As industrial real estate vacancies rise in Dayton, Ohio, an increasing amount of older space is being left empty and will be difficult to fill in a slow economy. According to the Dayton Daily News, a quarter-million square feet of industrial space in the area went dark this past year, sending vacancies up to 24.8% compared to 23.5% a year ago. Much of the vacant space can be attributed to the large amount of buildings with locations, ceiling heights or other features that make them unattractive to today’s companies.
The south market in Dayton experienced the greatest increase in vacancies. Much of the empty space in that region is being attributed to the ripple effects of the General Motors assembly plant closing. Once everything settles from that event, many believe that things will begin to level off. Another trend in the market is that companies are beginning to buy their space instead of renting. This is being driven by low interest rates and cheaper prices for industrial properties.
To read the full article from the Dayton Daily News, click here.