MARKET TREND REPORTS
Columbus | Industrial
Despite uncertainty regarding the COVID-19 pandemic, the Columbus industrial market had a strong second quarter, recording 2,768,540 square feet of positive absorption*. As a result of sustained demand in the market, Columbus has seen absorption greater than 1 million square feet in 11 of the past 12 quarters. Although absorption was positive this quarter, vacancy remained steady at 4.56%, as over 1.5 million square feet of completed speculative development was added to the market. This prime new space also caused overall asking rates and warehouse/distribution rates to increase, to $3.67 per square foot and $3.50 per square foot, respectively. The second quarter demonstrated the explosive growth of e-commerce, which is booming even more due to coronavirus. Companies like Amazon, Walmart and Sheseido continue to expand in Central Ohio, occupying first-class warehouse space. With nearly 9 million square feet of development under construction and 102 industrial tenants currently looking for space in the market, Columbus can anticipate consistent activity this year as the country works to recover from the effects of COVID-19.
*net absorption is calculated based on commencement date