DUBLIN: SUBMARKET UPDATE
Written by: Hannah Williams CPRC
Hannah specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial, Retail, and Multifamily 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. She also assists the marketing and research director on special projects and corporate initiatives. Keep reading to get Hannah’s take on what’s happening in the Dublin submarket.
Absorption and Vacancy
Despite uncertainty regarding the COVID-19 pandemic, the Dublin submarket posted significant positive net absorption of 427,193 square feet this quarter. The office sector saw the most growth, recording 410,836 square feet of absorption due to Quantum Health occupying their new campus on Blazer Pkwy. The office vacancy rate decreased from 16.53 percent to 12.43 percent, as various tenants occupied new spaces around the submarket. The current COVID-19 pandemic has impacted commercial real estate, as leasing activity has considerably slowed in recent months. However, Dublin was the only office submarket across Columbus to record positive absorption higher than 20,000 square feet in Q3 - a true testament to the area’s resilience. Over the past year, 23 office tenants either renewed or expanded throughout Dublin, for a total of 305,000+ square feet. In addition, 19 office users have signed new leases totaling 450,000+ square feet. Notable companies such as Hagerty Insurance, g2o and Medcomm selecting Dublin reinforces the city’s reputation as one of the most desirable submarkets in Central Ohio.
Tenants in the Market
Colliers | Columbus reports that 12 office tenants are looking for space exclusively in Dublin - all of which require less than 15,000 square feet. Dublin is the second most desired submarket for office tenants in the market, after the CBD. The industrial sector has 23 tenants currently looking in the North submarket, which includes Dublin, Worthington and Delaware, and two thirds of them need 10,000 square feet or more. On the retail side, there are nine users looking exclusively in Dublin and 73 tenants looking in multiple markets, including Dublin.
CLICK HERE to access the full Q3 Dublin Trends Report.