‒13 projects delivered this quarter, adding 4.3 million sq. ft. of industrial product to the market. 12 projects were speculative, none of which were fully leased. The America's Floor Source facility was the only built-to-suit project that completed in Q4.
‒Columbus delivered a record breaking 17.1 million sq. ft. in 2023.
‒The modern bulk vacancy rate increased this quarter, from 11.3% in Q3 to 13%. The modern bulk vacancy rate increased this quarter due to only 360K sq. ft. pre-leasing of the total 4.2 million sq. ft. of modern bulk product delivered.
‒Modern bulk net absorption increased this quarter to 1.7 million sq. ft. Three users moved into spaces over 200K sq. ft.: Baby List, TP Mechanical, and America’s Floor Source.
There is about 5.1 million sq. ft. of industrial product under construction that is expected to complete in upcoming quarters. The bulk of construction activity is in Licking County with 1.7 million sq. ft. of product underway. The Southeast submarket is a close second with 1.2 million sq. ft. of industrial product.