WHAT'S HAPPENING IN THE COLUMBUS OFFICE MARKET? Q2 2026

Written by: Jake Lord

Jake specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial, Retail and Capital Market 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 to delve into the key findings of each office report to gain a deeper understanding of the trends driving the Columbus office market.

Tenant Migration - Where are Tenants Moving?

Tenants are constantly relocating their office space to better fit their needs. 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.

Plante completed the largest move of the quarter as they occupied 29,000 SF at 995 Yard St in the Arlington/Grandview submarket. New leasing activity was concentrated in the CBD and Dublin, which accounted for 22% and 20% of total quarterly activity, respectively. Firms from a wide-range of industries occupied space throughout Columbus in Q2 2026, real estate/construction and healthcare firms accounting for 16% and 15% of absorption, respectively.

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High-Rise Report - What's Happening Downtown?

The Q2 2026 report highlights Columbus' evolving downtown office landscape. In the second quarter the Columbus office market had 645 square feet of positive absorption, and the vacancy rate was 19.21 percent. Asking rates decreased for an overall full-service gross rate of $21.31. Vacancy in the CBD remained at 18.45 percent, which is lower than the overall market’s vacancy of 19.21 percent. The CBD currently has 48,626 square feet under construction, which includes the Merchant Building. Several projects have been completed in the CBD over the past few years, such as the first phase of Scioto Peninsula, the Front and Fulton development, the second half of the Gravity project in Franklinton and the renovation of the Municipal Light Building. While construction activity in the CBD has slowed, several projects are underway such as the Capital line project and Gay Street Corridor revitalization. Tenants are continuing to stay active in the CBD, with 26 users representing 249,700 square feet currently searching for space specifically in the urban Columbus area. Columbus can anticipate increased activity throughout 2026 as users become more comfortable entering the market and making decisions regarding their office space.

Sublease Activity - Analysis of Office Sublease Space

Approximately 42% of available sublease space is concentrated in the Dublin submarket, while the Westerville, New Albany, CBD and Easton submarkets also represent a significant share. The largest available sublease block is at 5100 Rings Rd, where Cardinal Health vacated 406,000 square feet in Q3 2022. The second largest block is located at 5400 New Albany Rd in New Albany, where State Farm vacated 155,656 square feet in Q2 2023. This space has remained fully vacant since then. Overall, sublease availability decreased modestly to 1.1 million square feet, as space was withdrawn or converted to direct in Q2. No major subleases were signed in the quarter, though some activity was observed.

Check out our Q2 2026 Tenant Migration Report, High-Rise Reports and Sublease Activity Report here!

Q2 2026 Reports