Columbus Industrial Investment Forecast
Intel Solidifies Major Commitment in Columbus, Signaling Future Growth and Generating Investment
Vacancy remains low ahead of major manufacturing expansion. Columbus saw a jump in online shopping during the pandemic leading to robust tenant demand for industrial floorplans in the metro. This surge in space needs drove vacancy to a record-low of 2.8 percent and contributed to a 14 percent jump in the average asking rent last year. Aside from the influence of e-commerce the tech company Intel is scheduled to begin construction on two semiconductor chip factories this year. The company has announced its intention to partner with Ohio State University and its students for this endeavor ultimately bringing an estimated 3000 high-skilled jobs to the region. Intel's move has also spurred additional entry into Columbus from other companies in the chip manufacturing sector like Air Products as well as Applied Materials to provide resources. While record levels of construction will increase vacancy in the near term the budding semiconductor cluster in the metro is a positive for industrial assets in the long run.