Columbus Retail Market Report

Decade-high leasing volume highlights retail resilience. Columbus was the only major U.S. market to post its highest leasing volume of the past decade in 2024, driven by expanding tenant
demand and major corporate investments. Beyond ongoing developments from Intel and Honda, Anduril recently announced plans for a new facility, which should be the largest single hiring event in Ohio’s history. The project is set to add 4,000 new jobs over the next 10 years, reinforcing employment and long-term population growth. These initiatives are expected to draw retailers to the north, northeast and east suburbs of Franklin County. Outer areas like Delaware and Fairfield counties should also see sustained demand following last year’s vacancy declines. While some closer- in suburbs experienced elevated store closures in 2024, vacancy stayed below historical norms. Backfilling from discount retailers, gyms and experiential concepts is anticipated to support leasing momentum in these areas. With new supply forecast to reach record lows this year, vacancy risks across the metro should further diminish.