Market Trends
- Vacancy has climbed 300 basis points (bps) since Q1 2023 and now sits at 8.5%, the highest quarterly mark since Q4 2020. The Fairfield, Licking, Madison and Pickaway submarkets all have vacancy over 10.0%.
- Q1 2024 net absorption of -1.7 million square feet was the first negative quarter the market experienced since Q3 2020. Contributors were recently listed subleases for TJ Maxx and Newell Brands in the Southeast and Licking submarkets, respectively.
- Speculative projects account for 42% of the 7.6 msf construction pipeline, of which 2.9 msf remains currently available for lease. Indicating developers' response to tenant demand for build-to-suit properties.