Columbus office market report
Leasing activity in Columbus remains concentrated in high quality buildings and new construction. Overall vacancy continues to rise across the market, especially in the suburbs. New, pre-leased construction shows signs of optimism looking ahead.
New construction in downtown and surrounding areas like Grandview and Upper Arlington give optimism to the market, especially as much of this space is already pre-leased.
After a positive first quarter, net absorption in Q2 totaled just over -300k sf. Most of downtown performed adequately with the bulk of the loss being felt in the suburbs.
Direct Asking Rent
Even as vacancy rises across the market, the focus on high-quality space coupled with rising inflation has led to overall market pricing to rise in 2022.
Available space levels continue to rise through Q2. The total amount of sublease space on the market totals 1.06 msf.
Sitting now over 21%, total vacancy has consistently risen since Q1 2020. However, downtown space has performed many areas of the suburbs.
Average pricing per-square-foot on building sales averaged $92/sf while total sales volume was $45M in Q2.
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