation.  I dedicate myself to my clients in the areas of acquisitions, dispositions, leasing, development, zoning, and market analysis.

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