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Dayton Industrial 21Q3 Report

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Cincinnati Industrial Report

Demand for Industrial Space Heats Up

Demand returned to the Dayton industrial market during the third quarter of 2021 with occupancy increasing by 1.1 million square feet and vacancy plummeting to an historic low.

  • During Q3, the market recorded positive net absorption of 1.1 million SF resulting in a 70-bps decline in overall vacancy to 5.2%, an historic low.
  • New supply totaled 650,000 square feet for the quarter, including a 500,000-square-foot speculative bulk warehouse building near the Dayton International Airport.
  • Construction activity has surged with projects totaling 2.5 million SF underway, however, developers continue to take a cautious approach to building speculative projects
  • Rental rates for warehouse and logistics properties have plateaued, while the increase in overall market rents have been driven by the manufacturing and light industrial sectors.


Dayton Industrial 21Q3 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 Manager


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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Todd Cochran

Brokerage Vice President


I am proud to represent Industrial landlords and tenants in the Greater Dayton market on behalf of Colliers.  I started my career in commercial real estate a few years out of college at a regional firm in Dayton.  There I began to learn what it takes to achieve the most success for my clients.  A few of the necessities are attention to detail, approaching each project with enthusiastic energy, truthfulness at all times and an exceptional work ethic.

As a lifelong Dayton resident, I know the market and people very well.  Strong relationships and market knowledge are two areas that require constant attention.  Colliers Research provides me up to date information on the overall market, but it is through my relationships and every day practice that I discern the micro-trends in the Dayton region.  Whether I am advising a landlord or tenant, I am confident I can provide the best information as they go through the decision making process, resulting in the most favorable transaction terms.

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Norm Khoury

Brokerage Senior Vice President


I specialize in creating innovative solutions and competitive advantages for my clients.  I am a seasoned real estate professional and have a long history of successful transactions over 100,000 SF.  I focus on cities and properties along the I-75 corridor in KY and OH.  This area has become extremely vibrant and I’m proud to have contributed to its growth.  Over the past 30 years, I’ve completed more than 325 transactions totaling more than 40 million SF and valued at over $400 million to date.  Long-term clients include Delphi, Gap, W. P. Carey, and General Motors.

I am a natural born connector and love negotiating on behalf of my clients.  There’s nothing I like better than solving problems.  I have a large network of real estate professionals that I am continually developing and expanding.  I serve in leadership roles with SIOR (Society of Office & Industrial Realtors, an educational international association of 3,000 brokers, developers, and investors), and am members of the elite Colliers Logistics and Transportation Solutions Group, and CSCMP (Counsel of Supply Chain Management Professionals).  As I tell my family and friends, everything comes down to logistics!

I am known for my deep real estate knowledge of the Greater Cincinnati area, my persistence, representing my clients the way they want to be represented, and operating at all times with honesty and integrity. 

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