Columbus Industrial Figures Q4 2022

MARKET SUMMARY

‒ Seven new speculative buildings completed in Q4 adding 4.8 million sq. ft. to the market, and 4.2 million sq. ft. of additional vacant space. This pushed vacancy higher from 2.8% to 6.5%.

‒ Columbus continued to show occupancy growth with bulk product recording 1.01 million sq. ft. of positive absorption in Q4.

‒ Average asking rates dropped by $0.23 to $6.09.

Columbus recorded 3.5 million sq. ft of leasing activity in the fourth quarter, leading to positive net absorption this quarter. The market posted 8.1 million sq. ft. of YTD net absorption, making 2022 the eleventh consecutive year with positive year-to-date absorption.

There is about 15.8 million sq. ft. of industrial product under construction that is expected to complete in upcoming quarters. About 3.1 million sq. ft. of new construction is located in the Southeast submarket, which is home to the Rickenbacker Inland Port. Seven industrial projects delivered this quarter for a total of 4.8 million sq. ft.