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Industrial

Endyear Marketview Report & Survey 2021

It’s hard to believe that the Toledo, Ohio area industrial space market could get much better than reported at the end of 2020 or at mid-year 2021, but it has – if you are a landlord, an owner or don’t happen to need any space. For these players, the market just keeps getting better and better. If you are a user and need space or a tenant with a lease expiring, this market is a challenge and is only getting more challenging. It features very few space/building options, drastically increasing rents and long wait times for new space to be delivered.

Hot Topics

  • Vacancy continues to decline as demand grows.
  • The market continues to favor owners and challenge those looking for space.
  • The market absorbed a further 819,868 square feet of space in the second half of 2021.
  • Demand continues to encourage new construction – primarily build-to-suit.
  • NorthPoint Development to acquire and develop former North Towne Mall site – adding over 800K SF industrial.

Apartment

Endyear MarketView Report & Survey 2021

December 2021 found the Toledo, Ohio area apartment market performing exceptionally well according to Reichle Klein Group’s year-end market survey. Rents continue to climb at a remarkable pace. The average asking rental rate is $898 at year-end, having grown 6 percent over the second half of 2021 and 12.25 percent from year-end 2020. Since the end of 2019 and encompassing the pandemic era to date, the average asking rental rate has grown $162 per month or over 22%. Over the same period, the overall market vacancy rate has declined from 6% at December 2019 to stand at 2.7% in December 2021. Based solely on the increased occupancy and the higher rental rates, the average apartment property in the Toledo area has appreciated over 26% in the past two years.

Hot Topics

  • Apartment-rental market performing at an exceptionally high level
  • Downtown and UT area student housing markets bounce back
  • Rents are growing at historically high rates
  • Apartment sales up 400% over the prior year

Office

Endyear MarketView & Survey Report 2021

The end-year Reichle Klein Group survey of the Toledo, Ohio office space market found that, statistically, the market improved a bit from mid-year 2021 and from the end of 2020. The overall market vacancy rate declined from 18.3% to 17.24% over the last six months of 2021 as 84,504 square feet of space was absorbed. Meanwhile, the overall market average asking rental rate held at $18.14.

Hot Topics

  • Statistically solid performance in the second half of 2021.
  • Looming significant new vacancies arriving in 2022 suggests future struggles for the market.
  • Operating cost increases driving up occupancy costs.
  • The for-sale market was very active throughout 2021.

Retail

Endyear Marketview Report & Survey 2021

The Toledo, Ohio area retail space market put in a surprisingly strong performance in 2021 despite the lingering pandemic. The Reichle Klein Group end-year 2021 retail space market survey found the region continuing the solid performance recorded in the first six months of the year. Led by the Perrysburg/Rossford submarket, overall market vacancy declined to 10.45% from 11.5% at yearend 2020. The overall market absorbed 121,576 square feet of space in the second half of 2021 on top of the 85,497 square feet absorbed in the first half of the year. Occupancy gains were made both among in-line spaces and anchor spaces. Asking rents also improved with increases in the average asking rates for both in-line and anchor space.

Hot Topics

  • Vacancy is down 105 basis points since
    yearend 2020 to 10.45%
  • Leasing activity is up – 207,000 square feet
    was absorbed in 2021
  • Several anchor-scale lease transactions
    with traditional retailers were completed
  • Strip center development activity is up
    and Perrysburg is a hotspot for these
    developments

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.