Columbus Office Market
| Median Asking Rent (Price/SF) | $20.98 |
| Vacancy Rate (%) | 15.35% |
| Net Absorption (SF) | 204,145 |
Market vacancy in the Columbus office market decreased to 15.35% in the first quarter of 2022, down 48 basis points from the prior quarter, precipitated by 204,145 square feet of positive net absorption. Office activity in the construction phase was stable with nearly 1.3 million square feet, the majority of which is expected to be delivered by the end of 2022. The most significant under-construction projects were recorded in the Central Business District submarket.
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Columbus Industrial Market
| Median Asking Rent (Price/SF) | $4.21 |
| Vacancy Rate (%) | 2.42% |
| Net Absorption (SF) | 4.7M |
The Columbus industrial market ended the first quarter of 2022 with its lowest vacancy rate in the last five years. The market continued a downward trend in vacancy by recording positive absorption above 4 million square feet, dominated by warehouses and distribution centers. In fact, for three consecutive quarters, the market recorded positive absorption above 4 million square feet, indicating a high demand for industrial space, especially for warehouses and logistics centers. These factors demonstrate that the Columbus industrial market has shown resiliency during the pandemic.
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