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
The Columbus industrial market had negative net absorption this quarter, after having positive absorption in Q2 and Q3. The most significant reason behind the sizeable negative absorption was the 3.8 million square feet of space vacated by Big Lots due to bankruptcy. Without the Big Lots outlier, Q4 absorption would have been positive 847,977, along with positive 2M square feet for 2024.
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.