Columbus Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $20.38 2021 Avg. Asking Rent
  • 3.64% Y-o-Y Avg. Asking Rent Change
  • 13.26% 2021 Office Vacancy Rate
  • $416.2M2021 Total Office Sales
  • $135.26Avg. Sale Price/SF

Columbus office price per square foot in 2021 was $20.38 on average. This marked a +3.64% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.26% across all asset classes combined. The 28 transactions that closed here throughout 2021 amounted to a total sale volume of $416.2M. Columbus office space commanded an average sale price per square foot of $135.26.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Columbus Class A & A+ Office Space$24.07
  • Columbus Class B Office Space$18.88
  • Columbus Class C Office Space$16.60
  • Ohio Class A & A+ Office Space$22.65
  • Ohio Class B Office Space$17.64
  • Ohio Class C Office Space$15.26

Columbus, OH Office Asking Rents by Class

Average office rent in Columbus rested at $20.38 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Columbus averaged $24.07 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.88 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.60 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2021 were: $22.65 per square foot for class A office space; $17.64 per square foot for class B office space; $15.26 per square foot for class C office space.

2021 Office Vacancy Rates in Columbus

Submarket Asking Rents Vacancy Rates
Columbus - Short North $28.72 7.96%
Columbus - Northeast $23.73 8.55%
Columbus - Grandview $23.55 12.95%
Columbus - Downtown $22.06 22.46%
Columbus - Northwest $21.46 6.94%
Columbus - Westerville $19.31 17.57%
Columbus - East $18.72 14.52%
Columbus - Worthington $17.11 24.40%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Columbus market was 13.26% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Columbus was 6.94% in the Columbus - Northwest submarket, while the highest office vacancy in the market was 24.40%, recorded in Columbus - Worthington.

Office Spaces for Rent in Ohio

Columbus Office Sale Price per SF

  • $135.262021 Avg. Price per SF
  • $416.2M2021 Office Sales Volume
  • 282021 Number of Transactions

Columbus, OH Sale Price per SF Trend

  • Columbus Avg. Sale Price per SF in 2021$135.26
  • Ohio Avg. Sale Price per SF in 2021$100.53
The sale price for office space in Columbus averaged $135.26 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $100.53 per square foot.

2021 Office Sales Volume

  • Columbus, OH Total Office Sales Volume in 2021 $416.2M
  • Columbus, OH Total Number of Office Sales Closed in 2021 28
A total of 28 deals closed on the Columbus office market in 2021, adding up to a yearly sales volume of $416.2M. Notably, the largest transaction on the market saw 910 John Street change hands for $240,000,000 on 5/17/2021.

Largest Columbus Office Sales in 2021

Property name Address Date Price
910 John Street 910 John Street 5/17/2021 $240,000,000
111 North 4th Street 111 North 4th Street 5/28/2021 $62,649,400
Alliance Data Systems Headquarters - 3100 Easton Square Place 3100 Easton Square Place 1/22/2021 $18,600,000
Continental Centre 150 East Gay Street 1/26/2021 $11,970,010
7575 Huntington Park Drive 7575 Huntington Park Drive 11/4/2021 $10,500,000
Data provided by Commercial Edge

Coworking Spaces in Ohio

2021 Office Construction in Columbus, OH

  • Columbus, OH Total SF completed in 2021 662,000
  • Columbus, OH Total SF under construction in 2022 765,311

During 2021, 662,000 square feet of new office space were delivered across the market. At the close of 2021, the Columbus office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 662,000 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 765,311 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Columbus
Office building Address SF Completed
The Peninsula Office 330 Rush Alley, 43215 231,000 2022
Worthington Gateway 121 W Wilson Bridge Rd, 43085 51,654 2022
Southern Station 827-871 Goodale Blvd, 43212 24,370 2022
Worthington Gateway 89-105 N Wilson Bridge Road, 43085 24,229 2022
6351 E Broad Street 6351 E Broad Street, 43213 6,208 2022
150 North 3rd Street 150 North 3rd Street, 43215 113,373 2021
The Reach on Goodale 535 Reach Boulevard, 43215 66,243 2020
The Budd Dairy Food Hall - Office 1086 North 4th Street, 43201 50,000 2020
Offices at The Sutton 873-875 High St. N, 43215 58,052 2019
Millennial Tower Rich and Front, 43215 400,000 2018

Worth noting among recent office completions on the Columbus market is The Peninsula Office, which is currently the largest new office development in the city, at 231,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Columbus commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.