Industrial buildings were becoming more vacant for most of 2018, but new projects in Vandalia and Springfield began to counter that late in the year, a new real estate report says.
Two buildings totaling 689,000 square feet of new construction were delivered to the Dayton market in the last quarter of the year, a report from real estate firm Cushman & Wakefield said Monday.
In Springfield, Topre America completed the first phase of its expansion, with the completion of a 177,000-square-foot build-to-suit facility.
Near the Dayton International Airport in Vandalia, the second building in the Park 70/75 complex finished construction.
The majority of this 512,000-square-foot speculative bulk distribution warehouse was pre-leased by Purina (259,000 square feet) and Alpla (154,000 square feet), Cushman & Wakefield said.
The fourth quarter of the year saw 1 million square feet of “positive net absorption” resulting from significant new construction and minimal tenant move-outs, said the new Dayton-area report.
The late-year trend was enough to counteract all of the negative absorption from the prior three quarters, the real estate firm said.
For the year, greater Dayton had 400,000 square feet of positive absorption, similar to the 2017 net absorption level of 489,000 square feet.
Even with nearly 700,000 square feet of new deliveries, over 1.3 million square feet was under construction across the region in the fourth quarter, including two buildings at the Park 70/75 complex near the airport.
Also, Sunstar Engineering Americas leased the entire 131,000-square-foot building located at 405 South Pioneer Blvd. in Springboro, the report said.
In Miamisburg, Lexus of Dayton leased 25,600 square feet and CRG leased 16,000 square feet in the former Hooven-Dayton building on Byers Road.
A combined 22,000 square feet was leased at the I-70/I-75 Business Park III in Huber Heights by Certified Carpet Distributors (12,700 square feet) and S&D Coffee Inc. (9,600 square feet).