Columbus Office Market
The Columbus office market negatively absorbed 108,086 SF in the first quarter of 2024, after a yearly total of 163,329 SF in 2023. The market has experienced positive absorption in five of the past 10 quarters, though yearly totals have been in the negative for four of the past five years. Total leasing was 417,281 SF in the first quarter of 2024 – the second lowest first quarter total in the last 15 years. Average asking rates increased this quarter despite increasing vacancy rates. While asking rates have been increasing for 12 years, the growth rate has tempered from approximately 1.0% in 2022 and 2023 to 0.2% in the first quarter.
Download Columbus Office Market Report 1Q24
Columbus Industrial Market
The Columbus industrial market tallied 1.5 million SF in negative net absorption in the first quarter. As a result, the vacancy rate increased by 110 basis points from the previous quarter to 7.7%. The average asking rent for the first quarter of 2024 grew by 6.3% over the past year, a modest increase compared to the previous four years. The average asking rent for the first quarter stood at $5.89/SF; the second highest in recent history behind the third quarter of 2023’s $5.90/SF. In the first quarter of 2024 demand for industrial and flex space was the second lowest since the first quarter of 2023. Total leasing activity for the quarter measured 1.8 million SF, down from 2.3 million SF in the fourth quarter of 2023.