Office Rental Market
- $19.25 2019 Avg. Asking Rent
- 9.67 % 2019 Avg. Vacancy Rate
- 633,326 2019 Office Completions (Sqft)
- 1,626,554 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Columbus Class A Office Buildings$25.06
- Columbus Class B Office Buildings$16.64
- Columbus Class C Office Buildings$14.24
- OH Class A Office Buildings$21.17
- OH Class B Office Buildings$17.96
- OH Class C Office Buildings$13.21
Columbus, OH Office Asking Rents by Class
Office asking rents vary across the Columbus office market depending on several factors, one of which is property class. While rents for Class A office buildings in Columbus averaged $25.06 per square foot in 2019, Class B office properties garnered average rental rates of $16.64 per square foot. Rental rates for Class C office property in Columbus averaged $14.24 per square foot. On a statewide level, Class B office space rents averaged $17.96 per square foot, while rents for Class A office space across Ohio averaged $21.17 per square foot. On average, Class C office properties in Ohio commanded rents of $13.21 per square foot.
2019 OFFICE VACANCY RATES
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Columbus - Short North | $31.19 | 12.95 % |
| Columbus - Westerville | $21.52 | 16.72 % |
| Columbus - Grandview | $21.26 | 10.28 % |
| Columbus - Downtown | $21.02 | 8.41 % |
| Columbus - Northwest | $19.99 | 2.95 % |
| Columbus - University | $19.87 | 5.62 % |
| Columbus - East | $19.03 | 10.15 % |
| Columbus - Worthington | $18.04 | 11.00 % |
| Columbus - Northeast | $16.41 | 6.40 % |
- The lowest office vacancy rate in 2019 in Columbus was 2.95 % in the Columbus - Northwest submarket, where asking rents averaged $19.99.
- The highest office vacancy rate in 2019 in Columbus was 16.72 % in the Columbus - Westerville submarket, where asking rents averaged $21.52.
OFFICE CONSTRUCTION IN Columbus, OH
- Columbus, OH Total Sqft completed in 2019 633,326
- Columbus, OH Total Sqft under construction in 2020 1,626,554
| Building name | Address | Total Sqft | Year built |
|---|---|---|---|
| 70/270 Commerce Center | 4545 Fisher Road, 43228 | 3,979,333 | 1971 |
| McCoy Center | 1111 Polaris Pkwy, 43240 | 2,371,674 | 1995 |
| One Nationwide Plaza | 1 West Nationwide Blvd, 43215 | 1,328,000 | 1975 |
| The Lazarus Building | 50 West Town Street, 43215 | 1,000,000 | 2008 |
| Huntington Center | 41 High St. S, 43215 | 907,010 | 1984 |
| Huntington Center | 41 South High Street, 43215 | 907,010 | 1983 |
| AEP Corporate Headquarters | 1 Riverside Plaza, 43215 | 813,639 | 1983 |
| Three Nationwide Plaza | 245 North High Street, 43215 | 690,977 | 1988 |
| The Borden Tower | 180 East Broad Street, 43215 | 655,000 | 1974 |
| 275 East Broad Street | 275 East Broad Street, 43215 | 638,473 | 1986 |
| Office building | Address | Sqft | Completed |
|---|---|---|---|
| The Pointe at Polaris - Phase II | 8824 Lyra Drive, 43240 | 145,000 | 2020 |
| 4111 Worth Avenue | 4111 Worth Avenue, 43219 | 115,000 | 2020 |
| 4131 Worth Avenue | 4131 Worth Avenue, 43219 | 99,940 | 2020 |
| The Reach on Goodale - 555 W Goodale Street | 555 West Goodale Street, 43215 | 66,000 | 2020 |
| Franklin Peak | 781 Science Blvd, 43230 | 64,000 | 2020 |
| The Budd Dairy Food Hall - Office | 1086 North 4th Street, 43201 | 50,000 | 2020 |
| Grandview Yard - 950 Goodale Boulevard | 950 Goodale Blvd, 43212 | 34,000 | 2020 |
| Gravity Project 1.0 | 500 West Broad Street, 43215 | 341,000 | 2019 |
| OhioHealth David P. Blom Administrative Campus | 3430 OhioHealth Pkwy, 43202 | 270,000 | 2019 |
| 800 North High Street | 800 North High Street, 43215 | 150,000 | 2019 |
Office Spaces for Rent in Ohio
COLUMBUS OFFICE SALES TRENDS
- $120.032019 Avg. Price per Sqft
- 35.20 %Y-o-Y Avg. PpSF Change
- $348M2019 Office Sales Volume
- 202019 Number of Transactions
In 2019, office sales in Columbus averaged $120.03 per square foot. This marked a 35.20 % increase in office price per square foot, compared to the previous year. A total of 20 office sales closed on the Columbus office market in 2019, amounting to a total sales volume of $348M.
Average Office Sale Price per Sqft
Columbus, OH Sales Trends
- Columbus Price per Sqft$120.03
- Ohio Price per Sqft$102.10
Office Sales - Trend and Volume
- Columbus, OH Total Office Sales Volume in 2019 $348M
- Columbus, OH Total Number of Office Sales Closed in 2019 20
Largest Columbus Office Sales in 2019
| Property name | Address | Date | Price |
|---|---|---|---|
| 80 on the Commons | 80 East Rich Street | 10/9/2019 | $72,000,000 |
| Hamilton Quarter - Big Lots Headquarters | 4900 East Dublin Granville Road | 10/31/2019 | $69,000,000 |
| One Columbus Center | 10 West Broad Street | 11/6/2019 | $61,429,000 |
| Offices at Corporate Exchange | 3000 Corporate Exchange Drive | 8/29/2019 | $28,952,500 |
| Brewery Tower, The | 500 South Front Street | 11/5/2019 | $24,050,000 |
See trends for nearby markets
The Columbus office market contains an inventory of 51,501,520 square feet of office space, in 533 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.