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Market Report

Columbus Office Market Report

4Q 2023

Columbus Claims Fourth Lowest CBD Vacancy Rate;
Incoming Supply Mainly Affects Suburban Areas

Downtown shielded from supply pressure. While deliveries in Columbus will crest one million square feet in 2023 for the first time since the onset of the pandemic, the effect of new space will be localized rather than widespread. In the last five years, the majority of new supply has come online in the suburbs, and CBD inventory has expanded by less than 1 percent in that time frame. This trend persists in 2023, protecting downtown from a major uptick in vacancy. Still, the urban core has not been entirely insulated from company consolidation. After total available space in the CBD decreased in both 2021 and 2022, the first half of this year has seen over 470,000 square feet of space returned to the market. Vacancy here reached an all-time high of 11.2 percent in June, but on a national scale, this rate was the fourth-lowest measure among major U.S. markets.

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