MARKET TREND REPORTS
Columbus | Industrial
The Columbus industrial market started the year on a positive note, recording 2,060,165 square feet of net absorption*. In 10 of the past 11 quarters, the region has experienced absorption greater than 1 million square feet - a true testament to strong leasing activity, investment and development. This positive absorption drove vacancy down to 4.55 percent, which is over 30 basis points lower than a year ago. Overall asking rates remained stable at $3.44 per square foot, with rates for warehouses at $3.23 per square foot. General industrial properties saw the largest incline to $3.67 per square foot. The first quarter demonstrated growing demand from e-commerce companies and logistics providers, as Hormel Foods Corporation, Hims Inc., Hyperlogistics Group and FNS Inc. collectively leased over 1 million square feet around Central Ohio. These industries will continue to drive activity in Columbus, due to the area’s large influx of first-class industrial development. Construction activity remains solid with more than 8 million square feet of product currently underway - a majority of which is expected to reach completion throughout 2020.
*net absorption is calculated based on commencement date