Skip to main content Skip to footer

2021 Q2 Industrial Trends Columbus Colliers

Download Report

Research & Forecast Report
COLUMBUS | INDUSTRIAL
Q2 2021


As the COVID-19 pandemic continues to fuel demand for prime warehouse space, the Columbus industrial market posted 2.8 million square feet of net absorption in the second quarter. The region has seen absorption greater than 2 million square feet consecutively in the past six quarters, which has driven vacancy down to 3.68 percent - the lowest it has ever been. Construction also remains steady, as over 10 million square feet of product is currently underway and 2 million square feet of space completed this quarter. Consistent demand in industrial space will further impact the Columbus market through the rest of  2021.


VACANCY >>
Another quarter of positive net absorption drove the vacancy rate down from 4.02 percent to 3.68 percent. The largest vacancy of the quarter occurred in the Southeast submarket, as Novotec vacated 188,000 square feet at 3960 Groves Road. The Fairfield submarket saw the most significant decrease in vacancy to 2.34 percent, as four tenants occupied a combined 1.4 million square feet there this quarter.

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 7.5 million square feet – a strong indication that tenants are continuing to stay active in the market.

CONSTRUCTION ACTIVITY >>
Development continues to grow in Columbus, as 15 projects totaling 6.5 million square feet broke ground this quarter alone. This brings total product under construction to 10.1 million square feet - the eighth consecutive quarter with over 5 million square feet underway. The Licking, Pickaway and Southeast submarkets lead activity, each with over 1.7 million square feet of Class A product under construction. Over two thirds of buildings currently underway are speculative projects. Nine properties totaling 2 million square feet reached completion this quarter. Canal Crossing 1 & 2 were both finalized and are now fully leased. Both phases of CT Realty’s Rickenbacker Logistics Park are now complete and fully occupied by Geodis and TJX Companies. With 63 projects comprising of over 28 million square feet either under construction or in the development pipeline, Central Ohio can expect more large completions throughout 2021.

SALES ACTIVITY >>
This quarter, 37 industrial properties totaling 2.5 million square feet sold in Central Ohio for a total sales volume of $192 million. The average price per square foot reached $99, which is $35 higher than the average of last quarter. Miramar Acquisitions purchased 510 Sunbury Road for $60 million, or $200 per square foot, making it the largest sale of the year so far. RMR bought 7303 Rickenbacker Pkwy. for $31.5 million and 4400 S. Hamilton Road sold to W.P. Carey for $27 million. Exeter Property Group purchased 111 Enterprise Drive for $19.5 million and 4630 Journal St. was sold to Knight Transportation in an owner/user sale for $5.7 million, or $150 per square foot.

 

Industrial Search

2021 Q2 Industrial Trends Columbus Colliers

Download Report
Related Experts

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.

View expert

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.

View expert

Joel Yakovac

Senior Executive Vice President | Principal

Columbus

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.

 

View expert

Benjamin Johnson

Executive Vice President

Columbus

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.

View expert

Jonathan Schuen

Senior Executive Vice President

Columbus

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.

 

View expert

Kyle Ghiloni

Senior Associate

Columbus

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.

View expert