Columbus Office Figures Q4 2023

January 5, 2024 10 Minute Read

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Asking rates increased $0.01 to an average of $21.62.
37% of leased square footage were renewals and 33% were subleases.
Total absorption is positive for the first time since Q1 2020 due to the completion of Arlington Gateway and limited large move outs.
Construction completed at Arlington Gateway, which was 91% pre-leased.

Activity continues to be primarily focused in suburban markets. Activity was primarily focused in the Dublin, Easton, and Worthington submarkets which posted a combined 195K sq. ft. of leases signed.

Sublease transaction activity accounted for 37% of total transactions, or 118K sq. ft. leased. The Columbus office market recorded positive absorption for the first time since Q1 2020. This is due to Arlington Gateway completing and few large move outs. The largest move out was First Merchants relocating from 3650 Olentangy River Rd to Arlington Gateway.