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Market Report

Columbus Retail Market Report

3Q 2021

Regional Standout for Retail Performance, Columbus Attracts More Out-of-State Investors

Diverse hiring bolsters household count and local spending. Backed by a local economy that has recaptured 80 percent of the jobs lost during the initial months of the health crisis, Columbus’ retail sector continues to enjoy the lowest vacancy rate among Midwest markets. Recent hiring by government agencies and retail trade, transportation and utilities employers has pushed staff counts in these sectors beyond pre-pandemic levels. Additionally, the number of financial-related positions was at a near-record mark entering the second half of 2021. This job creation has held unemployment below 5 percent for most of the past year ended in June and supported the formation of 13,600 households. Consumer spending has improved as a result, fostering retailer expansions and lease renewals that have equated to three consecutive quarters of positive absorption.
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