Columbus Office Market
| Median Asking Rent (Price/SF) | $21.36 |
| Vacancy Rate (%) | 15.79% |
| Net Absorption (SF) | 85,044 |
The Columbus office market continued to demonstrate that it remained in a recovery stage, as a result of three straight quarters with positive absorption. The vacancy rate increased slightly, by nine basis points this past quarter from the previous quarter, to 15.79%. This change was driven by a lower net absorption of 85,044 square feet compared to the prior quarter. Meanwhile, spurred by new lease activity, the average overall asking rental rate increased by $0.38/SF from the previous quarter to $21.36/SF. Office activity in the construction phase remained stable, with nearly 1.25 million square feet being built, the majority of which is expected to be delivered by the end of 2022.
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Columbus Industrial Market
| Median Asking Rent (Price/SF) | $4.83 |
| Vacancy Rate (%) | 2.31% |
| Net Absorption (SF) | 1,737,650 |
The Columbus industrial market continued to show strong demand by recording 1.7 million square feet of positive net absorption in the second quarter of 2022. The total vacancy rate fell by 11 basis points from the previous quarter to 2.31%, bringing the vacancy rate in Columbus to its lowest point in five years. In the second quarter of 2022, warehouses and distribution centers still dominated the industrial net absorption tally with nearly 1.5 million square feet. The asking rental rate for industrial space in the second quarter of 2022 was $0.42/SF higher than the previous quarter at $4.83/SF.
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