Market Trends
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INDUSTRIAL REPORT
Year-End Marketview Report & Survey 2024
The Toledo, Ohio area industrial space market remains the strongest property type segment based on Reichle Klein Group’s year-end 2024 survey. The headline number is 3,794,267 square feet of positive net absorption resulting from the delivery of 2,409,399 square feet of built-to-suit space and First Solar occupying the former Peloton facility in Troy, Township. In the 30 plus year history of our survey this is, by far, the record high for positive net absorption in a six-month period and eclipsed the next highest recorded amount by 1,242,842 square feet.
Hot Topics
- First Solar leads a record setting level of net absorption.
- Overall market vacancy falls to 2.25% as asking rents increase.
- New construction is down and spec construction at a standstill.
- New deal activity includes little or no automotive users.
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
Year-End Marketview Report & Survey 2024
The closure of Rite Aid stores and those of several other distressed retailers is the dominant story of the second half of 2024 for the Toledo, Ohio retail space market. The resulting vacancies abruptly ended a five-year run of consistently positive market performance and came as a bit of a shock.
Hot Topics
- Rite Aid and other store closures hit the market hard.
- QSRs driving demand for in-line space.
- Activity with larger format retailers flattening.
- C Store/Gas Stations, Chicken and Coffee are hot.
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