Columbus Office Market
The Columbus office market rebounded in the second quarter with 317,185 SF of positive absorption. The overall market’s positive absorption decreased the second quarter vacancy by 90 basis points to 21.4%. Year-to-date, the average vacancy rate for 2025 stands at 21.9%, improving over 2024’s average of 22.7%. The current vacancy rate at the halfway point of the year remains above the 20-year historical average of 15.7%. At 559,755 SF, the second quarter of 2025 saw an average amount of leasing activity in the Columbus office market, which halfway through 2025 puts the market just under the first half of 2024 and right on par with where it was in 2023. The overall average asking rental rate for the second quarter of 2025 fell to $21.59/SF, a $0.35/SF decrease from the first quarter. However, the year-to-date average asking rent came in at $21.77/SF.
Download Columbus Office Market Report 2Q25
Columbus Industrial Market
Class A warehouse leasing represented 51.2% of overall activity in the first half of 2025, up from 45.9% in the first quarter and 49.3% in 2024. At the current pace, Class A leasing volume could eclipse both 2023 and 2025, which is a positive sign for the market going forward. The Columbus industrial market recorded 205,013 SF of positive net absorption in the second quarter, keeping the overall vacancy rate unchanged at 8.7%. The second quarter’s average direct asking rental rate was $6.11/SF, up $0.26/SF from the previous quarter.