Market Trends
- Total net absorption in 2024 reached just 1.6 million square feet (msf), an 82.0% decline from the 9.7 msfrecorded in 2023. Consequently, vacancy rose over 250 bps year over year.
- Total construction completions in 2024 reached a five-year low of 3.5 msfas deliveries continue to taper off. The Columbus construction pipeline is now 53% smaller compared to 2023.
- Asking rents have declined more than 7.5% to $5.85 from their peak of $6.32 in Q3 2023. Rent declines are expected to stabilize as the construction pipeline continues to adjust.