Written by: Collin Fitzgerald
Collin specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial and Retail groups. He is responsible for executing data reports, maintaining a commercial property database, reporting quarterly trends, performing data analysis and utilizing statistical information to predict future behavior in the market. Keep reading for Collin's insights on the Columbus CBD submarket in Q2 2024.
Columbus - CBD Office Submarket
Submarket Key Takeaways
The Central Business District (CBD) continues to have one of the lowest vacancy rates in the Columbus market at 15.29%, contrary to most other major metropolitan areas whose CBDs have some of the highest in their markets around the U.S.
The biggest move-out in the CBD was at 180 E. Broad, where several tenants moved out of their space. The biggest move-in for the CBD was Spaces leasing two floors at 16-20 E. Broad St.
The Columbus CBD, with its diverse range of businesses, from large corporations and financial institutions to law firms and government offices, remains a strategic choice. Its prime location, with proximity to key city amenities such as the Ohio Statehouse, cultural institutions, and major hotels, continues to attract businesses seeking prestige and convenience. Despite the challenges posed by shifts in work patterns, such as the rise of remote work, the Columbus CBD's resilience is evident in its ability to continue attracting businesses that value the connectivity, infrastructure, and prestige associated with a downtown location.
The two most prominent industries seeking space in the CBD submarket are Law Firms and General.
Check out the full Q2 2024 CBD Submarket Office Report, as well as other Submarket Reports here!
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