Columbus Office Market
The Columbus office market absorbed 710,544 SF this quarter, the first time it has reached this level since 2019. Following an extremely low first quarter of leasing volume second quarter levels rebounded to 452,000 SF. Historically, leasing volume has been stronger in the second half of the year and the Columbus market will need to have an incredibly active second half of the year to reach the 16-year annual average of 2.9 million SF. Average asking rates were up this past quarter alongside falling vacancy rates, increasing by $0.30/SF to $21.92/SF. Since Newmark started tracking market statistics this is the highest the rental rates have been.
Download Columbus Office Market Report 2Q24
Columbus Industrial Market
Coming off a quarter of significant negative absorption the market rebounded with positive absorption, although not enough to bring year-to-date absorption out of the red. With several occupations expected in the coming months, absorption is poised to be positive moving into the second half of 2024. Rent growth continues to move in a positive direction but at a much slower clip. At 2.3 million SF the year-to-date Class A warehouse leasing volume is only one third of 2023’s total volume, which was also down significantly from 2022.