Commercial Real Estate Market in Covington, KY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
76 active listings and 2,434 off-market properties in Covington, KY. Commercial property asks $151/SF to buy and $21.98/SF/Yr to lease.
Market Trends
Covington, KY spans 67.8 square miles in Kenton County, Kentucky. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Covington, KY runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Covington, KY runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Covington, KY runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily vacancy in Covington, KY runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Commercial 35.5%
- Planned_development 33.7%
- Open space 11.7%
- Industrial 10.2%
- Civic 4.5%
- Mixed use 3.8%
- Special 0%
Largest Zones share of zoned land by district
Suburban Residential
Semi Urban Residential
Recreation
Auto Urban Commercial
Suburban Industrial
Recreation (REC)
The purpose of the Recreation (REC)district is to accommodate large parks and public open spaces
Market overview
Demographics & Economy
Covington, KY has 130,439 residents in 58,599 households. Density runs 1,925 people per square mile. Median household income here is $76,805 and median gross rent $984 a month.
130,439
Population
58,599
Households
2.2
Avg Household Size
38
Median Age
38%
College-Educated
92%
High-School Grad
67.8 sq mi
ZIP Area
1,925
Density / Sq Mi
$76,805
Median Household Income
$46,214
Median Earnings
$984
Median Rent
$223,576
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Ludlow | — | — |
| Bromley | — | — |
| Park Hills | — | — |
| Cincinnati | — | $16.50 |
Commercial property in Covington, KY asks $151/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Covington?
Commercial property in Covington, KY asks an average of $151 per square foot. The 5 most recent recorded sales traded at a median of $146/SF, so asking sits 3% above the achieved median.
How much does it cost to lease commercial space in Covington?
Asking lease rates in Covington, KY average $21.98 per square foot per year.
Where does Realmo's Covington market data come from?
Realmo compiles Covington, KY figures from 6 recent recorded sales, 56 active sale listings, 20 active lease listings, 2,434 tracked off-market properties, the current Covington zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 56 active for-sale and 20 active for-lease listings in Covington, KY. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 8,471 zoned acres across 29 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
