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2021 Q3 Office Trends Columbus Colliers

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Research & Forecast Report
Q3 2021

The Columbus office market continues to be impacted by the ongoing COVID-19 pandemic, recording 262,017 square feet of negative net absorption and vacancy of 12.7 percent. A majority of this can be attributed to the 1.4 million+ square feet of new sublease space that has been added to the market since Q2 2020. On a positive note, development remains high with more than 1.3 million square feet of Class A space underway and tenant demand is picking up. With nearly 130 office users actively searching for space, Central Ohio can anticipate an increase in activity in coming months as the market begins to rebound. 


The vacancy rate rose to 12.67 percent this quarter, as various companies consolidated offices and more sublease availability was added to the market. The New Albany submarket saw a substantial vacancy increase to 18.16 percent due to Aetna downsizing at 7400 W. Campus Road. Vacancy decreased to 13.27 percent in the Westerville submarket as various tenants occupied space 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 970,565 square feet– a strong indication that tenants are staying active in the market.

With 1.3 million square feet currently under construction around the region, development remains steady. The highly anticipated Arlington Gateway project is underway and secured 73,000 square feet of preleasing already. The first phase of the Scioto Peninsula mixed-use development is expected to complete in 2022. The first building of Grandview Crossing will finalize in coming months and will be occupied entirely by BMW Financial Services. There was one completion this quarter in Central Ohio. The 130,000-square-foot Arena District expansion was finalized and Chipotle moved their corporate offices to part of the space. Throughout the coming year, as many as four projects are expected to complete around the city.

This quarter, 26 office properties totaling 782,000 square feet sold around the Columbus region. The total sales volume reached $36 million, with an average price per square foot of $112. Activity is expected to rise, as 183 office properties totaling 3.7 million square feet are currently on the market. Gasoco Properties purchased 2500, 2550 and 2600 Corporate Exchange Drive for $5.01 million, making it the largest office sale of the quarter. Marimeter, LLC bought 5000 Arlington Centre Blvd. for $5 million. 1776-1780 E. Broad St. was sold to The Village Network for $3.51 million, or $73 per square foot. Bridge Credit Union purchased 10567 Sawmill Pkwy. for $2.3 million.

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2021 Q3 Office Trends Columbus Colliers

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Daniel Dunsmoor

Brokerage Executive Vice President & Principal


Dan is recognized as a market leader in the Columbus, Ohio commercial real estate market, specializing in the lease and sale of Class A and B office space.

Dan has been involved with over 750 commercial real estate transactions valued in excess of $800,000,000 and accounting for over 5,000,000 SF of Class A and B office space.

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Ross’ dedication and knowledge provide successful solutions for his clients in project asset types ranging from new development to creative use redevelopment projects. With more than 15 years of real estate experience, Ross has completed transactions totaling more than $650,000,000 in value.

Before joining Colliers, Ross most recently spearheaded his own venture of Superior Real Estate Advisor/Superior Shot Sales specializing in redevelopment projects and loan workouts, while splitting time between Columbus, OH and Charlotte, NC.  Prior to that, he was a commercial broker for Alterra Real Estate in Columbus, OH, working directly with buyers, sellers and tenants in completing all stages of the commercial sales, and leasing process.

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Taylor Fante

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Theodore Hobson

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As part of the Corporate Solutions team based in Columbus, Ted’s experience covers occupied services including account management, consulting, local, and national transaction management and lease administration. Ted has successfully assisted clients of all sizes with a service, value and team approach to each of his relationships. Locally, Ted has worked in the central urban core with both small and large businesses servicing their office space sales and leases. Assignments include companies in law, engineering, staffing, technology, insurance, education, non-profits and a wide variety of other industries. Ted has also collaborated with many national brokers serving as their local team member on Columbus, OH assignments.

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Christopher Potts

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Chris brings over 25 years of experience to the real estate industry focusing on both the leasing and sale of office properties.  He hosts a large client base through out the central business district and the surrounding submarkets of Greater Columbus.  His vast knowledge of buildings, owners, and market information combined with an innovative nature in the business lead to successful solutions for his clients looking to lease, purchase, sell, or develop office buildings. 

Chris has been in the real estate industry since graduating from The Ohio State University. Prior to joining Colliers International, Chris was Vice President and Broker of Record for NAI/Eagle Realty Services, Inc.  Before NAI/Eagle, Chris was an associate at Kohr, Royer, Griffith, Inc. for five years and began his career working at Edward’s Commercial Realty.

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Brett Cisler

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His approach is founded on building relationships, problem solving and thoroughly understanding each client’s needs. Brett is a creative problem-solver
and actively guides his clients through the real estate process, beginning to end to ensure his clients are fully informed and satisfied every step of the way. With proven marketing strategies in place and continued efforts to stay abreast of the most recent marketing trends, Brett is able to stay ahead of the everchanging CRE market as it evolves and grows. Brett takes extraordinary pride in delivering exceptional service and is passionately dedicated through every phase of each project, including strategic planning, site selection, financial analysis, negotiation and execution.

Brett’s clients appreciate his expertise, passion and sense of urgency when it comes to their business, exceeding client expectations. In addition, Brett supports many civic initiatives including raising funds for cancer research through events such as Pelotonia and supporting the Salvation Army. When he isn’t helping clients win business or select the best space for their business, he can be found on the golf course or cycling with friends.

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Grant Hartman

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As a  Brokerage Associate at Colliers International, Grant specializes in office leasing and sales, in addition to contract work and negotiation, in the Greater Columbus area. He is a motivated entrepreneur providing successful solutions for his clients and colleagues.

In 2013, Grant received his Ohio Real Estate Sales License from Hondros College of Business and immediately began practicing commercial real estate. He has been involved in numerous transactions totaling more than $4,865,000 in value, and is currently listing over 500,000 SF of commercial space for lease.

As a natural born Buckeye, he received his Bachelor’s degree from The Ohio State University in 2017 with a major in Financial Services; Education and Human Ecology and a minor in Business Management. In his tenure at OSU, he was a member of the Fisher Real Estate Society.

Prior to joining Colliers International, and during his education at The Ohio State University, Grant was a Realtor with Keller Williams Consultants Realty, where he helped buyers and sellers with contract negotiations and assisted buyers in purchasing residential and land investment opportunities. His experience as a Realtor led to an internship at Colliers | Greater Columbus Region, where he then advanced into the Broker in Training Program before becoming a Brokerage Associate. In addition, Grant owns and manages three residential investment properties in The Ohio State Housing District.

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Michelle Fude

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