Columbus Retail Market Report
Population Growth in Columbus Creates
Long-Term Retail Demand, Spurring Rent Gains
In-migration is a tailwind for Central Ohio. In 2023, population growth in Columbus is expected to more than double that of Cincinnati and will starkly contrast with Cleveland’s decreasing number of residents. In the next five years, the metro expects nearly 64,000 new residents on net through in-migration, many of whom will be drawn by well-paying jobs. Columbus’ steady population growth will likely drive up consumer demand for experiences like dining out and shopping, aiding retail sales long-term, despite persistent inflationary concerns. The prospect of an enlarged consumer base could lead retailers to expand their presence in Columbus over the near term, keeping vacancy tight amid a pullback in construction.