More jobs anticipated near airport
NorthPoint likely has tenant for a third new industrial building.
It appears NorthPoint Development has a tenant for what will be a third new industrial building near the Dayton International Airport.
While the tenant is confidential at this point, it appears more jobs are coming to an area that is already seeing speedy job growth in distribution and logistics.
A new report from Collier’s International says Kansas Citybased NorthPoint Development — the developer behind the new Spectrum Brands distribution center near the Dayton airport — has started construction of a 524,160-square-foot facility near the third planned building.
That second facility has 350,000 square feet leased to a consumer goods tenant, Colliers said. Further, Colliers said NorthPoint will soon begin a new building totaling 440,000 square feet, also partially leased to a consumer goods tenant.
When construction is complete, NorthPoint will have developed three buildings total near the airport, including the Spectrum building, said Norm Khoury, brokerage senior vice president for Colliers.
Dayton Aviation Director Terence Slaybaugh told the Dayton Daily News in December that the second 350,000-square-feet building, estimated at $31 million to build, will be occupied by a consumer goods company for primarily logistics warehousing operations.
The firm, which Slaybaugh declined to identify, is expected to employ about 200 workers. The building’s remaining 150,000 square feet of space is available for lease.
Overall, new real estate reports are pointing to strong industrial wins for the Dayton area, with one firm saying Dayton enjoyed its lowest levels of industrial vacancies in a decade in 2017.
“The industrial market saw more than 1.1 million square feet of positive absorption this year, including 489,000 square feet of absorption in the fourth quarter alone,” Kevin Hughes, managing principal of Cushman & Wakefield’s Cincinnati and Dayton offices, said in a statement.
Additionally, direct vacancy in the Dayton office market has decreased in each of the past 10 quarters and now stands at a multiyear low of 21.2 percent, Cushman and Wakefield said.
The fourth quarter vacancy rate in the Dayton industrial market increased to 8.3 percent after a decadelong low vacancy level of 7.6 percent was set earlier in the year, said Cushman & Wakefield.