WHAT'S HAPPENING IN THE COLUMBUS OFFICE MARKET? Q3 2025

Written by: Stephanie Morris & Jake Lord

Stephanie and Jake specialize in research capabilities, providing support for the Colliers Columbus Office, Industrial, Multifamily, Capital Markets and Retail groups. They are 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 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.

The Village Network completed the largest move of the quarter with its purchase of 2500 Corporate Exchange in the Westerville submarket. The largest new lease was a 44,000 square foot transaction in the Dublin submarket, while the largest renewal occurred in the Central Business District (CBD). New leasing activity was largely concentrated in Dublin and Westerville, which accounted for 39% and 35% of total quarterly transaction volume, respectively. This continued concentration of activity in the northern suburbs underscores tenants’ ongoing preference for accessible, amenity-rich suburban office environments.

Moreover, the report reveals that roughly half of all tenants signing new leases in the third quarter came from the Non-Profit and Business Services sectors, reflecting demand from organizations focused on service-oriented operations and professional support functions.

High-Rise Report - What's Happening Downtown?

The Q3 2025 report highlights Columbus' evolving downtown office landscape. Vacancy in the CBD decreased to 16.16 percent, which is lower than the overall market’s vacancy of 18.23 percent. The CBD currently has 64,838 square feet under construction, which includes the Merchant Building. Several projects were completed in the CBD last year, 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.

Sublease Activity - Analysis of Office Sublease Space

Approximately 36% of available sublease space is concentrated in the Dublin submarket, while the Easton, Westerville and CBD 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 3075 Loyalty Cir in Easton, where Upstart vacated 240,000 square feet in Q2 2023. In Q3 2024, Wells Fargo subleased 67,000 square feet of this space.

Overall, sublease availability decreased by nearly 300,000 square feet in Q3 2025, as numerous smaller listings were either leased or converted to direct space after lease expirations. Additionally, a moderately sized sublease was signed in the Arlington/Grandview submarket at 500 W Broad St during Q3 2025.

Check out our Q3 2025 Tenant Migration Report, High-Rise Reports, and Sublease Activity Report here!

Q3 2025 Reports