Market Trends

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Industrial

Midyear Marketview Report & Survey 2021

According to the Reichle Klein Group’s Survey in June 2021, the Toledo region’s industrial space market continues to perform very well. Overall market vacancy declined to 3.6% from 3.8% at year end 2020. Over the same time frame, the market absorbed 803,274 square feet of space. Meanwhile, the average asking rental rate for the overall market increased from $3.49 per square foot in December 2020 to $3.82 per square foot in June 2021.

Hot Topics

  • Industrial market continues to perform well into the current quarter
  • Vacancy declines to 3.6% from 3.8%
  • Non-automotive manufacturing is leading the current industrial space demand
  • Peloton and First Solar will be major contributors in new construction
  • Amazon continues to contribute to market by attracting its vendors and suppliers to the area

Apartment

Midyear MarketView Report & Survey 2021

Overall market vacancy fell to 2.7% from 4.3% in December 2020. Meanwhile, the average monthly asking rent rose 5.9% during the first six months of 2021 to $847.43. Since the end of 2019, the average monthly rental rate for the market has grown a remarkable 15%.

Hot Topics

  • Apartment-rental market performing at an exceptionally high level
  • Downtown properties beginning to see substantial traction in leasing activity
  • Number of communities reporting 100% occupancy higher than any reporting period in memory
  • Though improved since end of 2020, the student-housing market around the University of Toledo has become a submarket struggling because of continuing uncertainty
    whether normalcy returns soon
  • First half of 2021’s larger-property sales has been anemic due to a lack of inventory being offered

Office

Midyear MarketView & Survey Report 2021

At midyear 2021, the Reichle Klein Group Toledo, Ohio, office-space market survey finds the market weaker than it was at the end of 2020 in many ways, but with some bright spots. The market is in something of a strange place. While the results of this snapshot are not as bad as one may have feared in the wake of the COVID 19 pandemic, to the degree that the market softened further, it did so for reasons other than COVID.

Hot Topics

  • Market weaker than at end of 2020, but with bright spots
  • Vacancy rate rises as market experienced negative net absorption of 47,238 SF in total
  • Many office users find relative value in existing buildings
  • Most in-demand buildings are found in suburban townships
  • High demand for smaller office buildings available for purchase

Retail

Midyear Marketview Report & Survey 2021

Reichle Klein Group’s midyear 2021 Toledo, Ohio, retail-space market survey found the market to be in better health than some might have expected. Vacancy is down from 11.5% at year-end 2020 to 11.0% by June 2021, improving in both the anchor and inline segments. Meanwhile, the average asking rental rate increased to $9.41 per square foot from $8.92 over the first half of 2021. A total of 85,497 SF was absorbed over the same time period.

Hot Topics

  • Retail market in better health than some might have expected
  • Vacancy rate falls from year end, improving in both anchor and inline segments
  • Repurposing of space from traditional retail to alternative uses of space or sites endures
  • Few traditional retailers in an active site-selection mode

Additional Stories

Demand for high-quality industrial space in Toledo greatly exceeds supply

Industrial real estate market fundamentals in the Toledo, Ohio, area remained quite sound at the end of 2014.

Retail vacancies drop in area

Vacancies among retail space in metro Toledo fell to 12.9 percent from 13.2 percent over the first six months of 2014.

Vacancy rates still high from downtown Toledo landlords

Central business district’s vacancy rate has been consistently in the 21-22 percent range the last 3½ years.