Market Trends
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INDUSTRIAL REPORT
Year-End Marketview Report & Survey 2024
The Toledo, Ohio area industrial space market remains the strongest property type segment based on Reichle Klein Group’s year-end 2024 survey. The headline number is 3,794,267 square feet of positive net absorption resulting from the delivery of 2,409,399 square feet of built-to-suit space and First Solar occupying the former Peloton facility in Troy, Township. In the 30 plus year history of our survey this is, by far, the record high for positive net absorption in a six-month period and eclipsed the next highest recorded amount by 1,242,842 square feet.
Hot Topics
- First Solar leads a record setting level of net absorption.
- Overall market vacancy falls to 2.25% as asking rents increase.
- New construction is down and spec construction at a standstill.
- New deal activity includes little or no automotive users.
APARTMENT REPORT
Year-End Marketview Report & Survey 2024
The Toledo, Ohio market rate apartment market performed well generally in 2024 though there are mixed signals in the results of the Reichle Klein Group year-end 2024 survey of the market. The highlights are that rents are up, but so is vacancy. Meanwhile, more new units are coming to market.
Hot Topics
- Rent growth continues, though at a slower rate.
- Construction pace increasing, more planned.
- Vacancy is up.
OFFICE REPORT
Year-End Marketview Report & Survey 2024
Unfortunately, there are not a lot of positive things to report about the Toledo, Ohio office market at end of 2024 other than that the bottom of the market may have passed or be near. The downward slide appears to have ceased. However, the market continues to be burdened by oversupply of space and low demand.
Hot Topics
- Vacancy is up slightly.
- There is leasing activity but none that will drive significantly higher occupancy.
- Asking rates are generally down.
- Funding tenant improvements continues to be a hurdle.
RETAIL REPORT
Year-End Marketview Report & Survey 2025
The Reichle Klein Group mid-year 2025 survey of the Toledo, Ohio retail space market found that the slide in market fundamentals triggered by general distress among national retail chains, and specifically the sudden closure of all the 23 Rite Aid stores in the Toledo market in late 2023 and early2024, has continued but at a slower rate.
Hot Topics
- Stores are still closing, but the rate of closures slowed down in the first half.
- Former Rite Aid Stores are starting to get leased or sold to users.
- Leasing activity is solid despite market headwinds.
- New construction activity is up from 2024.
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