WESTERVILLE SUBMARKET OFFICE UPDATE
- Colliers | Columbus
- Sep 12, 2024
- 1 min read
Written by: Collin Fitzgerald
Collin specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial and Retail groups. He 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. Keep reading for Collin's insights on the Westerville submarket in Q2 2024.
Columbus - Westerville Office Submarket
Submarket Key Takeaways
The Westerville submarket continues to have a high vacancy rate, with the past three quarters hovering at 29% and the current rate at 29.66%. We expect this vacancy rate to decline slightly as more tenants look for Class A space in the suburban areas.
Local government initiatives and economic incentives play a significant role in enhancing the Westerville submarket's appeal. The city actively promotes business growth through various development programs. Healthcare, education, technology, and professional services thrive in this dynamic submarket.
The Westerville submarket's biggest move-out was National United Brokers, which moved out 3,244 square feet in Q2, while many of the move-ins were multiple smaller tenants, such as Schottenstein Roofing, who leased 1,987 square feet at Spectrum Commerce Center.
The two most prominent industries seeking space in the Westerville submarket are Engineering and Healthcare.
Check out the full Q2 2024 Westerville Submarket Office Report, as well as other Submarket Reports here!
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