Downtown Columbus Multi-Tenant Market Report

Market Overview

Downtown Columbus, OH, is a lively urban hub known for its blend of culture, history, and modernity. Situated along the scenic banks of the Scioto River, it serves as the heart of Ohio’s capital. With its impressive skyline, diverse dining options, cultural attractions, and thriving arts scene, downtown Columbus invites both residents and visitors to explore its rich tapestry of experiences and discover the essence of this vibrant Midwest city. The following report includes multi-tenant data from the West, Downtown, and Downtown East submarkets.

Highlights

• General Retail is the largest subtype within the Downtown East submarket, accounting for 1.0 million SF.
• The total availability in the Downtown submarket, including sublease space, is 5.1% of the total inventory.
• In the last three years, there have been 82 sales totaling around $50.2 million in the West submarket.

Downtown East

Rents | Vacancy | Construction | Sales

The vacancy rate of the Downtown East retail market currently stands at 2.7%, marking a 1.6% increase over the last 12 months. In the same timeframe, there has been a decrease in available space, with 18,000 square feet being vacated and an additional 1,100 square feet taken out of the available inventory. The current rental rates are approximately $14.60 per square foot, reflecting a 1.8% uptick compared to the rates from a year ago. Over the last three years, there has been a total rent increase of 7.9%. There are no ongoing construction projects in the area at the moment.

The investment market in the Downtown East submarket has been consistently robust over the years, with buyers maintaining a steady interest in the area. This historical interest has persisted over the last 12 months, and the number of property transactions closely matched the average from the past five years. The yearly sales volume has averaged $3.1 million during this five-year period. The 12-month sales volume stands at $730,000.

Downtown East by the Numbers Last 12 Months 

Source: CoStar group

• Vacancy Rate: 2.7%
• Rent Growth: 1.8%
• Delivered: 0SF
• Sales Volume: $730K

Downtown

Rents | Vacancy | Construction | Sales

The retail submarket in Downtown currently has a vacancy rate of 3.5%, which has seen a 0.3% increase in the last year. During this period, there has been 11,000 square feet of negative absorption, with no new properties added. In this submarket, the largest subtype is General Retail, accounting for 3.4 million square feet of space. Rental rates are currently at approximately $20.00 per square foot, marking a 4.8% increase from a year ago and a cumulative rise of 12.7% over the past three years. As of now, there are no ongoing construction projects in this area.

The Downtown submarket has experienced a consistently robust investment market over the years, with buyers maintaining a steady interest in the area. This historical interest persisted over the past year, and the number of property transactions closely matched the five-year average. In the last 12 months, the submarket recorded a transaction volume of $6.8 million.

Downtown by the Numbers Last 12 Months 

Source: CoStar Group

• Vacancy Rate: 3.5%
• Rent Growth: 4.8%
• Delivered: 0SF
• Sales Volume: $6.8M

West

Rents | Vacancy | Construction | Sales

The West submarket has a retail vacancy rate of 17.2%, showing a 1.3% decrease over the past year. During this period, there has been a positive absorption of 110,000 square feet, and an additional 48,000 square feet of new retail space has been delivered. In this submarket, the largest subtype is General Retail, comprising 2.8 million square feet of space. Rental rates are approximately $14.00 per square foot, marking a 3.1% increase from a year ago and a cumulative rise of 12.1% over the past three years. As of now, there are no ongoing construction projects in this area.

Investors have shown significant activity in the capital markets of the West submarket, making it one of the most actively traded submarkets in the region. The annual sales volume has averaged $15.7 million over the past five years, reaching a peak of $36.7 million during that time. The 12-month sales volume currently stands at $5.5M, marking the lowest figure within that five-year timeframe. The primary contributor to this volume was the General Retail sector.

West by the Numbers Last 12 Months 

Source: CoStar Group

• Vacancy Rate: 17.2%
• Rent Growth: 3.1%
• Delivered: 48,400 SF
• Sales Volume: $5.5M