Columbus Commercial Market Report – Q3 2016
The Columbus Commercial Market has continued to show strong absorption figures and low vacancy rates as we head into the final months of 2016.
The Industrial sector absorbed 2,931,340 square feet during Q3 of 2016 with the southeast submarket seeing the majority of that with just under 1.5M square feet of absorption. The vacancy rate remained steady at 6.0% from the previous year at this time. With inventory at an all-time low, developers are seizing the opportunity and currently have over 3.8M under construction.
During Q3 of 2016, the office sector reported negative absorption of 69,183 square feet. Despite the Q3 negative absorption, the overall vacancy rate has declined to 11.7% from 12.2% the year before. Similar to the industrial sector, office developers are taking advantage of the historically low vacancy rates and currently have over 300,000 square feet in the development pipeline.
If you are interested in finding out more about the Columbus Commercial Market, or need to find the perfect space for your company, contact the Professionals at Rj BOLL Realty and discover why we’re Central Ohio’s Elite Commercial Real Estate Firm.