The Dayton retail market rode out the COVID-19 pandemic recording virtually no change in vacancy.
The Dayton retail market rode out the COVID-19 pandemic recording virtually no change in vacancy. Currently, overall market vacancy is 10.7%, which is no change on a year-over-year basis. Demand was driven by discounters and fitness concepts and these deals largely offset any losses that occurred across the region. The overall market asking rental rate fell by 6.5%, year-over-year, to $9.49 per square foot, although the community center sector did record a 3.2% increase over the same timeframe. Employment in the region, heavily dependent on the defense and healthcare sectors, has recovered quickly and the unemployment rate has fallen to 5.8% since the peak last spring.
- The Dayton retail market has weathered the COVID storm recording virtually no change over the past 12 months.
- Vacancy currently equals 10.7%, exactly the same reading since Q1 2020.
- Construction activity is limited to a few small projects with very little scheduled for groundbreaking in the near-term.
- Asking rental rates, however, have been impacted by diminished market activity, falling by 6.5%, year-over-year.