Columbus Office Market Report

Vacancy faces near-term pressure from new supply. In 2023, Columbus is expecting its third-highest completion total since 2007. This contributes to the second-largest annual vacancy increase on record this year, behind only 2020. That dynamic is likely a near-term complication, however, as there is little office space underway slated for completion beyond 2023, and project proposals may stall amid macroeconomic uncertainty. Despite the ongoing recalibration, the metro is positioned for long-term growth in the tech sector. Intel’s groundbreaking of two microchip factories in New Albany, as well as Google’s planned data centers in Franklin County and Hyperion Materials & Technologies’ new headquarters in Dublin, will likely attract related administrative companies to fill office space.