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. Continue reading for insights into the age of Columbus office inventory.
Aging inventory in Columbus’ office real estate market is becoming an increasing concern as companies seek modern, amenity-rich spaces to attract and retain talent. Many existing office buildings, particularly those built in the 1980s and 1990s, lack the flexible layouts, energy efficiency, and technological infrastructure that today’s tenants demand. As a result, landlords with aging properties face higher vacancy rates and downward rent pressure. Some owners are making capital investments to renovate these buildings. Still, others struggle to justify the costs, leading to a growing market divide between Class A and Class B/C office space.
This stagnation in older office stock contributes to a broader transformation in Columbus' commercial real estate landscape. Tenants who can afford it gravitate toward newer, high-quality developments in areas like the Short North, Easton, and Bridge Park in Dublin, where mixed-use environments offer a more vibrant work-live-play experience. As the economy stabilizes and companies finalize their long-term hybrid work strategies, Columbus could see an uptick in new office development, particularly in prime submarkets. Employers looking to bring workers back to the office may push for newly built, high-quality spaces designed with wellness, sustainability, and collaboration in mind. Additionally, the city's steady population and business growth, bolstered by investments in industries such as technology and advanced manufacturing, could create enough demand to justify speculative office projects. While high construction costs and financing challenges remain obstacles, market pressure, and evolving workforce needs may make new office builds a reality in Columbus shortly.
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