Columbus Office Market
| Median Asking Rent (Price/SF) | $21.34 |
| Vacancy Rate (%) | 19.17% |
| Net Absorption (SF) | -447,023 |
The Columbus office market recorded two consecutive quarters with negative net absorption as a large tenant returned significant sublease space to the market. In parallel with negative 447,000 square feet of absorption, the vacancy rate increased 112 basis points from last quarter to 19.17% in the fourth quarter of 2022; however, active leasing activity in Columbus, with nearly 800,000 square feet, indicates future quarterly net absorption that typically takes place one to three quarters after a lease is signed and a tenant occupies the space. The rental rate slightly decreased from the previous quarter to $21.34/SF.
Download Columbus Office Market Report 4Q22
Columbus Industrial Market
| Median Asking Rent (Price/SF) | $5.25 |
| Vacancy Rate (%) | 3.90% |
| Net Absorption (SF) | 1,720,753 |
The industrial market in Columbus experienced an active fourth quarter of 2022, with a positive absorption tally of 1.7 million square feet, four times higher than the previous quarter. This positive net absorption figure marked the 12th consecutive quarter in the affirmative. Despite the positive net absorption, the overall vacancy rate increased by 94 basis points, to 3.9%. The increase in the vacancy rate was due to new supply of nearly 5 million square feet delivering to the market, 3.3 million square feet of which was unoccupied. In total, the market recorded 8.5 million square feet of net absorption for the year. Despite the increased vacancy, the fourth quarter of 2022 logged an increase of $0.32/SF for the asking average rental rate to $5.25/SF, the highest in the market’s history.
Download Columbus Industrial Market Report 4Q22