The Dublin and Worthington submarkets gained the most while losing the least amount of office tenants in Q2, a Colliers report found.
Both markets had zero tenants leave. The Dublin market saw seven tenants move to the submarket and three move within while the Worthington market saw five tenants move to the submarket and one move within.
Colliers scores the submarkets based on the amount of square feet they gain or lose. Dublin and Worthington both scored eight points, the highest of all the submarkets.
“We’ve got a very solid office stock and we have a lot of high-profile companies,” Colleen Gilger, Dublin’s economic development director, told Columbus Business First. “Companies that are looking for office space pay attention to what other brands are in Dublin and they want to be a part of that community.”
Gilger and McCorkle said the submarkets may contain properties outside their respective city’s limits. All of the Dublin-market properties purchased have Dublin addresses, but all of the leases signed for the Worthington market in Q2 have Columbus addresses.
Dublin has consistently attracted office tenants, according to previous Colliers reports.
In 2021's first quarter, the market gained nine new tenants, only losing one. In Q4 of 2020, it gained three and lost zero. Last year, Dublin topped the Q2 report as well, with five new tenants, and zero lost tenants.
Gilger said the competitiveness of the space and surrounding amenities, such as Bridge Park, are two factors she thinks drives offices to the market.
David McCorkle, Worthington's economic development director, said his city’s geographic location and amenities are what he thinks attracts offices.
“Because Worthington is so centrally located to everyone’s workforce, that does well for us,” McCorkle said. “We are a very central location to a lot of employees, it allows employers flexibility.”
In the first quarter, Worthington attracted five new tenants to the submarket and saw two tenants leave. Last year for Q2, the market gained two new office tenants while losing one.
McCorkle said the amenities offered such as parks, the bike path and water way are another factor that drives offices to the market.
However, he acknowledged the market competes for a different employer base than Dublin, as the city lacks the open green space to construct brand new developments.
“Worthington is a redevelopment town,” McCorkle said.
He said the city is partnering with property owners of existing office buildings to reinvest into the space and attract users while updating it.
Other Central Ohio submarkets mentioned in the report were Hilliard, North Delaware, Westerville, the Central Business District, Easton, Gahanna/Airport, Powell, Polaris and Arlington/Grandview. Here's a look at how they fared:
- Hilliard lost two tenants and zero moved to or within the submarket.
- North Delaware saw three tenants leave, zero move to or within.
- Westerville saw two tenants move to the submarket, one move within and one leave.
- The Central Business District saw nine new tenants, three move within and five leave.
- Easton saw two new tenants, one leave and zero move within.
- Gahanna/Airport lost and gained two tenants, none moved within.
- Powell gained and lost zero tenants, with none moving within.
- Polaris gained one tenant and lost zero. Zero moved within the submarket.
- The Arlington/Grandview submarket landed two new tenants, two moved within the submarket and four left. The four largest leases were signed in this submarket, three of them in the Arlington Gateway project and the other in Grandview Crossing.