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Midyear Marketview Report & Survey 2023
The Reichle Klein Group mid-year 2023 survey of the Toledo, Ohio area industrial space market again finds the market performing at a historically high level. The market absorbed a total of 460,450 square feet of space in the first six months of 2023 after having absorbed 2,491,216 square feet of space in the second half of 2022. Incredibly, over the past five years the market has absorbed approximately 10,000,000 square feet of space. Learn more, by downloading the full report.
Hot Topics
- Industrial space market continues to perform well.
- Vacancy drops as 460,450 square feet absorbed.
- Asking rates jumped to an all new high.
- Class A average asking rental rates reaches $7.35psf.
- Space under construction remains elevated.
Midyear Marketview Report & Survey 2023
Our second quarter 2023 survey of the Toledo, Ohio apartment market found slightly higher overall market vacancy than at year end, 2022. The vacancy rate increased to 4.6% at June 2023 from 4.5% at the end of 2022 extending a string of increasing vacancy going back to the end of 2021 when the market reached its most recent low point. The Central Business District at 5.7% vacant and the Holland/Maumee submarket at 7.4%, underperformed the market average. Meanwhile, all the other suburban submarkets performed better than the overall average, some by wide margins.
Hot Topics
- Toledo, Ohio apartment market records another solid performance.
- Vacancy up slightly over year end 2022.
- Rents continue to rise, though at a slowing rate.
- The new construction is steady.
Midyear Marketview Report & Survey 2023
The Toledo, Ohio office space market overall is in a tough place based on the results of Reichle Klein Group’s 2023 mid-year survey of the market. Our year end 2022 report suggested that bad news was on the horizon, and it has arrived in the market metrics that we follow. It’s not the only reason behind the dramatically weaker numbers, but clearly the pandemic has left its mark on the Toledo office market as it has on office markets everywhere. Unfortunately, we foresee that the market will get worse over at least the next six to twelve months.
Hot Topics
- Pandemic effects negatively hit the market.
- Suburbs fare better than the Central Business District.
- Small and local businesses largely ignore the pandemic funk and buoying the market.
- Vacancy up as the market loses 169,000 square feet of occupancy.
Midyear Marketview Report & Survey 2023
The first half of 2023 was a period of steady, solid performance for the Toledo, Ohio retail space market despite headwinds in the form of higher interest rates and increasing construction costs. Both issues are impeding deal flow and development projects and having some impact on in-line leasing which has been slow and uneven.
Hot Topics
- Market performing OK.
- In-line leasing is slow and uneven.
- Junior anchor activity leads to absorption of anchor space.
- Demand for out-lots is strong despite headwinds.
