Figures

Columbus Industrial Figures Q1 2024

Renewal transaction volume outpaces new lease activity for second quarter

April 5, 2024 8 Minute Read

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SUMMARY

‒The vacancy rate in properties under 100K sq. ft. is 1.3%.
‒Renewals account for 44% of lease transaction volume.
‒Lease transaction activity in the less than 200K sq. ft. size range accounts for 47% of total square footage leased in Q1, or 1.5 million sq. ft.
‒The modern bulk vacancy rate increased from 13% in Q4 to 14.5% this quarter.
‒Modern bulk net absorption decreased to -48K sq. ft. as two users, HomeGoods and Quaker, vacated spaces over 300K sq. ft.
‒The average modern bulk asking rate increased to $6.10.

Six projects delivered this quarter, adding 1.5 million sq. ft. of industrial product to the market. Out of these, five projects were speculative and none of them were fully leased. The only built-to-suit project that finished in Q1 was the Amgen facility in New Albany.

Majority of construction activity is taking place in the Southeast submarket, with 1.7 million sq. ft. of product underway. The Licking County submarket closely follows with 1.2 million sq. ft. of industrial space under construction.