Market Trends
- While still near historic lows, vacancy has climbed 80 basis points from the Q2 2022 low of 2.9%. Annual net absorption of 15.6 million square feet (msf) outpaced deliveries of 12.5 msf.
- A construction pipeline totaling 22.9 msf, of which 71% remains available, will continue to deliver new bulk product to the market. If leasing activity and demand slow, further upward movement in vacancy is expected.
- Licking, Pickaway and the Southeast submarkets make up 10.4 msfof the under-construction availability and are most at risk of near-term oversupply.