Scroll Down

Market Report

Columbus Multifamily Investment Forecast

2020 Outlook

Hiring in Medical and Government Industries Spurs Housing Growth

 

Leasing follows large influx of construction in urban core. Increased hiring by the healthcare services industry and government sector will help expand household formation in Columbus this year. The central business district continues to be the epicenter of housing formation due to the expansion of office demand and medical center demand. Economic growth in this area has motivated developers to construct apartments in the city as more employees move closer to the urban core for work. Approximately 3,100 apartments will be constructed in 2020, with 1,200 units of the inventory being delivered near the city center. Just north of the central business district, builders have broken ground on Columbus’ $300 million professional soccer stadium to be delivered in 2021, adding to the already flourishing Downtown/University area. Additionally, new mixed-use space is to be developed here, including the six-story Xander on State, which will total 222 units. This project will include 15,000 square feet of commercial space, attracting residents that want to be near a wealth of shopping, food and hometown events. Inflow of supply will minimally expand vacancy downtown; however, demand for housing near these amenities will continue to trigger stable rent gains this year.

Related Research

Back to top