Columbus Industrial Market Report

Significant manufacturing commitments signal robust space demand. In January 2022, Intel Corp announced its intention to build two chip factories in Licking County. By September, the company had broken ground on the first phase of the project, and other firms began responding with similar investments around the site. In mid-January of this year, Amazon Data Services purchased $116 million worth of land on the Franklin County border, and DBT-Data New Albany acquired $23 million worth of land in the area. Other Intel suppliers are also likely to move closer to the factories as they near completion. Further expanding industrial operations in the market, Honda and LG Energy Solution announced a joint venture in Fayette County, building a factory to be completed in 2024 and producing battery modules by the end of 2025. Together, all of these commitments will allow Columbus’ vacancy rate to compress this year, while the average asking rent grows by the fastest pace among major Ohio markets.