Columbus Office Market
Columbus recorded its third straight quarter of positive absorption in the fourth quarter of 2025, totaling 100,597 SF, which reduced the quarter’s vacancy by 50 basis points to 20.0%. For 2025 overall, vacancy ended at 21.0%, down from 21.4% through the first three quarters. Looking ahead to 2026, the market is positioned for gradual vacancy compression, with gains likely to concentrate in well-located, amenity-rich assets as conditions move toward—though remain above—the 20-year average of 15.7%. New office construction levels have dipped as developers recognize the market’s process of rightsizing, while tenants have backfilled spaces in quality, legacy buildings. In fact, Class A buildings accrued 395,814 SF of positive absorption in 2025, 314.0% higher than Class B properties’ total of 95,657 SF of positive absorption. The average asking rental rate for the fourth quarter of 2025 increased to $22.89/SF, a $0.54/SF rise from the third quarter. The year-to-date average asking rent increased to $22.19/SF.
Download Columbus Office Market Report 4Q25
Columbus Industrial Market
Class A warehouse leasing totaled 54.0% of all Columbus leasing this past year, a volume at 11.9 million SF that finished 2025 with the highest total in 16 years. The Class A warehouse vacancy rate for the fourth quarter fell to 10.1% from 12.2% in the third quarter. Crane Worldwide Logistics LLC led the quarter’s lease transactions with a new lease at 714 Bosses Way in the Rickenbacker submarket measuring just under 1.2 million SF. Also in the Rickenbacker submarket, DHL Supply Chain signed a 737,471 SF lease and J Boren & Sons Logistics inked a 340,049 SF lease, both on Creekside Pkwy. The Columbus industrial market recorded 3.3 million SF of positive net absorption in the fourth quarter, which contracted the overall quarterly vacancy rate by 80 basis points to 7.2%. Just two of the 16 industrial submarkets finished with year-to-date negative absorption. Despite a slow rent growth rate, tightening vacancy in the market has enabled asking rental rates to climb for six straight years, though they have remained largely flat for most of 2025.