The Dayton office market continued to show signs of recovery in 2014, based on results from Miller-Valentine GEM’s 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 vacancy rate at 32.74%, which was relatively unchanged from the previous year.