Blog/News

Dayton Office Market Continues to Recover 2015

May 4, 2016 / By Dave Dickerson, President/Partner
Office-Market-Report

The Dayton office market continued to show signs of recovery in 2015, based on results from Miller-Valentine Group Realty Services’ 4th Quarter Office Survey. The vacancy rate for the overall Dayton office market decreased to 25.25%, with notable positive absorption in all markets.

2015 Office Market Report ResultsThe overall market saw a positive absorption of 152,442 sqft., particularly in the suburban markets, which had a combined absorption of 131,964 sqft. in 2015. For the second consecutive year, the East market showed the greatest activity, with over 78,000 sqft. absorbed in 2015. The CBD market showed a positive absorption of 20,478 sqft. Its Class A sector recorded over 45,000 sqft. of new space leased, offsetting the negative absorption seen in its Class B/C sector.

The North market continued to represent the area’s strongest office market with a current vacancy rate below 20%, almost back to its pre-recession rate. The CBD market remains the area’s softest market due to the high vacancy in its Class B/C sector, which is currently over 41% vacant.

Notable office deals for the Miller-Valentine Group Realty Services office team of Steve Ireland and Aaron Savino include:

LEASES

  • MCS Mortgage, 2 Prestige Place, 4,200 sqft.
  • Arrow Electronics, Washington Park, 4,000 sqft.
  • Beacon Capital, Washington Park, 3,600 sqft.
  • Wells Fargo, Kettering Tower, 5,500 sqft.
  • Best Linen/Empire Furniture, Woodlane Shopping Center, 24,000 sqft.
  • UBS Financial Services, Austin Landing, 23,000 sqft.
  • YMCA, Talbott Tower, 10,000 sqft.
  • Faruki Ireland & Cox, 110 N Main St., 13,000 sqft.

SALES

  • Southpaw Enterprises, 2350 Dryden Rd., 160,000 sqft. for 3.5M
  • 3131 Elbee Rd., 14,000 sqft.
  • 3170 Kettering Blvd., 90,000 sqft.

 

Download the Dayton Regional 2015 Office Market Summary →

Read Dayton Business Journal’s Analysis of our 2015 Office Market Study →

 

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About the author:

Dave Dickerson is President/Partner for Miller-Valentine Group.

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