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Market Report

Columbus Retail Market Report

2024 Investment Forecast

Columbus is on Track for Long-Term Corporate and
Population Growth, a Boon for Retail Investors

Central Ohio’s single-tenant vacancy is nationally low. Columbus expects more than 60,000 new residents over the next five years, vastly outpacing in-migration to other Ohio markets. This comes as Central Ohio welcomes several major investments from companies like Intel, Google, Microsoft and Amazon, bringing new high-paying jobs. The retail sector reflects this strong long-term outlook. At the onset of 2024, Columbus held the third-lowest single-tenant vacancy rate among major markets at 2.5 percent. None of the metro’s submarkets had a single-tenant rate above 3.4 percent, the only market in the nation to claim that distinction. Limited space for stand-alone tenants has warranted new construction, but options for vendors seeking new, sub-20,000-square-foot spaces will stay minimal this year, keeping vacancy near a record low. Multi-tenant space faces more demand-side challenges, but these headwinds are predominantly confined to the east and west edges of Columbus, as well as Fairfield County, which have all noted elevated vacancy rates since before 2019.

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