See examples of Offices for Rent in Ohio
Office space vacancy rose to 25 per cent in 2010, according to the Gem Real Estate Group. The figure represents a five-year high and is up from 22 per cent in the previous year.
Downtown Dayton saw the highest rate of vacancy, with 34 per cent of the available 4.8 million square feet lying empty.
The survey found that downtown Dayton’s second-largest office building, KeyBank Tower, had the most office space available. KeyBank Tower has 397,000 square feet of office space, of which 285,00 square feet is lying vacant.
In the suburbs of the city, the vacancy level stood at 21 per cent, equivalent to 2.3 million square feet out of a total of 10.8 million, still vacant. This is in contrast to 2009 when the vacancy rate was 17.8 percent.
Meanwhile, the economy of Ohio could stand to benefit from a recent announcement from GM that it is to invest a further USD two billion into its US facilities, many of which are based in the state.
“We are doing this because we are confident about demand for our vehicles and the economy,” said Dan Akerson, GM chairman and CEO, said while speaking at the company’s transmission plant in Toledo, Ohio.
“This new investment is on top of USD 3.4 billion and more than 9,000 jobs that GM has added or saved since mid-2009”, he added.
Dayton’s economy is considered important to the state of Ohio overall as its economy is fairly diversified and historically has been one of the healthiest in the state.
Currently, Dayton ranks number 16 in the top 100 US cities for exports.
Editor’s notes: At the end of 2022, the office space vacancy rate in Dayton was 22.1 per cent which was up 0.9 per cent year on year. The average asking rent stood at $16.83 per square foot per year and there was 83,000 square feet of new office space under construction.
In June 2023, it was announced that KeyBank would be moving out of KeyBank Tower in December 2023 and moving to the 130 Building in Downtown Ohio. The KeyBank signage and name would be removed from the tower.