Market Trends
- Vacancy has climbed to over 5% on the heels of three 1.0 million square feet (msf) empty boxes coming online, with the Pickaway submarket accounting for the Hanesbrands sublet and the vacant delivery of Building 7 in Rickenbacker Logistics Park.
- While leasing activity did slow in Q1, Invenergy’s purchase of the 1.1 msfspec building at 3600 Etna Parkway exemplifies continued demand by manufacturing users. The new mega-project is the latest on a list that includes both Intel’s semiconductor plant and Honda’s EV battery factory.
- Intel’s $20 billion mega-project has spurred a boom in the Licking submarket construction pipeline, totaling 4.5 msf. As new product continues to deliver, expect users who value being in close-proximity to the semiconductor plant to absorb much of the new supply.