EASTON: SUBMARKET UPDATE
Written by: Hannah Williams, CPRC
Hannah specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial, Retail, Manufactured Housing 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 Easton submarket.
The Easton office submarket had a tough first quarter, posting 78,804 square feet of negative net absorption. This was due to a few sizable vacancies added to the market, including Morgan Stanley vacating at 4343 Easton Commons. This negative absorption caused vacancy to increase from 14.4 percent in Q4 2020 to 16.78 percent in Q1 2021. On a positive note, the largest sale of the quarter occurred in Easton, as Viking Partners purchased 3100 Easton Square Pl for $18.6 million. Additionally, the two largest leases of the quarter were signed at Easton. Thirty One Gifts and Northwest Bank leased a combined 45,000 square feet in the submarket, which will contribute positively to absorption in coming quarters as these tenants occupy their new spaces. Class A asking rates at Easton remain the highest of any other submarket, at $26.97 FSG per square foot. The Easton submarket, and Columbus as a whole, can anticipate increased activity throughout the rest of the year as tenants become more comfortable searching for office space.
Tenants in the Market
Colliers | Columbus reports that 10 office tenants accounting for 183,600 square feet are looking in the East, which includes the Easton, East and Gahanna/Airport submarkets. Additionally, 27 office tenants accounting for over 890,000 square feet are looking for space in multiple markets including Easton. On the retail side, there are currently 73 tenants looking in multiple markets including Easton.