Market View | Toledo – Average Asking Lease Rate
Hot Topics
- Vacancy is down 105 basis points since year-end 2020 to 10.45%
- Leasing activity is up – 207,000 square feet was absorbed in 2021.
- Several anchor-scale lease transactions with traditional retailers were completed.
- Strip center development activity is up and Perrysburg is a hotspot for these developments.
Average Asking Lease Rate
The average asking rental rates for the Toledo area retail market continue to rise for both anchor and in-line space. The overall average increased 4.3% in the second half of 2021. The increases are being driven by the performance of the Perrysburg/Rossford, South/Southwest, and West Toledo/Sylvania submarkets. Rent growth in these submarkets is offsetting declines in asking rates in North Toledo, Lambertville/Temperance, East Toledo/Oregon/ Northwood and the Central City.
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