QUARTERLY REPORTS

The Columbus industrial market had a strong quarter regarding new development and velocity. The market had nearly one
million square feet of net absorption for the quarter, bringing the year-to-date net absorption just under 8.9 million square feet. The vacancy rate decreased from 2.20 percent to 2.09 percent with asking rates steady at $6.26. Construction remains strong, only slowing slightly with nine new projects breaking ground this quarter alone totaling over 2,457,688 square feet. Moving into the beginning of 2023, new construction is expected to slow significantly when compared to 2022. However, with more companies interested in reshoring and relocating to the US, this could decrease vacancy and pressure developers to consider new projects.

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*absorption calculated by occupancy date