Market Insights
Located in the center of Ohio, Columbus is the 2nd largest city in the Midwest and the 14th-largest in the United States.
The region, whose population has never declined, is experiencing a period of tremendous growth and boasts some of the best business resources around.
Why Columbus?
Columbus is located within a 10-hour drive of 46 percent of the country’s population, making it a point of access for businesses and consumers. With access to top transportation networks like John Glenn International Airport, Rickenbacker International Airport, numerous rail terminals and national interstates, Columbus is a certified logistics hub.
Columbus Industrial Market Trends
Lease transaction volume increased in the first quarter, particularly in high-demand submarkets like Southeast and Licking County. New leases will likely remain the dominant share of activity, reflecting ongoing demand. Absorption is expected to remain positive as the Cardinal Health build-to-suit project comes online next quarter and as tenants that signed leases this quarter move in.
National Industrial Market
The U.S. average vacancy rate climbed by 19 basis points, to 6.6%, during the third quarter of 2024, the smallest quarterly increase since it began to rise in late 2022. New supply totaled 76 million SF, the lowest since early 2021, and 54% below the 163 million SF delivered during the third quarter last year. Demand as measured by net absorption totaled 39 million SF, bringing the year-to-date tally to 115 million SF.