Dublin Office Vacancy – As expected, Dublin’s office vacancy rate decreased from 15.11% back down to 13.96% in Q3 2019, consistent with the Q1 2019 rate. With the Economic Development Agreements approved by City Council over the past year (Quantum Health, Dave Thomas Foundation for Adoption, City Barbeque, Univar Solutions, Ruscilli Construction, Northwoods Consulting Partners, Air Force One, PDS Planning, and Leading EDJE), Staff expects the vacancy rate to continue to decrease by the time all relocations and expansions are finalized through new leases and building acquisitions over the coming quarters.
While Dublin’s office vacancy rate is currently the highest in Central Ohio with respect to comparable markets, this also indicates the capacity available to meet the space needs of projects of all sizes, including those in excess of 300,000+ square feet, in a range of settings from the walkable, mixed-use Bridge Street District to the Dublin Corporate Area office campuses.
Implementing the Actions and Tactics outlined in the City’s recently adopted Economic Development Strategic Plan, such as “Create distinctive development nodes to meet 21st Century industrial demand for physical space,” will ensure that the City continues to see positive absorption trends.
Dublin Income Tax Revenues Continue Upward Trend – 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 Q3 2019 financials were recently released, indicating that income tax revenue increased 2.3% ($1,557,770) over last year (Q3 2018). As of September 2019 (end of Q3), the City is 3.0% ($2.0 million) over income tax projections for the year. 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.