Downtown's retail market holds steady

Stores in downtown and midtown Cincinnati are relatively full compared to much of the rest of the region.  A new report finds that the vacancy rate for retail market downtown and midtown is 9.7 percent, the fourth lowest among 10 regions examined and well below the 12 percent average for the metro region. Only the northeast suburbs and Boone and Kenton counties in Northern Kentucky had lower vacancy rates, finds the report from Grubb & Ellis/West Shell Commercial.
 
In a tough economy, retail vacancies have held steady in the regional market, the report says. Vacancy rates have stayed at 11.9 percent over the past six months as the market absorbed nearly 600,000 square feet of space. Much of this absorption was due to delivery of new centers with leases in place. Another 1.2 million square feet is scheduled for completion, again, with tenants committed to the space, the report says.  "The Greater Cincinnati retail sector remained stable and activity remains consistent in well-positioned, high-growth areas," says Melissa Wilhelm of GE/WSC.

Writer: David Holthaus
Source: Melissa Wilhelm, Grubb & Ellis/West Shell Commercial