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Columbus | Industrial
Q3 2023

The Columbus industrial market has continued its positive absorption trend, recording 1.5 million square feet of absorption this quarter. Vacancy rates increased to 4.38 percent and overall asking rates remained steady at $7.07 NNN. Construction activity has remained steady this quarter with seven projects coming out of the ground totaling 4.4 million square feet. There were 10 completions equating to 4.2 million square feet with 14.1 million square feet currently under construction. Some developments have not been leased due to a shift in demand as tenants are becoming more hesitant due to macroeconomic uncertainty. As a result, we anticipate less new construction in coming quarters, but the Columbus market remains healthy overall.

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