Dublin Office Vacancy – Dublin’s office vacancy rate increased from 13.9% to 14.7% in Q2 2019, due to some companies leaving Dublin (TSI Co) or reducing their footprints (Epiq, Nokia, OhioHealth). In Q2 2019, Dublin City Council approved seven Economic Development Agreements for companies including Quantum Health, Dave Thomas Foundation for Adoption, City Barbeque, Univar Solutions, Ruscilli Construction, Northwoods Consulting Partners, and Air Force One. The office vacancy rate is expected to decrease by several percentage points by the time all relocations and expansions are finalized through new leases and building acquisitions over the coming quarters.
Dublin Income Tax Revenues Trending Up – While Dublin’s office vacancy is an important metric for the City to monitor, another key metric is Dublin’s income tax revenues, which are the ultimate measure of the City’s economic vitality. The City’s Q2 2019 financials were recently released, indicating that income tax revenue increased 2.1% ($972,000) over last year (Q2 2018). Overall, the City is 5.45% ($2.38 million) over income tax projections for the year. Despite the increase in real estate vacancy, the City’s tax base remains strong, with a positive outlook for the coming quarters.
About the Quarterly Commercial Real Estate Reports
The Economic Development Division evaluates Dublin’s commercial real estate statistics on a quarterly basis with data provided by Colliers International.
Another important source of information is business retention and expansion (BR&E) visits. Regular interaction with the Dublin business community, in addition to building owners and brokers, provides us insight and direct customer feedback to develop value-adding programs and resources to reduce time, risk, and money for our business community. This sets economic conditions that make Dublin a desirable place for business – an incentive in and of itself.