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Ohio

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Market Overview

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EXPLORE 7 Ohio MARKETSToggle markets

Akron
Cincinnati
Cleveland
Columbus
Dayton
Pittsburgh
Toledo

Akron

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 15.0%

Increased by 50 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $4.90

Second lowest rent growth in the nation, higher than only Santa Rosa.
Expected to finish 2019 at.

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Learn more about the Ohio markets from one of our professionals.

Cincinnati

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VACANCY

Apartment

Average Vacancy Rate 5.1%

Drifted upward by 20 basis points.
Highest level since year-end 2011.
Expected to finish 2021 at 4.9%.

Distribution / Warehousing

Average Vacancy Rate 13.9%

Declined by 50 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 13.4%.

Flex / R&D

Average Vacancy Rate 12.1%

No change since year-end 2020.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 12.9%.

Office

Average Vacancy Rate 19.2%

Increased by 70 basis points.
Highest level since Q1 2015.
Expected to finish 2021 at 19.9%.

Retail

Average Vacancy Rate 10.6%

Lowest in the Midwest region, thirty-fifth lowest in the nation.
No change since year-end 2020.
Lowest level since year-end 2005.

RENT

Apartment

Average Asking Rent $968

Up 0.3% from year-end 2020.
Expected to finish 2021 at $989.

Distribution / Warehousing

Average Asking Rent $3.85

Flat since year-end 2020.
Expected to finish 2021 at $3.94.

Flex / R&D

Average Asking Rent $6.68

Up 0.3% from year-end 2020.
Expected to finish 2021 at $6.71.

Office

Average Asking Rent $19.88

Down 0.8% from year-end 2020.
Expected to finish 2021 at $19.50.

Retail

Average Asking Rent $16.50

Up 0.1% from year-end 2020.
Expected to finish 2021 at $15.83.

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Cleveland

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VACANCY

Apartment

Average Vacancy Rate 4.1%

No change since year-end 2020.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 3.8%.

Distribution / Warehousing

Average Vacancy Rate 8.5%

Declined by 80 basis points.
Lowest level since year-end 2009.
Expected to finish 2021 at 8.6%.

Flex / R&D

Average Vacancy Rate 18.4%

Highest in the nation.
Increased by 90 basis points.
Expected to finish 2021 at 18.6%.

Office

Average Vacancy Rate 22.5%

Drifted upward by 30 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 24.3%.

Retail

Average Vacancy Rate 14.4%

No change since year-end 2020.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 16.1%.

RENT

Apartment

Average Asking Rent $985

Up 0.3% from year-end 2020.
Expected to finish 2021 at $1,005.

Distribution / Warehousing

Average Asking Rent $4.46

Up 0.5% from year-end 2020.
Expected to finish 2021 at $4.51.

Flex / R&D

Average Asking Rent $7.86

Up 0.3% from year-end 2020.
Expected to finish 2021 at $7.86.

Office

Average Asking Rent $19.84

Up 0.2% from year-end 2020.
Expected to finish 2021 at $19.49.

Retail

Average Asking Rent $16.12

Up 0.1% from year-end 2020.
Expected to finish 2021 at $15.25.

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Learn more about the Ohio markets from one of our professionals.

Columbus

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VACANCY

Apartment

Average Vacancy Rate 5.5%

Drifted upward by 20 basis points.
Highest level since Q3 2012.
Expected to finish 2021 at 5.3%.

Distribution / Warehousing

Average Vacancy Rate 10.9%

Declined by 120 basis points.
Expected to finish 2021 at 11.0%.

Flex / R&D

Average Vacancy Rate 14.9%

Drifted downward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 15.5%.

Office

Average Vacancy Rate 20.6%

Drifted upward by 40 basis points.
Highest level since Q1 2005.
Expected to finish 2021 at 21.8%.

Retail

Average Vacancy Rate 10.9%

No change since year-end 2020.
Expected to finish 2021 at 12.7%.

RENT

Apartment

Average Asking Rent $996

Up 0.6% from year-end 2020.
Fastest rate of increase in six quarters.
Expected to finish 2021 at $1,016.

Distribution / Warehousing

Average Asking Rent $3.97

Second fastest rent growth in the nation, behind only Reno.
Fastest rate of increase since year-end 2009.
Expected to finish 2021 at $4.06.

Flex / R&D

Average Asking Rent $6.22

Fastest rent growth in the Midwest region, third most rapid in the nation.
Expected to finish 2021 at $6.23.

Office

Average Asking Rent $19.62

Down 0.5% from year-end 2020.
Expected to finish 2021 at $19.13.

Retail

Average Asking Rent $13.82

Down 0.1% from year-end 2020.
Expected to finish 2021 at $13.26.

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Learn more about the Ohio markets from one of our professionals.

Dayton

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VACANCY

Apartment

Average Vacancy Rate 3.0%

Lowest in the Midwest region, third lowest in the nation.
Drifted upward by 20 basis points.
Expected to finish 2021 at 3.6%.

Distribution / Warehousing

Average Vacancy Rate 12.3%

Fell by 60 basis points.
Lowest level since Q2 2017.
Expected to finish 2021 at 12.6%.

Office

Average Vacancy Rate 32.0%

Highest in the nation.
Declined by 110 basis points.
Expected to finish 2021 at 33.7%.

Retail

Average Vacancy Rate 15.7%

Drifted upward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 17.9%.

RENT

Apartment

Average Asking Rent $814

Up 0.2% from year-end 2020.
Expected to finish 2021 at $830.

Distribution / Warehousing

Average Asking Rent $3.56

Flat since year-end 2020.
Expected to finish 2021 at $3.62.

Office

Average Asking Rent $15.17

Flat since year-end 2020.
Expected to finish 2021 at $15.00.

Retail

Average Asking Rent $11.68

Up 0.1% from year-end 2020.
Expected to finish 2021 at $11.30.

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Learn more about the Ohio markets from one of our professionals.

Pittsburgh

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VACANCY

Apartment

Average Vacancy Rate 4.5%

Drifted upward by 10 basis points.
Highest level since Q1 2019.
Expected to finish 2021 at 4.0%.

Distribution / Warehousing

Average Vacancy Rate 9.2%

Rose by 60 basis points.
Highest level since Q2 2017.
Expected to finish 2021 at 8.7%.

Flex / R&D

Average Vacancy Rate 18.1%

Second highest in the nation. Only Cleveland is currently softer.
Drifted upward by 10 basis points.
Expected to finish 2021 at 19.2%.

Office

Average Vacancy Rate 20.1%

No change since year-end 2020.
Highest level since Q3 2004.
Expected to finish 2021 at 21.3%.

Retail

Average Vacancy Rate 12.2%

No change since year-end 2020.
Highest level since year-end 1994.
Expected to finish 2021 at 13.7%.

RENT

Apartment

Average Asking Rent $1,119

Down 0.6% from year-end 2020.
Expected to finish 2021 at $1,143.

Distribution / Warehousing

Average Asking Rent $4.80

Up 0.2% from year-end 2020.
Expected to finish 2021 at $4.84.

Flex / R&D

Average Asking Rent $8.64

Up 0.3% from year-end 2020.
Expected to finish 2021 at $8.64.

Office

Average Asking Rent $22.87

Up 0.1% from year-end 2020.
Expected to finish 2021 at $22.67.

Retail

Average Asking Rent $18.09

Flat since year-end 2020.
Expected to finish 2021 at $17.46.

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Learn more about the Ohio markets from one of our professionals.

Toledo

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 16.0%

Declined by 70 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $2.98

Up 1.0% from year-end 2018.
Fastest rate of increase in six quarters.
Expected to finish 2019 at.

Learn more about the Ohio markets from one of our professionals

Learn more about the Ohio markets from one of our professionals.