Columbus industrial real estate market reports

Q2 2021

At mid-year 2021, the Columbus industrial market continues to show its strength, as growing ecommerce, retail and logistics businesses fuel significant construction and leasing activity.  Land availability and the need for infrastructure expansion keep the Columbus market tight as tenants anxiously await new deliveries.  There are currently 7 properties over 500,000 sf under construction which will add 5.4 msf of new inventory to the market.

4.7%

Economic conditions

A full construction pipeline, new distribution hubs, and a sharp demand for labor have helped bring Columbus unemployment figures down to 4.7 percent. Land availability and the need for infrastructure expansion keep the Columbus industrial market tight as tenants anxiously await new deliveries.

11.5%

Job growth

Local employment in Construction rose by 11.5 percent through May as industrial jobs increased 2.6 percent overall in the Columbus area.

47.7%

Vaccination rate

The Columbus metropolitan area continued to reopen in the second quarter, as vaccination rates surpassed the national average to 47.7 percent

2.6%

Return to office

As office workers across the metropolitan area just now begin to return to the office, the industrial workforce has grown by 2.6 percent since the beginning of the pandemic in February 2020.

+83.1%

Industrial leasing

Overall leasing activity has been sustained throughout the pandemic, currently sitting at +83.1 percent of the long-term annual average of the last 20 years of historical data.

5 msf

Absorption

Net absorption is keeping pace as high construction volume continue with Q2 totaling over 5 million sf.

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