2024 Year-End Office Market Vacancy/Net Absorption

Overall market vacancy is up nominally from mid-year 2024 but down from the recent high of 20.2% reached in December 2023. The Perrysburg/Northwood market, a relatively small submarket, registered a material improvement and vacancy stands at 7.2% at yearend 2024. The South/Southwest and West Toledo submarkets moved in the opposite direction with each seeing increased vacancy in the second half of 2024. Overall, the market notched 33,949 square feet of negative net absorption in the last six months of 2024.