TOLEDO, OH (WTOL) – Retail commercial real estate is becoming a hot market in Toledo. Several stores are looking to make moves into the area. The retail market slowed down in 2009, but brokers said it is picking up and they think it will stay hot for at least the next six months. New stores are expected all across Toledo.
"There seems to be more activity. Some of the boxes are expanding, relocating, or adjusting," said Sam Zyndorf, of Signature Associates.
Zyndorf said Toledo's retail real estate market started picking up last spring with the Westfield Franklin Park Mall area particularly hot.
"There has been some more activity along Monroe Street, which has been quiet for the last couple of years, like most retail. Things are getting there. There is a little more consumer confidence and retailers are picking it up," said Zyndorf.
A Jo-Ann Fabrics is moving into the old Circuit City location on Monroe Street. Zyndorf said a new social security office is moving into the former England Furniture, also on Monroe Street. Plus, several retailers are interested in the former Media Play location next to Monroe Street's Target.
According to Zyndorf, Forever 21 is making a big expansion at the Franklin Park Mall.
"In the mall, Forever 21 is taking the old Borders space, so they are going from six or seven square feet, to 20,000 plus square feet," said Zyndorf.
Zyndorf said the Perrysburg and Monclova areas are also picking up steam. Many retailers already in the market are looking to expand. In other areas, non-retailers like churches, salons and gyms are starting to snatch up former retail spaces.
"2009 was the low end of the market, 2010 was substantially better than 2009, and 2011 will be much better than 2010. And in our business, we can look out three to six months and in three to six months, there will be quite a bit of activity," Zyndorf said.
There are still quite a few locations for sale, giving retailers plenty of options.
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