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2021 Q4 Industrial Trends Columbus Colliers

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Research & Forecast Report
COLUMBUS | INDUSTRIAL
Q4 2021

The Columbus industrial market finished 2021 with a strong fourth quarter, posting 3,455,921 square feet of net absorption. This brings year-to-date net absorption up to 15,367,522 square feet and vacancy down to 2.16 percent - both records for Central Ohio. The ongoing pandemic has caused the e-commerce industry to grow rapidly over the past 18 months, indicated by an influx of demand for prime warehouse and distribution space. Construction continues to rise, as there is over 15 million square feet of product currently underway and 45 million square feet in the pipeline. Columbus can expect continued activity throughout the new year as COVID-19 fuels demand in the industrial sector.


Vacancy
Another quarter of positive net absorption drove the vacancy rate down from 2.78 percent to 2.16 percent. The largest vacancy of the quarter occurred in the Southeast submarket, as a tenant vacated 85,000 square feet at 2315 Creekside Pkwy. The East submarket saw the most significant overall decrease in vacancy to 2.71 percent, as Whiplash Logistics and The Superior Group occupied space 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 4.4 million square feet – a strong indication that tenants are continuing to stay active in the market.

Construction
Development continues to grow in Columbus, as five projects totaling 3.4 million square feet broke ground this quarter. This brings total product under construction to 15.4 million square feet - the third consecutive quarter with over 10 million square feet underway. Two projects over 1 million square feet broke ground this quarter - The Cubes at Etna and The RIC. Additionally, the Core5 I-70 Logistics Center, New Albany Innovation Park and 3188 Toy Road warehouses broke ground and are expected to complete in 2022. Four properties totaling 1.8 million square feet reached completion this quarter. Ashley Furniture and FedEx’s build-to-suits were both finalized. 5770 Saltzgaber Road completed and was preleased by Go Direct and the Urbancrest Infill 100 project was finalized and leased by DecisionOne. With 90 projects comprising of over 63 million square feet either under construction or in the development pipeline, Central Ohio can expect more large completions in the new year.

Sales
This quarter, 55 industrial properties totaling 9.9 million square feet sold in Central Ohio for a total sales volume of $762 million. This total is $550 million higher than the sales volume last quarter. The average price per square foot reached $90. Kohlberg Kravis Roberts & Co. L.P. purchased 4077 and 4337 Airbase Road in a portfolio sale for $131.75 million, making it the largest sale of the quarter. 514 Exchange Way was sold for $93 million, or $91 per square foot. Blackstone REIT bought 3051 Creekside Pkwy. for $68 million. The warehouse at 8320 Global Way SW was sold to Ashley Furniture for $57 million in an owner-user sale.


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2021 Q4 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

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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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