DAYTON, OH—Like many large Midwestern office markets, Dayton's has struggled with a high rate of vacancy. But things seem to be moving in the right direction, with healthy job growth and new investment. Brian Lash, former chief executive officer and chairman of The Woodlands, TX-based Target Logistics Management, LLC, just bought 130 W. Second St., the city's fourth largest building, and plans a major renovation.
Matt Arnovitz, senior associate, CBRE, represented the seller, Titan Capital Investment Fund, in combination with Jim Vondran and Keith Yearout of Newmark Knight & Frank.
The Dayton office market did record a loss in occupancy of 81,843 square feet during the first quarter of 2018, resulting in a 70 bps increase in the overall market vacancy rate to 20.7%, according to a new report from Colliers International. However, that was after eight consecutive quarters of positive absorption.
And Colliers finds that office-using employment sectors posted a gain in jobs totaling nearly 2.0% over the past twelve months. Furthermore, “the positive trend recorded during 2017 in the CBD has continued into the new-year with additional companies announcing intent to relocate downtown.”
Lash plans to add a number of amenities to attract and retain tenants in the 336,000-square-foot, 23-story building. A renovation of both the interior and exterior will begin soon, and he intends to add a fitness center, co-working-style spaces, a banquet hall and additional meeting room space.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
