Market View | Toledo Office – Net Absorption
Hot Topics
- Statistically solid performance in the second half of 2021.
- Looming significant new vacancy 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.
Vacancy/Net Absorption
All submarkets recorded declines in vacancy in the second half of 2021 with Perrysburg/Northwood being the top performer. Likewise, the total positive net absorption that occurred over the last six months of the year was sprinkled throughout the market, though the South/Southwest and the Central Business District captured the largest chunks of it. Unfortunately, the South/Southwest submarket seems poised to lose a lot of ground in the coming year based on several large vacancies coming in the pipeline.
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