Market Trends
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INDUSTRIAL REPORT
Mid-Year Marketview Report & Survey 2024
While still well below the high level of activity registered over the prior five years, the Toledo region industrial space market held steady, even improved by some metrics, in the first half of 2024. The Reichle Klein Group mid-year survey of the market found that the overall market vacancy rate increased modestly from 3.47% at the end of 2023 to 3.71% at June of 2024. Meanwhile, the average asking rental rate, net absorption and the level of new construction all increased over the first six months of 2024.Hot Topics
- The numbers are good, but activity slowing.
- New construction still elevated – poised to significantly slow.
- True spec construction largely on hold.
- First Solar driving the market – purchased former Peloton facility.
APARTMENT REPORT
Mid-Year Marketview Report & Survey 2024
The market-rate apartment market in Toledo, Ohio performed well again in the first half of 2024 according to the Reichle Klein Group’s mid-year 2024 survey. Vacancy ticked up slightly to 4% from 3.8% at year-end 2023. The Central Business District and the student housing market around the University of Toledo are the only outliers among the submarkets, each with vacancies over 6%. The Central Business District vacancy rate did decline from year-end 2023, however. The Perrysburg/Northwood/Rossford submarket continues to lead the market with vacancies well below the overall market average. Impressive performance given the number of units added to the submarket in the prior decade.Hot Topics
- Rental market is performing solidly.
- Vacancy up slightly.
- Rent growth rebounds.
- Construction pace moderates.
OFFICE REPORT
Mid-Year Marketview Report & Survey 2024
The Reichle Klein Group mid-year 2024 survey of the Toledo, Ohio office market found a meaningful, technical improvement in core market metrics. However, the underlying facts merit an asterisk. The number that really jumps out is 175,034 square feet of positive net absorption in the first half of the year, 147,885 of which occurred in the Central Business District. Secondarily, overall market vacancy dropped from its recent high of 20.4% at year end 2023 to 19.1% at mid-year representing a 5.3% decrease in vacancy in six months.
Hot Topics
- Core metrics improved on the strength of a large downtown lease.
- Leasing market activity picking up, though tenants have a lot of leverage.
- Funding tenant improvements is a big issue.
RETAIL REPORT
Mid-Year Marketview Report & Survey 2024
The Reichle Klein Group mid-year 2024 Toledo, Ohio retail space market survey found key market metrics performing well. Overall market vacancy is down slightly from 7.7% at year-end 2023 to 7.6% in the mid-year survey as 20,936 square feet of space were absorbed in the first six months of 2024. The overall market average asking rental rate declined from year end to $10.13 per square foot as an increase in in-line rents was offset by a decline in anchor space rents.Hot Topics
- Well-balanced, healthy market.
- Strong deal flow and user and developer activity.
- The pipeline suggests a coming burst of new development.
- The period of inventory shrinking through repurposing and demolition may be at an end.
- Drug store troubles are a cloud on the market.
to speak to a representative in Northwest Ohio.
