Columbus Industrial Market Report

Slowing construction allows supply and demand to realign. More than 35 million square feet of space came online from 2020-2023 in Columbus. While vacancy reached a record low in 2021, deliveries have elevated the metric over the last two years. This trend will reverse in 2024, however, as the metro expects its slowest pace of stock growth since 2012, making Columbus one of two major U.S. markets that will log decreasing vacancy. Over the next half-decade, the metro expects several major industrial projects to deliver, including Intel’s semiconductor factories in New Albany and data centers for Google, Microsoft and Amazon. Corporate investments like these have highlighted Columbus’ central location and led suppliers to take up nearby space. Distribution-oriented firms will also expand into Central Ohio buildings this year, illustrated by ODW Logistics moving into a 540,000-square-foot facility in Lockbourne.