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2022 Q1 Industrial Trends Columbus Colliers

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Research & Forecast Report
COLUMBUS | INDUSTRIAL
Q1 2022

The Columbus industrial market started the year on a positive note, recording 3,455,972 square feet of net absorption this quarter. The ongoing COVID-19 pandemic has caused already-high demand for industrial space to skyrocket, leading to booming activity from e-commerce and logistics tenants. High leasing activity has driven vacancy down to 1.55 percent and overall asking rates up to $4.61 NNN - both records in the Central Ohio market. Construction activity also remains strong, as there are 26 projects comprising of 13.7 million square feet currently underway. Throughout 2022, Columbus can anticipate consistent demand from tenants, developers and investors as the city solidifies itself as a true U.S. industrial hub.


Vacancy
The vacancy rate declined from 2.16 percent to 1.55 percent in the first quarter due to positive net absorption. The largest vacancy of the quarter occurred in the Southwest submarket to 2.22 percent, as various tenants vacated space there. The Madison submarket saw the most significant decrease in vacancy to 0 percent, as Home Depot occupied over 1 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 4.6 million square feet – higher than last quarter and a strong indication that tenants are staying active in the market.

Construction
Development continues to grow in Columbus, as two projects totaling 227,000 square feet broke ground this quarter. This brings total product under construction to 13.7 million square feet - the fourth consecutive quarter with over 10 million square feet underway. A design build project for Michael Foods broke ground in West Jefferson for 215,000 square feet and is expected to complete by the end of the year. An owner/user building at 5220 Nike Drive also broke ground for 12,000 square feet and will finalize in Q3 2022. Six properties totaling 1.9 million square feet reached completion this quarter. The Owens Corning and Moen Faucets build-to-suit warehouses were both finalized. New Albany 315 and Green Pointe Landing completed with preleasing. Global Court I and II also reached completion, adding 355,000 square feet of space to the Southeast submarket. With 125 projects comprising of over 65 million square feet either underway or in the pipeline, Central Ohio can expect more large completions in 2022.

Sales
This quarter, 35 industrial properties totaling 2.8 million square feet sold in Central Ohio for a total sales volume of $316 million. This total is $157 million higher than the sales volume at the beginning of last year. The average price per square foot reached $75. Industrial Logistics Properties Trust purchased 8341 Industrial Pkwy. for $117 million, making it the largest sale of the quarter. 5303 Fisher Road was sold to Cantor Fitzgerald Income Trust for $58 million, or $125 per square foot. The warehouses at 2919-2999 Lewis Centre Way and 3103 Agler Road were both bought by Invesco Real Estate Income Trust, for $27.5 million and $20 million, respectively. 


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2022 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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