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2022 Q1 Office Trends Columbus Colliers

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Research & Forecast Report
COLUMBUS | OFFICE
Q1 2022

Despite the ongoing COVID-19 health crisis, the Columbus office market recorded positive net absorption for the first quarter since Q1 2020. This 424,356 square feet of net absorption is a testament to the increased demand and leasing activity that Central Ohio has seen in recent months. The vacancy rate slightly increased to 12.86 percent, as construction completions added new available space to the market. Development remains strong, with six projects comprising of 947,188 square feet underway. Throughout 2022, Columbus can anticipate more growth as the office market rebounds and adapts to a post-pandemic world.

 

Vacancy
Office vacancy increased slightly to 12.86 percent this quarter, due to the completion of new speculative construction. The New Albany submarket saw a substantial vacancy increase to 22.03 percent, as the Hamilton Quarter office building was finalized and added 100,000 square feet of availability to the market. Vacancy decreased to 14.5 percent in the Easton submarket as Upstart subleased the entire Class A building at 3075 Loyalty Circle.

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 1.1 million square feet– higher than last quarter and a strong indication that tenants are staying active in the market.

Construction
Construction remains steady around the region, with 947,188 square feet of product currently underway. The highly anticipated Arlington Gateway project is under construction and has secured 73,000 square feet of preleasing. The Front and Fulton mixed-use development is underway and expected to complete in 2023. The first building of Grandview Crossing will finalize next quarter and will be occupied entirely by BMW Financial Services. Two buildings comprised of 334,211 square feet completed this quarter. The 200,000-square-foot second phase of CoverMyMeds’ headquarters was finalized. Additionally, the office component of Hamilton Quarter reached completion and was partially preleased by White Oak Partners. 

Sales
This quarter, 27 office properties totaling 716,000 square feet sold around the Columbus region. The total sales volume reached $65 million, with an average price per square foot of $135. Activity is expected to continue rising, as 160 office properties totaling 3.5 million square feet are currently on the market. Ravinia Capital Group purchased 250 Civic Center Drive for $12.85 million, making it the largest sale of the quarter and the year, so far. 88 E. Broad St. was sold to Zamir Equities in an investment sale worth $12.025 million. Keller Farms Landscape Nursey bought 5500 Frantz Road for $8.86 million, or $148 per square foot. 


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2022 Q1 Office Trends Columbus Colliers

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