WHAT'S HAPPENING IN THE COLUMBUS OFFICE MARKET? Q2 2025

Written by: Stephanie Morris

Stephanie specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial, and Retail 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. Keep reading for her take on market trends in the Columbus retail sector.

Tenant Migration - Where are Tenants Moving?

Tenants are constantly relocating their office space to suit their needs better. Using a points system based on signed square feet, we can track where office users are coming and going throughout the city. Check out our tenant migration heat map, and click around for more information on the movement within each submarket.

One of the most significant highlights from the Q2 2025 Tenant Migration Report is that the quarter's largest lease of the was a 32,000 square foot short-term renewal in the CBD submarket. The largest new lease of the quarter was signed in the Dublin submarket. The Dublin and CBD submarkets recorded the most lease activity in Q2 2025 recording 37% and 35% of total transaction volume, respectively.

Moreover, the report reveals that approximately 50% of tenants that signed new leases in Q2 2025 were in the Accounting, Healthcare and Technology industries.

High-Rise Report - What's Happening Downtown?

The Columbus office market continues to adjust to the evolving workplace environment. In the second quarter Columbus had 69,249 square feet of positive absorption, and the vacancy rate increased to 19.31 percent. Vacancy in the CBD increased to 16.51 percent, which is lower than the overall market’s vacancy of 19.31 percent.

Construction activity is focused primarily on urban areas like the CBD and Arlington/Grandview. Key projects include the Scioto Peninsula redevelopment, Front and Fulton mixed-use buildings, the Gravity project, and the historic renovation of the Municipal Light Building. These developments, alongside spaces such as 80 on the Commons and North Market Tower, exemplify a growing preference for mixed-use, 'live, work, play' environments.​

Sublease Activity - Analysis of Office Sublease Space

Approximately 63% of available sublease space is concentrated in the Dublin, Easton and CBD submarkets. The largest sublease block is at 5100 Rings Rd, where Cardinal Health vacated 406,000 square feet in Q3 2022. The second largest block on the market is located at 5400 New Albany Rd where State Farm vacated 148,780 square feet. In Q3 2024, Wells Fargo subleased 67,000 square feet of that space. Overall, sublease availability decreased slightly in Q2 2025 as some listings converted to direct space following lease expirations. Additionally, two subleases were signed in the Dublin and Westerville submarkets.

Though sublease availability stabilized post-pandemic, Columbus continues to exhibit below-average rates compared to national metrics, underscoring unique local market dynamics and resilient demand in specific sectors.

Check out our Q2 2025 Tenant Migration Report, High-Rise Reports, and Sublease Activity Report here!

Q2 2025 Reports