The Dayton office market continued to show signs of recovery in 2014, based on results from Miller-Valentine Group Realty Services’ 4th Quarter Office survey. The vacancy rate for the overall Dayton office market remained stable at 26.03%, with notable positive absorption trends in both the East Dayton and North markets.
After several years of struggle from the shake out of defense cuts and consolidations in the defense industry, the East Dayton market showed the greatest activity with over 150,000 sqft. absorbed in 2014. The most notable deal in the East market during 2014, was the Berry Company relocating to the Miami Valley Research Park from its former Moraine headquarters.
The North market, recently the weakest suburban market, now represents the area’s strongest office market, with a current vacancy rate of 20.99%, a nearly 10% decrease from 2010. The CBD market remains the area’s softest market, with a 32.74% vacancy rate, which was relatively unchanged from the previous year.
Notable office deals for the Miller-Valentine Group Realty Services office team of Steve Ireland and Aaron Savino include:
• Infotel, 10,000 sqft. Lease
• Access Independent Living, 9,000 sqft. Lease
• LFL Insurance, 3,000 sqft. Lease
• Volunteers of America, 4,000 sqft. Lease
• Farmers Insurance, 5,000 sqft. Lease
• Atrium Hospital, Sale of the 45,000 sqft. Medical Office Building at 3450 Mason Montgomery Road for $4M
• Sale of the 50,000 sqft. Office Building at 6601 Centerville Business Parkway
• Lunarline, 4,000 sqft. Lease
• Bankers Life, 4,000 sqft. Lease at Miami Valley Research Park
• AutoSoft, 5,000 sqft. Lease at Tech Town III
• Graceworks, 6,000 sqft. Lease
• National Processing Solutions, 3,000 sqft. Lease at the KeyBank Tower
• Lewaro Construction, Sale of the 8,000 sqft. Office Building at 229 Riverside Drive for their Headquarters