2020 Office Space Rent & Sales
- $19.66 2020 Avg. Asking Rent
- 2.17% Y-o-Y Avg. Asking Rent Change
- 13.20% 2020 Office Vacancy Rate
- $71.5M2020 Total Office Sales
- $67.57Avg. Sale Price/SF
Columbus office price per square foot in 2020 was $19.66 on average. This marked a +2.17% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.20% across all asset classes combined. The 9 transactions that closed here throughout 2020 amounted to a total sale volume of $71.5M. Columbus office space commanded an average sale price per square foot of $67.57.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Columbus Class A Office Space$23.98
- Columbus Class B Office Space$17.86
- Columbus Class C Office Space$16.64
- Ohio Class A Office Space$22.10
- Ohio Class B Office Space$17.86
- Ohio Class C Office Space$14.13
Columbus, OH Office Asking Rents by Class
Average office rent in Columbus rested at $19.66 per square foot in 2020. 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 $23.98 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.86 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.64 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2020 were: $22.10 per square foot for class A office space; $17.86 per square foot for class B office space; $14.13 per square foot for class C office space.
2020 Office Vacancy Rates in Columbus
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Columbus - Short North | $30.16 | 10.87% |
Columbus - Grandview | $22.96 | 11.59% |
Columbus - Westerville | $22.12 | 26.33% |
Columbus - Northeast | $21.37 | 11.92% |
Columbus - Northwest | $20.90 | 7.57% |
Columbus - Downtown | $20.59 | 12.47% |
Columbus - East | $19.34 | 11.94% |
Columbus - Worthington | $17.13 | 13.80% |
Columbus Office Sale Price per SF
- $67.572020 Avg. Price per SF
- -43.78%Y-o-Y Avg. PpSF Change
- $71.5M2020 Office Sales Volume
- 92020 Number of Transactions
Columbus, OH Sale Price per SF Trend
- Columbus Avg. Sale Price per SF in 2020$67.57
- Ohio Avg. Sale Price per SF in 2020$83.91
2020 Office Sales Volume
- Columbus, OH Total Office Sales Volume in 2020 $71.5M
- Columbus, OH Total Number of Office Sales Closed in 2020 9
Largest Columbus Office Sales in 2020
Property name | Address | Date | Price |
---|---|---|---|
Capitol Square | 65 East State Street | 11/2/2020 | $36,800,000 |
3 Easton Oval | 3 Easton Oval | 1/2/2020 | $6,500,000 |
Crosswoods Tech Center | 294 East Campus View Blvd | 11/19/2020 | $6,100,000 |
Corporate Exchange V | 2800 Corporate Exchange Drive | 11/16/2020 | $5,600,000 |
Crossgate Center | 355 East Campus View Blvd | 11/19/2020 | $3,900,000 |
2020 Office Construction in Columbus, OH
- Columbus, OH Total SF completed in 2020 235,940
- Columbus, OH Total SF under construction in 2021 1,572,780
During 2020, 235,940 square feet of new office space were delivered across the market. At the close of 2020, the Columbus office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 235,940 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 1,572,780 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
University Square - Buildings A & B | 14 East 15 Avenue, 43201 | 300,000 | 2022 |
The Peninsula Office | 330 Rush Alley, 43215 | 231,000 | 2022 |
250 North Hartford Avenue | 250 North Hartford Avenue, 43222 | 200,000 | 2022 |
Grandview Crossing Offices - Building 1 | 1400 City View Drive, 43215 | 121,500 | 2022 |
Jeffrey Park - Phase IX | NEC Interstate 670 & North 4th Street, 43215 | 90,000 | 2022 |
2125 Ackley Place - Offices | 2125 Ackley Place, 43219 | 90,000 | 2022 |
Marble Cliff Quarry - Office Development | NEC Trabue Road & Dublin Road, 43228 | 43,000 | 2022 |
910 John Street | 910 John Street, 43222 | 218,000 | 2021 |
Pointe at Polaris - 8890 Lyra Drive | 8890 Lyra Drive, 43240 | 145,000 | 2021 |
Arena District - 500 Neil Avenue | 500 Neil Avenue, 43215 | 132,000 | 2021 |
Worth noting among recent office completions on the Columbus market is University Square - Buildings A & B, which is currently the largest new office development in the city, at 300,000 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.