Cities across the Midwest are seeing vacancies fall in their office markets. Dayton, Ohio, is no exception.
DTZ reported that Dayton’s office market for the fourth quarter in a row saw positive absorption in the second quarter. DTZ reported that the market absorbed 37,658 square feet of office space during the quarter.
James Flick, vice president of research and marketing for the Cincinnati and Dayton offices of DTZ, said that year-to-date in 2015 Dayton businesses have absorbed more than 77,000 square feet of office space, with the majority of this space being in Class-B buildings.
The vacancy rate in the Dayton office market is still too high. But thanks to recent economic improvements, it is falling, fairly rapidly. DTZ reported that the office vacancy rate here has fallen from 28.5 percent in the second quarter of 2013 to 24.52 percent in the second quarter of this year. That’s a drop of 398 basis points.
Dayton’s North submarket has been its strongest, with 45,693 square feet of net absorption in the second quarter. The South submarket saw the second greatest amount of absorption in the quarter, 18,110 square feet.
Average Class-A asking rents for Dayton-area office space stood at $18.83 a square foot in the second quarter. For Class-B office space that number was at $13.45 a square foot.