DAYTON, OHIO – April 17, 2014 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that despite stalled job growth and slightly higher unemployment – 7.2% compared to the nation’s 6.7% -- Dayton ended the first quarter of 2014 poised for growth.
“Dayton was able to survive the government shutdown, which stunted its economic recovery toward the end of 2013,” said James Flick, Vice President, Research and Marketing, in Cassidy Turley’s Cassidy Turley’s Cincinnati and Dayton offices. ”This region was one of the hardest hit by the shutdown as the public sector accounts for 10% of all local wages. Moving forward, the positive momentum being generated in the national economy, as well as the local manufacturing and logistics industries, will hopefully re-energize the local and regional economic recovery. In doing so, job creation will begin to reappear.”
Q1 2014 Dayton Office Market Snapshot Highlights:
(Click here to view the full report.)
- Quick Summary: Despite job losses, the first quarter of 2014 did end on a positive note with 11,333 square feet of positive absorption by area businesses. This decreased the vacancy rate to 25.3%.
- Growth Areas: The market’s strongest driver of demand in the first quarter of 2014 was the East submarket, with 88,771 square feet of net absorption. The strongest submarkets in terms of Class A rent growth were the East with 1.6% and the South, with 1.4%.
- Asking Rents: The average asking gross rental rate for the overall market remained fairly flat at $14.38 per square foot. However, the Class A rental rate saw 1.4% of growth quarter to quarter, moving from $18.14 to $18.40 per square foot.
- Outlook: Looking beyond the first quarter, the early part of the second quarter has already provided good news for downtown as CareSource announced its lease of the entire 150,000-square-foot former Workflow One building at 220 East Monument Avenue. The company will move 200 employees to the Central Business District starting in August.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.