Columbus Industrial Market Report

Market tightens to a two-year low. The fewest first-half deliveries in years and a sharp rise in net absorption for properties above 500,000 square feet drove a 240-basis-point vacancy decline in the year ended June. Modern space captured the strongest demand, pushing vacancy in post-2020 properties to around 11 percent, well below the roughly 19 percent national rate for this vintage. Vacancy compression was concentrated in select outer counties, led by Pickaway, Licking, and Fairfield, where large-user move-ins supported outsized declines.