Market Trends

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Industrial

Midyear Marketview Report & Survey 2020

In the midyear 2020 Reichle Klein Group Toledo, Ohio, industrial market report, we said that it was too early to tell if the COVID-19 pandemic was having a negative impact on the industrial-space segment. At endyear 2020, it is safe to say, based both on the results of our endyear survey and the activity we are seeing in the market, that the industrial market has simply continued the remarkable stretch of high performance it has been on since emerging from the great recession. In the second half of 2020, vacancy fell and the average asking rental rate increased from midyear and from those rates posted in December of 2019.

Hot Topics

  • Industrial market continues remarkable stretch of high performance since the great recession
  • Large-scale professional developers from outside region actively searching for developable parcels
  • Deal flow coming from a very wide variety of user types
  • Market in process of being remade with a resulting inventory that’s newer, larger and better able to compete regionally and nationally

Apartment

Midyear Marketview Report & Survey 2020

Despite COVID, the Toledo, Ohio, area apartment market continued to strengthen in the second half of 2020, according to the results of the Reichle Klein Group endyear 2020 market survey. Overall market vacancy continued to decline and stands at 4.3% at endyear. Between June and December 2020, the average asking rental rate increased to $800 per month, up 2% from June 2020 and 9% since the conclusion of 2019.

Hot Topics

  • Despite COVID, market strengthened in second half of 2020
  • Average asking rental rate increased 9% since conclusion of 2019
  • Overall vacancy drops to 4.3%
  • Number of units under construction continues to fall from high at mid-2019
  • Lack of available quality offerings slows sales market, not pandemic nor lack of buyer interest
  • Buyer interest and pricing remain strong

Office

Midyear Marketview Report & Survey 2020

2020 was a very tough year for the Toledo, Ohio, area office-space market as the results of the endyear Reichle Klein Group market survey show. The market registered negative net absorption of 192,384 SF in the second half of 2020 after scoring 138,391 SF of negative net absorption in the first six months of the year. It is by far the worst yearly performance in this key metric in the past 10 years.

Hot Topics

  • Net absorption has worst yearly performance in the past 10 years
  • Any negative COVID impact is yet to formally register in survey results
  • COVID-related vacancy looms as sublease offerings are being readied to be taken to market
  • Many companies continue to keep workforces working remotely
  • Toledo-area office market faces very challenging near-to-midterm future

Retail

Midyear Marketview Report & Survey 2020

This issue of the Reichle Klein Group semi-annual survey and report on the state of the Toledo, Ohio, retail-space market is published in early July 2020 as the economy begins to reopen from the abrupt and comprehensive shutdowns imposed by governments around the world in response to the COVID-19 pandemic.

Many questions hang over commercial real estate, generally, in the wake of the pandemic. But no property type would seem to face the same level of concern as does the retail segment. Some of the issues facing retail predate COVID-19 and the crisis only exacerbates those issues.

Hot Topics

  • Events have unfolded too quickly for survey to yet provide clues as to the lasting impact of the COVID-19 pandemic
  • No other property type will face the same level of concern as the retail segment
  • Survey captures a more positive picture than some imagined
  • Several retail tenants continued to be active
    securing new spaces, at least through the first quarter when shutdowns started

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.