Markets · Toledo, OH MSA

Toledo Industrial Market Report

Bluebird CRE Research · As of 2026 Q1 · Data: CoStar Group, www.costar.com

A glass- and auto-manufacturing market at the I-75/I-80 junction with affordable, functional product.

3.3%
Vacancy
$6.09/SF
Asking Rent
$5.58/SF
NNN Rent
475K SF
Net Absorption (12 mo)
368K SF
Under Construction
9.5%
Market Cap Rate

Asking Rent / SF

2016–2026

Now $6.09 · +2.0% YoY

Vacancy Rate

2016–2026

Now 3.3%

Net Absorption (12 mo)

2016–2026

Now 474,887 SF

Annual figures through 2026 Q1. Source: CoStar Group, www.costar.com.

Market overview

As of 2026 Q1, Toledo industrial vacancy stands at 3.3% with asking rents near $6.09/SF. The market absorbed 474,887 SF over the trailing year, and investment sale pricing implies roughly a 9.5% cap rate. Those are the figures that frame how we underwrite here.

Bluebird's read

A glass- and auto-manufacturing market at the I-75/I-80 junction with affordable, functional product. Bluebird targets functional small-bay and IOS product here at a basis below replacement cost, with leasing and mark-to-market as the value-add levers.

Economy

Population
600,903
Total employment
304,843
Industrial employment
59,693
Median HH income
$68,285

Key submarkets

  • • I-80/90 Corridor
  • • Airport / Wood County
  • • North Toledo
  • • Perrysburg

Representative tenants

  • • Amazon
  • • Jeep (Stellantis)
  • • Owens-Illinois
  • • First Solar

Explore other markets

Akron, OH
5.5% vacancy · $7.13/SF
Cincinnati, OH
4.8% vacancy · $7.53/SF
Cleveland, OH
4.3% vacancy · $6.71/SF

Market data sourced from CoStar Group, www.costar.com (as of 2026 Q1); figures are point-in-time estimates and forecasts are not guarantees. Provided for informational purposes only and not an offer to sell securities. Past performance does not guarantee future results.

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