Columbus Industrial Market Report

Vacancy declines as major commitments lead to absorption gains. Demand has begun to catch up with the large supply wave of the past four years, marking the first metrowide annual vacancy decline, with the rate falling about 180 basis points as of the first quarter of 2026. Much of the new demand was in Licking County, where the average new lease size was 400,000 square feet. Many of these leases were signed by notable names such as Kosch Logistics, Illuminate USA, Ryder Systems, and Meta, resulting in local vacancy dropping about 670 basis points to 2.8 percent. Along with a tapering supply pipeline, this momentum should put upward pressure on the average asking rent. Anduril recently completed its first manufacturing facility and anticipates completing the second building by year-end, totaling 1.7 million square feet in Pickaway County, just south of Rickenbacker International Airport. This could bring future demand from auxiliary industries in southeast Columbus and Pickaway County.