2023 Midyear Office Market Vacancy/Net Absorption

Vacancy changes in the first half of 2023 were a mixed bag. Most segments and submarkets either registered an increase in vacancies or were flat. Two noteworthy exceptions were the Class A segments in both the South/Southwest and West Toledo submarkets. 

Overall the market had negative net absorption of 169,371 square feet, which resulted from 291,236 of negative net absorption in the Central Business District being offset by 86,445 square feet of positive absorption in the South/Southwest and 35,420 square feet of positive absorption in the West Toledo submarket.