2023 Office Space Rent & Sales
- $15.85 2023 Avg. Asking Rent
- 1.88% Y-o-Y Avg. Asking Rent Change
- 7.25% 2023 Office Vacancy Rate
Toledo office price per square foot in 2023 was $15.85 on average. This marked a +1.88% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 7.25% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Ohio Class A & A+ Office Space$24.12
- Ohio Class B Office Space$18.73
- Ohio Class C Office Space$19.85
Toledo, OH Office Asking Rents by Class
2023 Office Vacancy Rates in Toledo
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| West | $16.91 | 10.74% |
| Western Lucas County | $16.50 | 10.73% |
| CBD | $16.13 | 7.97% |
| Sylvania - Westgate | $15.76 | 8.20% |
Office Spaces for Rent in Ohio
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Coworking Spaces in Ohio
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2023 Office Construction in Toledo, OH
- Toledo, OH Total SF completed in 2023 106,952
During 2023, 106,952 square feet of new office space were delivered across the market. At the close of 2023, the Toledo office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 106,952 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 7540 New West Road | 7540 New West Road, 43617 | 7,500 | 2014 |
| 7644 Kings Pointe Rd | 7644 Kings Pointe Rd, 43617 | 5,026 | 2014 |
| 7644 Kings Pointe Rd | 7644 Kings Pointe Rd, 43617 | 5,026 | 2014 |
| 7349 Crossleigh Ct | 7349 Crossleigh Ct, 43617 | 18,109 | 2010 |
| 3425 Executive Parkway | 3425 Executive Parkway, 43606 | 39,904 | 2006 |
| 5755 Park Center Court | 5755 Park Center Court, 43615 | 6,000 | 2003 |
| 5942 Renaissance Place | 5942 Renaissance Place, 43623 | 4,106 | 2002 |
| 5942 Renaissance Place | 5942 Renaissance Place, 43623 | 4,106 | 2002 |
| 1801 Richards Road | 1801 Richards Road, 43607 | 54,544 | 1995 |
| 7150 Granite Circle, 2nd Floor | 7150 Granite Circle, 2nd Floor, 43617 | 21,528 | 1994 |
Worth noting among recent office completions on the Toledo market is 7540 New West Road, which is currently the largest new office development in the city, at 7,500 square feet.
See reports for other markets
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Toledo commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.