Columbus Retail Market Report

Columbus’s in-migration is boosting Central Ohio’s retail sector. In 2024, the metro area anticipates over 14,000 new residents on net — more than double Cincinnati’s growth and a stark contrast to Cleveland’s decline. Nearly 64,000 new residents are projected over the next five years, largely driven by high-paying jobs. Major developments like Intel’s two semiconductor facilities in New Albany will create 3,000 direct jobs and could add $300 billion to the economy. Construction payrolls are already over 13 percent above 2021 levels. This population gain will elevate consumer demand for dining, shopping and necessity goods, which will in turn encourage retailers to expand, keep vacancy rates low and reinforce Columbus as the nation’s second-tightest major single-tenant market.