CHART OF THE MONTH: OFFICE VACANCY RATE BY BUILDING VINTAGE

Written by: Stephanie Morris

Stephanie specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial, Retail and Capital Market groups. She 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 her take on office vacancy rates by building vintage.

• Office vacancy rates in Columbus show notable variation by building vintage. Buildings constructed before 1980 report a vacancy rate of 13.4%, supported in part by state-occupied and owner-occupied assets that help stabilize this segment.

  
  

• Buildings delivered between 1980-1999 and 2000-2009 show the highest vacancy rates, at 22.7% and 25.6%, respectively. These mid-vintage properties often face competitive challenges as tenants prioritize newer space with modern amenities or migrate toward well-located, renovated assets. Without reinvestment or repositioning, vacancy rates in this segment may remain elevated.

• Properties built between 2010-2019 record the lowest vacancy at 12.2%, reflecting strong tenant preference for modern, well-amenitized space. Vacancy among buildings built since 2020 stands at 17.9%, largely due to concentrated availability in a few buildings.

• These patterns highlight a bifurcated office market, where newer properties are experiencing increased tenant demand, while mid-vintage buildings face heightened vacancy pressure. Landlords of these mid-vintage assets may need to consider renovation, amenity upgrades, or spec suite programs to stay competitive in today’s tenant-driven market.