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Market Report

Columbus Office Market Report

2024 Investment Forecast

Corporate Investments Provide Evidence of Central Ohio’s
Growth Potential, Despite Rising Vacancy

Near-term headwinds mitigated by ongoing growth. By the end of 2024, vacancy in Columbus will reach its highest level since at least 2007. While deliveries are down from the pre-pandemic norm, the several 100,000-plus-square-foot projects underway in the metro will still outpace net absorption in 2024. Weakness in leasing activity is complicated by the fact that companies have begun occupying smaller floor plans as they re-evaluate space needs. Despite these headwinds, signings were prominent in areas in and around downtown last year, as well as along major commuter routes, and local vacancy is still roughly 400 basis points below the national rate. Space along interstates 270 and 670 is likely to continue drawing tenants in the coming year as these routes offer access to both downtown and nearby suburbs. Long-term, Columbus is positioned to draw additional office-using companies to support firms like Intel, Google, Honda and Wells Fargo that are establishing new technology centers in the metro. Many of these projects have won Ohio tax credits, further incentivizing additional corporate investments in Central Ohio.

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