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2021 Q1 Industrial Trends Columbus Colliers

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Research & Forecast Report
COLUMBUS | INDUSTRIAL
Q1 2021


The Columbus industrial market started the year strong, recording 5,072,626 square feet of net absorption. The ongoing COVID-19 health crisis has caused already-high demand for warehouse space to skyrocket, leading to booming activity in the industrial sector. This growth has yielded absorption greater than 1 million square feet in 14 of the past 15 quarters in Central Ohio and driven vacancy to 4.02 percent - the lowest it’s been in three years. With consistent demand and expected construction completions, Columbus can anticipate more activity throughout 2021 as the pandemic fuels growth in industrial space.


VACANCY >>
The vacancy rate declined from 4.74 percent to 4.02 percent in the first quarter due to positive net absorption. The largest vacancy of the quarter occurred in the Southeast submarket, as Alliance Data vacated 110,000 square feet of space at 6939 and 7001 Americana Pkwy. The Madison submarket saw the most significant decrease in vacancy to 7.29 percent, as Honeywell and Joann Fabrics occupied a combined 1.7 million square feet there.

MARKET ACTIVITY >>
Market activity is often correlated to positive or negative absorption. However, in cases when a tenant leaves one space for another, the positive and negative absorption cancels out. The Market Activity Volume (MAV), which is the absolute sum of absorption change in the market, gives a better idea of overall activity. This quarter, the MAV was 6.3 million square feet – a strong indication that tenants are continuing to stay active in the market.

CONSTRUCTION ACTIVITY >>
Development remains steady across the region, as three projects totaling 910,000 square feet broke ground this quarter. This brings total product under construction to 5,687,172 square feet - the seventh consecutive quarter with over 5 million square feet underway. The Licking, Pickaway and Fairfield submarkets lead activity, each with over 900,000 square feet of Class A product under construction. Four properties totaling 2.3 million square feet reached completion this quarter. The 1.1 million-square-foot speculative warehouse at 70 Enterprise Pkwy. and the 742,140-square-foot building at 4077 Airbase Road were both finalized. The Cubes at Rickenbacker completed fully preleased and the Amerisource Bergen build-to-suit expansion also reached completion. With 55 projects comprising of over 24 million square feet either underway or in the pipeline, Central Ohio can expect more large completions throughout 2021.

SALES ACTIVITY >>
This quarter, 23 industrial properties totaling 2.6 million square feet sold in Central Ohio for a total sales volume of $159 million. The average price per square foot reached $64, which is $20 higher than the average in the first quarter of last year. LBA Realty purchased 6198 Green Pointe Drive and 9750 Innovation Campus Way from VanTrust for $56.1 million and $24.5 million, respectively. This was the largest portfolio sale of the quarter. Covington Group, Inc. sold 8355 Highfield Drive to Equity Industrial Partners for $31.6 million in an investment sale. 6500 Adelaide Ct. was sold to Exeter Property Group for $15.2 million.

 

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2021 Q1 Industrial Trends Columbus Colliers

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Michael Linder

Senior Executive Vice President | Principal

Columbus

Michael R. Linder, SIOR is a member of the Columbus Industrial Team at Colliers along with Shane Woloshan, SIOR, Joel Yakovac, SIOR, Jonathan Schuen, SIOR,  Kyle Ghiloni, Molly Crosby, and Sydney Sleeper. Mike works with owners and tenants in the leasing, sale, and development of industrial properties, primarily in the southeast and southwest markets. He has been involved in real estate for over twenty years.

Mike is a member of the Colliers Logistics and Transportation Solutions Group (L&T). L&T is a select group of specialists dedicated to delivering focused solutions to the increased challenges of today’s global shipping and transportation community. With the group, he has traveled throughout North America as well as South America on port tours to understand what drives demand to Columbus, Ohio and to set new standards for delivering clients the most advanced resources and service.

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Shane Woloshan

Senior Executive Vice President | Principal

Columbus

Shane E. Woloshan, SIOR is a member of the Columbus Industrial Team at Colliers along with Michael Linder, SIOR, Joel Yakovac, SIOR, Jonathan Schuen,  SIOR, Kyle Ghiloni, Molly Crosby, and Sydney Sleeper. Shane specializes in industrial leasing, investment sales and tenant representation. Throughout Shane’s fifteen year career in commercial real estate he has established himself as one of the prominent names of industrial real estate in Columbus, Ohio. Shane has provided his expertise to major corporations, local companies, investors and developers. In addition, he also earns referrals and repeat business from his many satisfied clients. Shane’s market knowledge, relationships, prompt follow up and attention to detail enable him to successfully complete assignments for his clients.

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Joel Yakovac

Senior Executive Vice President | Principal

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Joel R. Yakovac is a member of the Columbus Industrial Team at Colliers along with Michael Linder, SIOR, Shane Woloshan, SIOR, Jonathan Schuen, SIOR, Kyle Ghiloni, Molly Crosby, and Sydney Sleeper. Joel specializes in industrial sales and leasing. He focuses on new business development and prospecting new tenants, buyers, landlords and sellers. Joel works with local companies throughout Central Ohio as well as large corporations across the United States.

Through extensive work, the willingness to go above and beyond and a vast grasp of the Columbus industrial market, Joel ensures clients have professional and efficient representation to expedite successful transactions.

 

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Benjamin Johnson

Executive Vice President

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Ben is a member of the Industrial Services Group at Colliers International. He has brokered the sale of millions of square feet of industrial and office space. Ben advises both owner-occupant and investor buyers and sellers in numerous transactions. He Also works with landlords and tenants to complete industrial and office leases, helping his clients identify opportunities and achieve favorable terms. Ben specializes in industrial sales, leasing, land development and investment sales. He has a unique understanding of site selection, the development process, and financial analysis. He also acts as a consultant for his clients in numerous commercial real estate transactions including planning, investment, advisory, and development assignments.

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Jonathan Schuen

Senior Executive Vice President

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Jonathan R. Schuen, SIOR is a member of the Columbus Industrial Team at Colliers along with Michael  Linder, SIOR, Shane Woloshan, SIOR, Joel Yakovac, SIOR, Kyle Ghiloni, Molly Crosby, and Sydney Sleeper.  Jon specializes in industrial sales and leasing. He brings an exceptional work ethic to a team of seasoned real estate advisors which he works closely with on new business development and prospecting new tenants, buyers, landlords and sellers.

 

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Kyle Ghiloni

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Kyle M. Ghiloni is a member of the Columbus Industrial Team at Colliers along with Michael  Linder, SIOR, Shane  Woloshan, SIOR, Joel Yakovac, SIOR, Jonathan Schuen, SIOR, Molly Crosby, and Sydney Sleeper.  Kyle provides a unique level of experience having been mentored by the Columbus Industrial Team for three years prior to his college graduation. Kyle’s persistence and desire to learn adds yet another dimension to a team of seasoned real estate advisors.

Kyle began his stint at Colliers as a Brokerage intern in 2016. He continually earned extensions by proving himself as a valuable asset to the team. Once Kyle recieved his license he began prospecting and bringing deals to the team; completing some on his own. His effectiveness in prospecting and attention to detail led to his promotion to Brokerage Associate two years prior to recieving his Bachelor’s degree. In June 2019, Kyle offically joined the Industrial Services Group as a Broker in Training.

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