Columbus Office Figures Q4 2022

MARKET SUMMARY

‒ Asking rates remained at an average of $21.30.

‒ Although leasing activity decreased this quarter, 86% of leases signed were new deals demonstrating tenants are active in the market.

‒ The highest negative absorption was experienced by the Dublin and Easton submarkets with -259k sq. ft. and -83k sq. ft. absorption, respectively.

‒ Construction wrapped up at Grandview Crossing and BMW Financial Services fully occupied the 124,500 sq. ft. building.

Large blocks of space were added to the market, including BMW Financial Services vacating 220,964 sq. ft. in Dublin, which decreased net absorption this quarter. This is the lowest recorded net absorption since Q3 2020. BMW Financial Services relocated and downsized to prime Class A space at the Grandview Crossing development. Large move-outs also increased the overall vacancy rate by 29%. Vacant sublease space is another factor impacting the overall vacancy rate. The direct vacancy rate is 21.0%, compared to the total vacancy rate of 25.7%.