WHAT'S HAPPENING IN THE COLUMBUS OFFICE MARKET? Q4 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 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.

EOG Resources completed the largest move of the quarter with its purchase of 8111-8131 Smiths Mill Road in the New Albany submarket. New leasing activity was largely concentrated in the CBD and Dublin, which accounted for 38% and 21% of total quarterly activity, respectively. The Dublin submarket has been a top submarket for all of 2025. In addition, roughly half of all tenants signing new leases in Q4 2025 came from the Non-Profit and Real Estate/Construction sectors, which aligns with the increased lease activity in the CBD.

High-Rise Report - What's Happening Downtown?

The Q4 2025 report highlights Columbus' evolving downtown office landscape. Vacancy in the CBD decreased to 15.94 percent, which is lower than the overall market’s vacancy of 17.57 percent. The CBD currently has 64,838 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.

Sublease Activity - Analysis of Office Sublease Space

Approximately 41% 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 by nearly 200,000 square feet in Q4 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 North Delaware submarket at 110 Riverbend Ave during Q4 2025.

Check out our Q4 2025 Tenant Migration Report, High-Rise Reports, and Sublease Activity Report here!

Q4 2025 Reports