Columbus Commercial Market Report – Q3 2015
For the 3rd Quarter of 2015, the Columbus Industrial and Office Markets continue to remain strong with historic low vacancy rates as inventory continues to be leased and sold. For the first time in over a year, the Industrial Market had a negative absorption rate, which raised the overall vacancy slightly to 7.02% from 6.28% last quarter. In contrast, the Office Market had an overall positive absorption of over 243,000 square feet, dropping the vacancy rate, for the second consecutive quarter, from 13.7% to 12.8%.
With inventory dwindling, several developers are seizing the opportunity for more speculative projects. There is currently over two million square feet of industrial space under construction. It will be interesting to see how all of the current activity will play out through the rest of 2015 and into 2016. To read the full market reports, click the links below.