Toledo Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $15.56 2022 Avg. Asking Rent
  • 7.54% 2022 Office Vacancy Rate
  • $22M2022 Total Office Sales
  • $75.65Avg. Sale Price/SF

Toledo office price per square foot in 2022 was $15.56 on average. The local office market recorded an average vacancy rate of 7.54% across all asset classes combined. The 6 transactions that closed here throughout 2022 amounted to a total sale volume of $22M. Toledo office space commanded an average sale price per square foot of $75.65.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Toledo Class A & A+ Office Space$18.75
  • Toledo Class B Office Space$15.53
  • Ohio Class A & A+ Office Space$23.86
  • Ohio Class B Office Space$18.35
  • Ohio Class C Office Space$16.46

Toledo, OH Office Asking Rents by Class

2022 Office Vacancy Rates in Toledo

Submarket Asking Rents Vacancy Rates
West $17.31 10.15%
CBD $15.67 8.84%
Sylvania - Westgate $14.95 5.28%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Toledo market was 7.54% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Toledo was 5.28% in the Sylvania - Westgate submarket, while the highest office vacancy in the market was 10.15%, recorded in West.

Office Spaces for Rent in Ohio

Toledo Office Sale Price per SF

  • $75.652022 Avg. Price per SF
  • -37.00%Y-o-Y Avg. PpSF Change
  • $22M2022 Office Sales Volume
  • 62022 Number of Transactions

Toledo, OH Sale Price per SF Trend

  • Toledo Avg. Sale Price per SF in 2022$75.65
  • Ohio Avg. Sale Price per SF in 2022$84.29
Toledo office space cost in 2022 marked a -37.00% change compared to the previous year. The sale price for office space in Toledo averaged $75.65 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $84.29 per square foot.

2022 Office Sales Volume

  • Toledo, OH Total Office Sales Volume in 2022 $22M
  • Toledo, OH Total Number of Office Sales Closed in 2022 6
A total of 6 deals closed on the Toledo office market in 2022, adding up to a yearly sales volume of $22M. Notably, the largest transaction on the market saw 3434 Granite Circle change hands for $3,000,000 on 4/1/2022.

Largest Toledo Office Sales in 2022

Property name Address Date Price
3434 Granite Circle 3434 Granite Circle 4/1/2022 $3,000,000
5650 West Central Avenue 5650 West Central Avenue 7/5/2022 $965,000
Data provided by Commercial Edge

Coworking Spaces in Ohio

2022 Office Construction in Toledo, OH

Largest Office Properties Recently Completed in Toledo
Office building Address SF Completed
4914 Whiteford Road 4914 Whiteford Road, 43623 20,896 2008
3425 Executive Parkway 3425 Executive Parkway, 43606 39,904 2006
Renaissance Place Condo Unit C & D 6012 Renaissance Place Unit C & D, 43623 4,142 2000
Centennial Place 2210-2270 Centennial Road, 43617 25,380 1998
Centennial Place 2210-2270 Centennial Road, 43617 25,380 1998
3230 Central Park West, Suites 114 & 116 3230 Central Park West, Suites 114 & 116, 43617 2,422 1998
3230 Central Park West, Suites 114 & 116 3230 Central Park West, Suites 114 & 116, 43617 2,422 1998
1801 Richards Road 1801 Richards Road, 43607 54,544 1995
ENT Physicians 4640 W Alexis Rd., 43623 11,680 1991
4040 Plaza 4040-4114 Airport Hwy , 43615 17,621 1989

Worth noting among recent office completions on the Toledo market is 4914 Whiteford Road, which is currently the largest new office development in the city, at 20,896 square feet.

Data provided by Commercial Edge

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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.