Downtown Toledo offices continued to empty out last year, while downtown’s typically low apartment vacancy rate ticked up slightly as well, according to new reports from the real estate firm Reichle Klein Group.
Downtown office vacancy stood at 33 percent at the end of the year, compared to 20 percent for the larger Toledo area, Reichle Klein found. Nationwide the office vacancy rate is about 18 percent, the report said, citing data from the firm CommercialEdge.
Apartment vacancy downtown, meanwhile, increased slightly from 3.5 percent at the end of 2022 to 6.4 percent now. That’s in contrast to the Toledo area overall, which saw a vacancy decline, to 3.8 percent, even as new apartment complexes are completed and offered to renters.
“This bears watching,” Harlan Reichle, president and chief executive of Reichle Klein, said of the downtown apartment trend. He said it’s too early to sound any alarms, and the downtown housing market may very well get back on track.
Offices
Office vacancy was highest, at about 43 percent, in downtown’s more upscale “Class A” buildings.