ADVERTISEMENT

    Downtown Office Vacancy Rate Drops to 12.1 Percent

    According to the latest data from the Capital Crossroads Special Improvement District, Downtown Columbus saw a continued decline in office vacancy rates, which have steadily fallen from 15.1 percent over the past two years, to a low of 12.1 percent in the fourth quarter of 2015.

    ADVERTISEMENT

    While the continued strong demand for office space is noteworthy, it’s doubly significant considering the large amount of new office space that was completed in 2015, which leased up quickly, keeping the market from being oversaturated with new available product. In the second half of 2015, over 800,000 square feet of office space was absorbed.

    “It will be interesting to watch what happens with the old Columbia Gas building, which is getting tenants from Capital Square office towers,” said Marc Conte, Deputy Director of Research, Planning & Facilities at Capital Crossroads. “It will also be interesting to watch how those office buildings are filling up again and how quickly that will happen.”

    When asked about the possibility of more large-scale speculative office construction, Conte said that the vacancy rate would likely have to drop below 10 percent.

    “Now that we’re at twelve percent, there’s probably developers thinking about it in anticipation,” he added. “I think what we will see is more along the lines of what Brett Kaufman is proposing at Two25 Commons, which includes both office and residential.”

    Currently, suburban Columbus office markets have an total of 12.4 percent vacancy. Cleveland and Cincinnati have Downtown office vacancy rates of 17.4 percent and 17.7 percent respectively.

    To view the full State of Downtown Columbus Year End 2015 Report, CLICK HERE (PDF).

    ADVERTISEMENT

    Subscribe

    More to Explore:

    11th Annual Urban Living Tour Returns on Sunday, May 5th

    Looking for a new place to live? Want to see what living in the city could be like? The Urban Living Tour is a self-guided open house of apartments, condos, and homes in the Columbus area. You'll see an assortment of new builds, remodels, apartment communities, parks, and all the amenities that go with city living!

    French Bistro Slated for Prominent Downtown Corner

    Another new restaurant is coming to the corner of...

    The Confluence Cast: Downtown with Michael Brown

    We're exploring the evolution of downtown with Michael Brown, who has been a cornerstone in the city's development planning and worked both in and outside city government to cheer on its growth. Columbus Underground editor Walker Evans and Mike delve into the city's challenges and triumphs, the synergy between projects, the balance between iconic and neighborhood-level public art investments, and the concerted efforts to address systemic issues like homelessness and affordable housing. Through anecdotes and insights, they highlight Columbus's young, creative energy and the dynamic urban policies that continue to drive its growth.

    Main Street Delaware Launches “Just Next Door” Brand to Enhance Downtown Identity

    In response to the voices of downtown businesses and the community, Main Street Delaware recently unveiled a new identity brand for Downtown Delaware – "Just Next Door." 
    Walker Evans
    Walker Evanshttps://columbusunderground.com
    Walker Evans is the co-founder of Columbus Underground, along with his wife and business partner Anne Evans. Walker has turned local media into a full time career over the past decade and serves on multiple boards and committees throughout the community.
    ADVERTISEMENT