Market View | Toledo Retail – New Construction
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
At 141,020 square feet, the amount of space under construction is at the highest level in the past five years. The highest concentration of new construction is occurring in Perrysburg. The Central City is also seeing some space added in the mixed-use Lower Town development on Summit Street north of downtown.
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