Columbus Industrial Market Report

Pockets of demand apparent amid short-term reset. While the market’s long-term industrial outlook is bolstered by investment plans from firms such as Intel and LG Electronics, so far this year tenant demand has been restrained. Net absorption year to date through June was negative 2 million square feet, the most relinquishment over any six-month span since 2001. Despite this metrowide pullback, demand was stable in Southeast Columbus and increased modestly in Fairfield County. Local vacancy rates are likely to remain near 5 percent in both areas through this year. A lack of new supply will help aid the former area, while Cirba Solutions’ battery recycling facility expansion in Lancaster may bring more tenants tied to the electric vehicle supply chain to Fairfield County.