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Market Report

Columbus Office Market Report

2019 Outlook

Vacancy Drops Following Last Year’s Steep Hike; Private Capital Dominates Columbus Deal Flow


Talented labor force contributing to increased office demand. Steady employment growth continues to support the Columbus office market. Graduates of Ohio State University and other regional higher-education institutions supply quality candidates consistently throughout the year, attracting more businesses to the area. The inflow of new companies will help push vacancy back down after a collective 270-basis-point increase over the past two years. This is aided by tight vacancy rates in the urban core as well as South Columbus, where limited supply growth during the past several years has helped keep the measure compressed. On a market level, office development will decrease by roughly 43 percent in 2019, though approximately half of this year’s delivery volume is concentrated on High Street in the Short North District. An attractive live-work-play environment may encourage owners of the newly completed buildings in this area to post above-market asking rents, hoping to lure those seeking space in the vibrant neighborhood. Rental increases in the Short North District will support solid metrowide rent growth following relatively muted gains last year.

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