IRR-Dayton Mid-Year Viewpoint 2015 Local Market Report - Retail
The retail market throughout Greater Dayton is showing minimal signs of improvement. Sporadic new construction has occurred within Dayton and the surrounding areas. This trend is expected to continue moving forward tied to the improvement in the overall economy.
The Dayton retail market will benefit from a stable to slightly growing population base and higher income and education levels. Although the Dayton MSA experienced little or no change in the number of jobs over the past decade, job growth turned positive in 2011 and has remained so. The Dayton area has maintained a generally lower unemployment rate than Ohio during this time, which is a positive indicator. Moreover, the Dayton MSA exhibits both a higher rate of GDP growth and a higher level of GDP per capita than Ohio overall. All of these factors will continue to support the current recovery.
Vacancy has been generally been static, showing slight declines most recently. The average effective rental rate has been trending downward since 2005. This trend is expected to continue in the near future as the retail markets continue to struggle. There are small pockets, especially in the Southern submarket, that are showing increasing rental rates and declining vacancy, but these are limited to some higher demand areas near regional malls and newer highway interchanges.
Overall, the retail market is improving but at a slow pace and one which is expected to continue in conjunction with improving economic conditions nationwide.
Download the full version PDF of this Local Market Report below. It includes graphs and tables.
IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.