Dayton Office Market Continued to Improve
The Dayton area office market continued to show signs of further recovery in 2016 based on results from Miller-Valentine Group’s 4th Quarter Office Survey. The vacancy rate for the overall Dayton area office market decreased to 24.46%, with notable positive absorption in most markets.
The overall market saw a positive absorption of 37,066 sqft. The most notable improvement in absorption was found in the suburban markets, which had a combined absorption of 168,447 sqft. in 2016. The South market showed the greatest activity, with over 91,000 sqft. absorbed. The North/West market, for the third consecutive year, represented the area’s strongest office market with a current vacancy rate of 17.59%, almost back to its pre-recession rate. A majority of the newly vacant space was observed in the CBD market, primarily within the PNC Center which had departures of tenants including PNC Bank (who relocated to the Water Street development). The CBD market showed a negative absorption of (131,381) sqft. and remains the area’s softest market due to the high vacancy in its Class B/C sector. The overall CBD vacancy is 34.46%.
Notable office transactions for the Miller-Valentine Group Realty Services office team include:
- Wells Fargo, Kettering Tower, 5,071 sqft.
- Faruki Ireland & Cox, 110 N. Main St., 13,355 sqft.
- YWCA of Greater Dayton, 118 W. First St., 10,670 sqft.
- Eagle Registrations, Kettering Tower, 3,647 sqft.
- Arrow Electronics, Washington Park, 3,923 sqft.
- AXA Matrix Risk Consultants, Washington Park, 7,095 sqft.
- Comptech Computer Technologies, Washington Park, 4,933 sqft.
- Nucor/American Building Company, 2380 Bellbrook Ave., 8,565 sqft.
- BTAS, 4391 Dayton-Xenia Rd., 11,760 sqft.
- GE Aviation Systems, 1611 S. Main St., 20,155 sqft.
- 955 Mound Rd., 12,500 sqft.
- 1948 W. Dorothy Ln., 5,000 sqft.
- 3832 Kettering Blvd., 15,000 sqft.
Download 2016 Office Market Report →