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 the rise of sublease space.
The rise of sublease space entering the market continues to be a hot topic that is majorly affecting the office sector. In Central Ohio, there are currently 109 office spaces on the market for sublease comprising of 1.5 million square feet. This is up from 1.2 million square feet on the market in December 2020 and 630,000 square feet in June 2020. Of the total overall availability on the market currently, only about 10.5 percent of it is sublease space.
Looking deeper into this data brings some interesting trends to light. A majority of current sublease availability – 26 spaces to be exact – is in the CBD. Worthington, Easton, Dublin and Westerville have the next highest number of sublease spaces, accounting for 40 percent of total sublease availability. Additionally, a majority of sublease availability is in class A or B buildings, with only 13 spaces currently in class C buildings. 79 percent of sublease space is vacant, and 20 percent will be vacant sometime during 2021. Notable spaces on the market include the 135,485-square-foot Ascena Retail space at 3344 Morse Crossing, as well as the six Alliance Data office spaces in the East, Westerville and Easton submarkets.
Check out our latest Sublease Update for a deeper dive into this office sublease space!