The Dublin market continues to be impacted by the ongoing COVID-19 pandemic, posting overall negative net absorption of 87,043 square feet this quarter. The office sector recorded negative net absorption of 107,090 square feet and vacancy of 14.63 percent due to large vacancies such as York Risk Services and Dell Technologies.
On a positive note, the industrial, retail and medical sectors had a strong quarter, as users like Nanofiber Solutions and Sola Salon Studios occupied space around the submarket. The COVID-19 health crisis has impacted commercial real estate, as activity has considerably slowed over the past year.
However, Dublin demonstrated its continued desirability, recording more new tenants migrating to the area than any other submarket in the first quarter of 2021. Over the past 12 months, 18 office tenants renewed or expanded in Dublin, for a total of 230,000+ square feet. In addition, 29 office users signed new leases totaling 146,000+ square feet.
ERIC MEYER
Check out the detailed Q1 commercial real estate report posted here for more insights, and then contact us at emeyer@dublin.oh.us or 614.410.4655.
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