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
The Dublin market posted overall negative net absorption of 190,840 square feet this quarter, as the ongoing coronavirus pandemic continues to impact the commercial real estate industry. The office sector recorded significant negative net absorption of 195,277 square feet, due to Sedgwick, Cardinal Health and Smiths Medical all vacating space. On a positive note, the retail sector saw positive absorption of 19,128 square feet, as users like Kona Craft Kitchen and Ability Chiropractic occupied space around the submarket. Despite activity slowing overall in the past year, Dublin continues to lead other suburban areas in demand, recording more new office tenants migrating to the area than to any other submarket so far in 2021. Over the past year, 20 office tenants renewed or expanded in Dublin, for a total of 108,000+ square feet. In addition, 33 office users signed new leases totaling 169,000+ square feet. Notable companies like Andelyn Biosciences and Gainwell Technologies selecting Dublin reinforces its reputation as one of the most popular areas in the region.
Tenants in the Market
Colliers | Columbus reports that 22 office tenants are looking for space exclusively in Dublin - one third of which require 7,000+ square feet. Dublin is currently 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 eight users looking exclusively in Dublin and 71 tenants looking in multiple markets, including Dublin.
CLICK HERE to access the full Q3 2021 Dublin Trends Report.