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Dayton Office 21Q2 Report

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Dayton Office Market Records Occupancy Loss

Although vacancy is on the rise in the Dayton office market, this trend is expected to be transitory as continued demand for space from the defense sector accelerates and drives additional activity.

  • The Dayton office market recorded its second consecutive quarter of negative net absorption bringing the year-to-date loss to 72,264 SF.
  • Vacancy rose to 20%, a 30 bps increase for the quarter and 110 bps, year-over-year.
  • Suburban Class A rental rates currently average $23.93 per square foot, an increase of 8.4% over the past year, driven primarily by robust demand for space in the key East submarket.
  • Construction activity has increased totaling 256,700 SF and recent announcements from developers could add up to 375,000 SF of speculative product to the pipeline.


Dayton Office 21Q2 Report

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Related Experts

Loren DeFilippo

Director of Research | Ohio


Loren oversees all  research activities for Colliers'  Ohio markets including, Cincinnati, Cleveland, Dayton and Akron/Canton.  His responsibilities include the collection, aggregation and analysis of data regarding office, industrial, retail and  multifamily asset classes, along with capital markets.  He prepares reports documenting current economic and commercial real estate market  conditions and provides forecasts to assist brokers  and clients in making informed business decisions. A firm believer in the power of knowledge, Loren utilizes research as a marketing tool in conjunction with the firm's marketing and business development efforts. Loren leverages  his 30+ years of career experiences as an architect, a broker specializing in the leasing and sale of office properties and market researcher to accelerate the success of our brokers, clients and stakeholders.


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Alex Cate

Research Analyst


Alex Cate joined Colliers International in 2020 as a research analyst working directly with the Director of Research, Loren DeFilippo. Alex will be working with advisors, third-party data sources and other members of the office to provide daily database management, conduct market analysis, and provide research and reporting for the company and Colliers | USA.

Prior to joining Colliers, Alex attended Kenyon College in Gambier, Ohio where he graduated with Bachelors of Arts focusing in Political Science. While he was at Kenyon, Alex was a part of the Kenyon Men’s Basketball team and had served multiple internships in the commercial real estate world.

Alex has experience working at Realty Income Corporation, a REIT based in San Diego, California as a portfolio acquisitions analyst. He also interned at Jones Lang LaSalle with their Los Angeles Retail Capital Markets Group. His experience and knowledge in the commercial real estate industry, as well as in platforms like CoStar, Real Capital Analytics and SitesUSA, will allow his transition into the research analyst role at Colliers International to go smoothly.

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Shenan Murphy

CEO & Principal | Cincinnati & Dayton


Growing up, I always knew I wanted a job where I would be in control of my career path, and commercial real estate has allowed me to do that both personally and professionally. I began my career as a retail and investment broker in 1989. Today, I leverage my previous brokerage experience and knowledge to oversee the strategic and daily operations of Colliers International | Greater Cincinnati and Dayton. As the CEO, I make it a priority to provide the best strategic leadership and oversight to a truly remarkable team. In addition to commercial real estate, I have created a diversified and innovative family of companies providing brokerage sales, investment services, construction services, information technology services and property management services.

The experience I gained from holding a variety of positions throughout my career has allowed me to reach a broad base of clients and establish valuable relationships throughout Greater Cincinnati and Dayton. These relationships have provided the opportunity to aid some of the region’s most successful companies in making sound real estate decisions.

In addition to my daily responsibilities with Colliers, I find great joy being involved in my community. One of my personal goals is to help the Cincinnati community and those around me to move forward and grow with energy and purpose. I am a member of various organizations serving the community such as the University of Cincinnati Foundation (Board Member), the University of Cincinnati UCATS (Board Member), the University of Cincinnati Diamond Club for Baseball (Chairman), the University of Cincinnati College of Business (Real Estate Board Member), the Greater Cincinnati Regional Business Committee, and Cincinnati Young Presidents Organization.

I hold the CCIM commercial real estate designation and have affiliations with ICSC (International Council of Shopping Center), ULI (Urban Land Institute), and NAIOP (National Association of Industrial and Office Properties).

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