INTERVIEW WITH OFFICE MARKET EXPERTS

Our Office Services Group at Colliers | Columbus specializes in the leasing and sale of office space across Central Ohio. Owners, investors and tenants trust our office brokerage team for their in-depth market knowledge and reliable advice to develop tailored solutions for their real estate needs. With a dedicated focus on the office market, they possess extensive expertise in tenant behavior and current industry trends.

Landlords that can offer well designed, flexible layouts and immediate occupancy are gaining a competitive advantage, particularly with tenants seeking optionality and speed in an evolving office landscape.

-Grant Horton, Brokerage Associate

As tenant demand shifts toward smaller, well-designed office spaces, where should owners prioritize investment to make their buildings more competitive?

Building owners are investing in common area features that allow tenants to take advantage of what the building offers instead of building those amenities within their own space. Examples include classrooms or conference rooms that accommodate 20 or more people in the common areas, as well as soft seating and informal meeting or gathering areas that make the building more attractive to tenants.

- Chris Potts, Senior Vice President

Are you seeing a moderation in the “flight-to-quality” trend among office tenants? Why or why not?

I don’t see a pullback from the flight-to-quality, but tenants have become more disciplined and selective. Well-located, amenity-rich Class A properties continue to command a meaningful rent premium and outperform the broader market, underscoring sustained demand for quality. At the same time, today’s flight-to-quality is less prestige-driven, allowing thoughtfully renovated Class B properties to compete when they offer compelling value.

- A.J. Norman, First Vice President

What viable paths do you see for large, single-tenant suburban offices with limited operating income to fund tenant improvements or speculative suites?

There are options for owners to fund TI and spec suites, but none are particularly attractive, especially if the owner is short on cash. They are unlikely to move forward with these projects without available capital. One option is to initiate a cash call with their investors to raise funds, which is usually not well received. Another option is to approach their bank or another lender for a construction loan, which may not be approved or, if approved, could come with high interest rates and potentially require the owner to post another asset as collateral. The most common way owners structure deals when TI is needed and cash is limited is by offering free rent in lieu of a tenant improvement allowance. For example, if the cost of the work is equivalent to six months of free rent, the landlord may ask the tenant to pay for the buildout upfront in exchange for that free rent. However, this is not a perfect solution, as tenants typically do not have or prefer not to spend that level of cash on an office buildout.

- Marty Ellinger, Senior Associate

How are you partnering with property management teams to deliver more customized outcomes for your clients and landlords?

Ensuring clear communication with brokers and property managers is essential to delivering building services efficiently. At the same time, anticipating the needs of a modern property helps keep it in excellent condition while remaining cost-effective.

- Chris Potts, Senior Vice President

In 2025, we saw increased activity in owner-user sales. When do you expect to see investors re-engage in Columbus?

Investors have already started re-engaging here. There were notable transactions in 2025 that will guide future investors in price discovery. Investors are starting to see office product as attractive due to higher cap rates compared to historical comps, as well as a positive outlook on the return to the office. They are finding value in price and see increased demand ahead in our world. Class A properties in prime locations with amenities will be the first to go. We will then see a run to buy value-add properties in Class B markets.

- Marty Ellinger, Senior Associate

How are landlords differentiating their buildings to attract and retain tenants in today’s market?

Landlords are investing in amenities that support how employees engage in the building. This includes upgraded tenant lounges, common conference centers, fitness facilities, outdoor space and food and beverage concepts. Many owners are prioritizing comfort, design and functionality to make the office a destination rather than an obligation. There is a growing emphasis on hospitality-inspired environments that encourage collaboration, productivity and longer daily utilization of the space. In order to set their building apart from others in the market, spec suites and delivering turnkey buildouts are becoming significant drivers of facilitating deals, especially on a tight timeline. These solutions allow tenants to reduce upfront capital investment, shorten decision cycles and move into high quality space with minimal disruption. Landlords that can offer well designed, flexible layouts and immediate occupancy are gaining a competitive advantage, particularly with tenants seeking optionality and speed in an evolving office landscape.

- Grant Horton, Brokerage Associate

In what ways have tenants approached lease renewals differently over the past year compared to prior cycles?

We’re reaching out to tenants much earlier. Tenants now know with more certainty what their footprint looks like. There are some that are sitting on excess space right now waiting for their expiration date. If we can learn of this early, we can potentially solve their excess space issue sooner and possibly create a win-win situation for them and the landlord. Separately, there are many tenants now back to the office full time and growing. By reaching out sooner, we know of their longer term plans and can help accommodate them possibly sooner than their expiration date. In previous cycles, there has been so much uncertainty, it was difficult for tenants to make decisions until closer to expirations.

- Andrew Jameson, Vice Chair

For more information on current office trends, check out our 2026 Columbus Office Tenant Report!

2026 Foresight Report