Recent Industrial Market Summary for Akron
Based on CoStar’s Q4 2024 Industrial Market Report for Akron, OH, industrial sales prices ranged from $10/SF to $449/SF, with a median of $56/SF and mean of $76/SF. Total sales volume reached $183 million across 117 transactions, with individual sales ranging from $1.8 million to $40.25 million. Market-wide cap rates averaged 7.4%, with a range of 5.6% to 9.0% for institutional-grade assets.
The market’s overall vacancy rate is 3.6%, with 4.8% availability. Net absorption totaled 777,000 SF over the trailing 12 months against 979,000 SF of new deliveries. Construction remains limited with only 191,160 SF underway, representing 0.3% of existing inventory. This constrained pipeline combined with steady absorption suggests continued stability in occupancy levels.
CoStar forecasts market metrics through 2028, projecting average sale prices to reach $62.76/SF, a 19% increase from current levels. Cap rates are expected to expand to 9.8% by 2028, while vacancy rates are forecast to stabilize around 3.3%. Annual net absorption is projected to moderate to 165,000 SF by 2028, balanced against forecast deliveries of approximately 200,000 SF annually, indicating continued market equilibrium at lower growth rates.
In summary and according to the latest CoStar data, the industrial market is expected to maintain stability while showing signs of moderating growth. Current market fundamentals reflect healthy occupancy levels and steady absorption, though leasing velocity has recently slowed. Looking forward, the market is projected to experience modest upward pressure on vacancy rates and cap rates, while sale prices are forecast to appreciate at a decelerating pace. New construction is expected to remain limited, helping maintain market equilibrium despite slower demand growth. The overall trajectory suggests a soft landing rather than a significant correction, with key metrics expected to settle at historically normal levels rather than experiencing dramatic shifts in either direction.
