Recent Retail Market Summary for Akron
According to CoStar’s Q4 2024 Retail Market Report for Akron, Ohio, retail property sales over the past 12 months totaled approximately $72.7M across 173 transactions. Sale prices ranged from $2,000 to $9.11M, with a median price of $323,900. Price per square foot metrics showed significant variation, with a median of $84/SF and mean of $98/SF. The data indicates general retail properties commanded the highest average price per square foot at $115/SF, followed by strip centers at $118/SF, power centers at $102/SF, and neighborhood centers at $91/SF.
Market vacancy rates stood at 3.4% as of Q4 2024, showing a 0.6% increase year-over-year. This compares to the market’s five-year average of 3.3% and ten-year average of 3.6%. Net absorption has been negative over the past 12 months at -276,000 SF, while new deliveries totaled 53,900 SF. By property type, mall vacancy was highest at 7.5%, followed by power centers at 4.4%, neighborhood centers at 5.5%, strip centers at 5.1%, and general retail showing the lowest vacancy at 2.3%.
The overall market cap rate averaged 8.8% compared to the national average of 7.0%. CoStar’s forward projections suggest modest growth in market pricing, with the price per square foot forecast to increase from $108.26 in 2024 to $111.93 by 2028. Cap rates are expected to remain relatively stable, ranging between 8.8-9.0% through 2028. Vacancy rates are projected to increase slightly to 3.7% by 2028, while absorption is forecast to remain negative but improving, reaching -84,215 SF annually by 2028.
In summary, according to CoStar data, the retail market shows mixed signals moving forward. While the market currently faces some headwinds with negative absorption and rising vacancy rates, forecasts suggest a gradual stabilization. Market fundamentals are expected to strengthen moderately, with asking rents projected to grow at a sustainable pace. Cap rates are forecast to remain relatively stable, though staying above national averages, indicating continued investor caution. The power center and mall segments show the most vulnerability going forward, while general retail and neighborhood centers demonstrate more resilient metrics. Population and employment growth projections for the Akron market suggest modest expansion, which should provide baseline support for retail demand, though not enough to drive significant space absorption. The overall forecast indicates a market that will likely continue its gradual recovery but may face persistent challenges in certain retail segments and locations.
