State of the Columbus Industrial Market

Market Summary

• Annual leasing activity decreased 3.5% year-over-year to 8.9 million sq. ft., 46% of which were renewals.
• Renewal activity increased 18.2% year-over-year to 4.1 million sq. ft. in H1 2024.
• Net absorption of 3.1 million sq. ft. was higher than the previous quarter but remained 21.4% lower than H1  2023.
• Construction starts continue to decline with 1.7 million sq. ft. breaking ground in H1 2024, 31% of which were built-to-suit projects.
• Construction completions decreased 56.9% year-over-year to 4.4 million sq. ft. Columbus delivered a record breaking 17.7 million sq. ft. in 2023.