Market Trends
- Vacancy has continued to climb throughout 2023, increasing by 320 basis points (bps) from Q4 2022. New construction is exerting upward pressure on vacancy, with 4.0 million square feet (msf) completing in Q4, of which 3.5 msfcame to market vacant.
- Quarterly net absorption, totaling a positive 2.0 msfin Q4, has remained strong throughout 2023. The largest move in Q4 stems from the Pickaway Submarket as Babylistcommitted to 750,000 sf of sublet space at Rickenbacker Exchange Building 2.
- Speculative projects account for 51.0% of the 9.1 million square foot construction pipeline. Of that, 4.2 msfremains available for lease. The nearly even split between speculative and built-to-suit projects limits the risk of oversupply in the Columbus market.