Retail Report
Toledo retail marketview report Midyear 2018
Candidly, the results of the Reichle Klein Group midyear 2018 survey of the Toledo, Ohio, area retail space market were not as bad as we expected. Overall market vacancy actually dropped to 13.4%, though most of this drop is attributable to technical adjustments to the inventory explained later in this report. A total of 176,454 SF of negative net absorption was recorded in the first half of 2018, which is an improvement over the 405,689 SF of negative net absorption in the second half of 2017. Finally, and surprisingly, the average asking rental rate for the overall market increased $0.50 per square foot from endyear 2017 to $8.57 net.
Hot Topics
- Midyear survey provides somewhat unexpected positive results as vacancy rate drops
- Average asking rental rate increases $0.50 per square foot
- Little to no demand for big-box stores as many existing big-boxes get broken into smaller spaces or repurposed
- "Retail" continues to evolve toward service and entertainment uses
- No major retail projects in the works with new Kroger project currently on hold
