Market View | Toledo Industrial – Average Asking Lease Rate
Hot Topics
- Vacancy continues to decline as demand grows.
- 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.
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Average Asking Lease Rate
The overall market average asking lease rate increased to $3.91 from mid-year 2021 and $3.49 at year-end 2020. In the second half of 2021, all submarkets recorded increases or were flat, except the South/Southwest submarket which declined. The average asking rate for Class A space jumped to $6.80 per square foot from $5.28 at mid-year 2021.
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