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Reichle Klein MarketView 2018 End Year: Industrial, Office, Retail & Toledo Apartment Reports now available

Below please find four reports from the Reichle Klein Group regarding the 2018 Commercial Industry.  Please contact Terri Mihlbauer of the Reichle Klein Group by calling 419.794.1125 or email tmilhbauer@rkgcommercial.com with any questions.

Industrial 2018 End Year

2018 was an absolutely remarkable year for the Toledo, Ohio, region, generally, and particularly for its industrial real estate market.  The ongoing vitality of the industrial-space market demonstrated by the key metrics in this report is, in itself, noteworthy. But, when one considers the extraordinary number of large-scale manufacturing- and warehouse project announcements which have accumulated during the past 12 to 24 months, it is hard to imagine when Northwest Ohio has experienced a better period of economic growth. Further, given the multiplier and economic base-diversifying effects of several of these projects, the region seems to be poised for sustained growth in the future. Finally, while meaningful additional white-collar job growth is crucial to the Toledo region’s economic health, it is so gratifying to see its industrial sector come roaring back and, with it, demand for the region’s outstanding blue collar workforce.

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Office 2018 End Year

Reichle Klein Group’s endyear 2018 Toledo, Ohio, office-market survey found the market continuing to stabilize with modest improvement among the key indicators. Vacancy fell slightly in both the Central Business District (CBD) and in most of the suburban submarkets and building classes. The average asking rental rate for the overall market increased a nominal $0.02 per SF from midyear and a quite healthy $1.33 per SF during the entire year. Most encouragingly, the market absorbed 104,681 SF of space in the last six months of 2018 and 185,043 SF the entire year.  Generally, it paints a bit rosier picture than might have been expected.

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Retail 2018 End Year

It has been 10 years since the effects of the financial crisis began to be evident in the commercial real estate market, generally and particularly, within the retail space market. In light of all of the rolling turmoil and changes in the world of retail through and since the crisis, we here at the Reichle Klein Group were prompted to look at the historical data in some different ways and take a longer view of the trends in the data than we do in our normal six-month reporting periods. The questions that were raised and the process of taking a 10-year look back at the data spawned the idea for this special edition for our end year 2018 Toledo, Ohio, retail space market report. It seemed an appropriate point to look back at the market and assess some metrics that we don’t discuss in our semiannual reports and review some of the longer-term structural changes that have occurred within the market inventory. We believe you will find the perspective informative and useful.

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Toledo Apartments 2018 End Year

Our end year 2018 apartment market survey found the Toledo, Ohio, area market a bit sluggish in the second half of the year. From midyear, overall market vacancy bumped upward to 5.9% and rents were flat. Perhaps a bit disappointing, but the second-half performance should not diminish the outstanding results for the entire year. Since the end of 2017, rents have grown at the fastest rate in the last decade and vacancy held relatively steady even as the market worked to absorb the remarkable number of new units added to the market in the past 24 to 36 months.

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