Across the United States, the real estate market has seen declining rents and rising vacancy rates. That’s true for offices, apartments and retail space. But the city of Dayton is bucking that trend.
Scott Murphy is Vice President of the Downtown Dayton Partnership. He says rent in downtown Dayton is increasing right now across those same real estate sectors.
“I don’t see anything at this moment that tells me that’s going to change," Murphy said. "We still are seeing quite a bit of demand for being downtown, living downtown, working downtown.”
Murphy says that last year, some commercial office tenants, who didn’t know how long they would be working from home, responded by temporarily extending leases or switching to month-to-month payments. Commercial office leases in Downtown Dayton range between three, five and 10 years.
Downtown Dayton Partnership connects potential tenants with commercial spaces. Murphy says there’s been an increase in searches for spaces in the last few months.