North Columbus Multi-Tenant Market Report
North Columbus Market Overview
North Columbus offers a blend of urban convenience and suburban charm. The area boasts a vibrant atmosphere with an array of cultural attractions, diverse dining options, and more. The report highlights the following submarkets: Bethel Rd, Grandview/Upper Arlington, Worthington, and North Central.
Highlights
- Neighborhood Centers represent the most extensive subtype in the Bethel Rd retail submarket, comprising 3.9 million square feet within this category.
- The Grandview/Upper Arlington market cap rate currently stands at 7.5%, slightly under its average rate of 7.7% over the past three years.
- In the Worthington retail submarket, there have been 26 transactions in the last three years, totaling approximately $46.6 million in sales.
- North Central’s average sales price per square foot has been $163 per SF, while the estimated value for the submarket as a whole stands at $167 per SF.
Bethel RD
Rents | Vacancy | Construction | Sales
The vacancy rate in the Bethel Rd retail submarket is currently at 2.4%, marking a 0.2% increase over the last 12 months. Rents are approximately $21.00 per square foot, reflecting a 7.1% rise compared to the rates one year ago. Over the past three years, there has been a total cumulative increase in rents of 16.7%. About 5,900 square feet of space is under construction, which accounts for a minimal 0.1% increase in inventory.
Bethel Rd consistently attracts interest from retail investors in the Columbus metropolitan area. Over the last five years, the annual sales volume has averaged $49.2 million. In the last 12 months, sales volume in this area has amounted to $20.5 million.
Grandview/Upper Arlington
Rents | Vacancy | Construction | Sales
The vacancy rate in the Grandview/Upper Arlington retail submarket currently stands at 2.3%, marking a 0.2% increase in the last 12 months. Rents are approximately $23.00 per square foot, representing a 6.0% rise compared to rates observed one year ago. Over the past three years, there has been a total cumulative rent increase of 13.4%. About 130,000 square feet is under construction, accounting for a 3.6% expansion of inventory.
The Grandview/Upper Arlington area has historically maintained a robust investment market. The annual sales volume has averaged $16.5 million over the last five years. The 12-month sales volume currently stands at $11.5 million.
Worthington
Rents | Vacancy | Construction | Sales
In the Worthington retail submarket, the vacancy rate currently stands at 5.4%, marking a notable increase of 2.3% in the past 12 months. Rents are approximately $19.00 per square foot, marking a 5.9% increase year-over-year (YOY). Currently, there are no ongoing construction projects in the area.
Worthington has maintained a robust investment market, with buyers consistently expressing interest in the area over the years. The annual sales volume has averaged $14.3 million over the last five years. The 12-month sales volume currently stands at $12.9 million.
North Central
Rents | Vacancy | Construction | Sales
The current vacancy rate in the North Central retail submarket is 1.3%, marking a slight decrease of 0.4% in the past 12 months. Rents are approximately $22.00 per square foot, marking a 5.2% increase YOY. Currently, there are no ongoing construction projects in the area.
Over the last 12 months, there have been 45 recorded sales. Looking back over the past three years, a total of 177 sales transactions have occurred, amounting to approximately $113 million in total sales volume. Investors have shown significant engagement in the capital markets within the North Central submarket, positioning it as one of the most actively traded submarkets in the region in recent years. The average annual sales volume has amounted to $32.5 million over the past five years. The 12-month sales volume stands at $13.8 million.
