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Year-End Marketview Report & Survey 2023
After a four to five year run of unprecedented growth and high performance, the Toledo, Ohio region industrial space market took a bit of a breather in the second half of 2023 according to the Reichle Klein Group year-end survey of the market. We don’t see anything to be concerned about in the results. If nothing else, it stands to reason that the pace of the past several years could not go on forever.
Hot Topics
- The hot market took a breather in the second half.
- Vacancy declined from year-end 2022.
- Rates are up sharply.
- Spec construction stalling due to higher interest rates and construction costs.
Year-End Marketview Report & Survey 2023
The Toledo, Ohio apartment market extended its lengthy stretch of solid performance in the second half of 2023 according to the results of the Reichle Klein Group’s year-end survey of the market. The overall market vacancy rate declined from mid-year 2023 and the fourth quarter of 2022 standing at 3.8% in our survey. Notably, this decline has occurred while the market has absorbed deliveries of newly constructed units.
Hot Topics
- The market is performing well – vacancy at 3.8%.
- Rent growth is slowing.
- Downtown vacancy moving in the opposite direction from the rest of the market.
- New construction activity is up.
Year-End Marketview Report & Survey 2023
The Reichle Klein Group year-end 2023 survey of the Toledo, Ohio office space market found the suburban submarkets holding up fairly well in the face of the massive headwinds buffeting the office market nationwide. By contrast, the downtown Toledo office market continues to sink, performing far worse than the Toledo suburbs.
Hot Topics
- Vacancy climbing.
- Suburbs outperforming downtown.
- CBD’s struggles mount with no relief in sight.
- Suburban office sales a continuing bright spot.
Year-End Marketview Report & Survey 2023
The Reichle Klein Group 2023 year-end survey of the Toledo, Ohio retail space market found continued steady, positive transaction activity over the second half of 2023. Also captured in the survey results was a further reduction in the total inventory of space due to demolition or repurposing of former retail buildings and sites. These two elements combined with very little new construction produced a healthy, balanced market featuring falling vacancy rates and rising rents.
Hot Topics
- Well-balanced, healthy market.
- Vacancy down on the strength of small shop leasing.
- Demand for out-lots is strong despite headwinds.
- Developments challenged by rising interest rates and construction costs.