It’s no secret that downtown offices and professional buildings everywhere are challenged right now. Rising interest rates, a revolution in post-pandemic work habits and more are playing havoc with the market.
The Dayton area has a not-so-secret weapon to at least partially counteract that, though. Here’s our first story.
Third quarter sees rising vacancies for Dayton-area offices
Credit: JIM NOELKER
Credit: JIM NOELKER
Net absorption down: The Dayton market experienced negative net absorption of 44,200 square feet in the third quarter, which caused the office vacancy rate to rise 30 basis points from the second quarter to 23.3%, Colliers said in a new report.
Higher net absorption represents more space being leased than vacated. Negative absorption means more space is vacated.
However: Colliers reminds readers of recent contract wins for defense-oriented businesses near Wright-Patterson Air Force Base.
“As Wright-Patterson Air Force Base continues to evolve as a dynamic epicenter of aviation and defense activities, its impact on the local office real estate market remains undeniable. These recent developments underscore the base’s enduring legacy and its pivotal role in shaping the future of aerospace and technology industries,” Colliers said.
Developers poised to take former Kettering Tenneco plant forward
If you’ve followed local development news for a while, you know the tandem of Solon, Ohio’s Industrial Commercial Properties (ICP) and California’s Industrial Realty Group has generally been a successful one in the Dayton area.
Successes: From Fuyao Glass America to Kettering offices for Wright-Patterson Air Force Base workers, the developers, either together or individually, have made things happen locally.
Now, they’re marketing the former Tenneco plant in Kettering to possible new users.
Bottom line: While ICP executive Dean Miller said ICP is open to a variety of uses, there’s one use in particular he thinks will work for the 1.1-million-square-foot plant. “We just think the best use for the building is manufacturing.”
Investigation of Fairborn COVID funds award to candidate’s business deepens
Our Nick Blizzard continues to dig into this story.
An investigation into Fairborn awarding federal COVID relief money to a local business owner running for city council this fall is expected to conclude “by mid next week,” a city official said.
Inquiry: Fairborn Solicitor Mike McNamee told the Dayton Daily News the inquiry started last week. But city administration officials — McNamee included — and the mayor did not respond earlier this week to questions posed to them about the issue.
Funds: The documents involved ARPA funds given to a business operated by city council candidate Sylvia Chess.
The Citizens for Fairborn’s Future community group claimed earlier this month that Chess, owner of Xtra Pro-Dev 101 Centre, LLC, received $10,000 in ARPA funds for a small business grant for which the company was not qualified.
Pine Club partners with Esther Price Candies for after-dinner treat
Food and dining writer Natalie Jones brings us this story about two Dayton favorites: The Pine Club is continuing to celebrate its 75th anniversary by teaming up with Esther Price Candies to offer guests an after-dinner treat.
On the menu: Dayton’s iconic steakhouse will serve complimentary Esther Price chocolates emblazoned with the restaurant’s logo at the end of each meal starting Nov. 1.
“Esther Price chocolates are a point of pride for our hometown. Their legacy has been bringing joy to the Dayton community for 97 years,” said Karen Watson, Pine Club general manager. “We are honored to be able to commemorate our 75th anniversary through the introduction of our very own Esther Price branded chocolates. These sweet treats will allow us to share a bit of joy and celebration with our loyal guests.”
Dayton inventor James Parsons was a hidden gem
This week I had the honor of meeting Wanda and Joy Harris, daughter and granddaughter (respectively) of Dayton inventor and metallurist James A. Parsons Jr., who after years of nominations, was finally inducted into the National Inventors Hall of Fame this week.
Why he matters: Parsons’ work with stainless steel alloys helped build the foundation for modern life, arguably. These metals resist corrosion and were important to the Manhattan Project, the nation’s effort to build the first atomic weapons.
But his family didn’t realize that during Parsons’ life, Joy Harris told me.
“Wow. Grandpa was a badass, you know,” she said, describing her reaction on learning of his work.
Quick hits
UAW announces tentative Ford deal: Days after some 360 workers were laid off from the Sharonville plant.
The Ugly Ducking: Is officially open.
How did AFMC become a small business contracting powerhouse: This is how.
Dayton Public Schools are looking for a new superintendent: Your input is wanted.
Arch on local filmmaker Allen Farst: ‘We’ll keep the ball rolling.’
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