More jobs coming to new airport industrial site

It appears NorthPoint Development already has a tenant for what will be a third 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 City-based 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 nearby.

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That second facility already has 350,000 square feet leased to a consumer goods tenant, according to Colliers. 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.

A second building is under construction adjacent to the Spectrum site by NorthPoint, Dayton Aviation Director Terence Slaybaugh first told the Dayton Daily News in December.

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About 350,000 square feet of that estimated $31 million building will be occupied by a consumer goods company for primarily logistics warehousing operations, Slaybaugh said at that time.

The company, 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.

Slaybaugh also noted at the time that a third building had been proposed for a 34-acre site on the north side of the airport, which would offer about 434,000 square feet of space.

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Overall, new real estate reports are pointing to strong industrial real estate 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 multi-year 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 decade-long low vacancy level of 7.6 percent was set earlier in the year, said Cushman & Wakefield.