Columbus Retail Market Report

Company relocations boost net in-migration and retail demand. While Ohio’s overall population has declined across the last two decades, Central Ohio has seen notable growth. This trend continues in 2023, as Columbus is expected to gain over 14,500 residents through net in-migration alone, a reflection of growing tech and manufacturing sectors. Corporate entrances like Intel, with two chip factories in New Albany, and Hyperion’s new global headquarters in Franklin County will add construction jobs in the near term and skilled positions further in the future. This could boost incomes and spawn recruitment efforts from outside of the metro. Anticipating a rise in consumer demand, retailers should compete for available space this year, supporting a rate of absorption that exceeds last year’s tally. Meanwhile, this year’s completion total is well-below the long-term average, with most of the space already accounted for. This may encourage project proposals, specifically in areas receiving major corporate investments, such as Licking County. The Ohio Building Demolition and Site Revitalization Program is also being applied to two buildings in Delaware County, removing this space from the retail stock.