Columbus Office Rent Price & Sales Report

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%
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 13.20% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Columbus was 7.57% in the Columbus - Northwest submarket, while the highest office vacancy in the market was 26.33%, recorded in Columbus - Westerville.

Office Spaces for Rent in Ohio

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
Columbus office space cost in 2020 marked a -43.78% change compared to the previous year. The sale price for office space in Columbus averaged $67.57 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $83.91 per square foot.

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
A total of 9 deals closed on the Columbus office market in 2020, adding up to a yearly sales volume of $71.5M. Notably, the largest transaction on the market saw Capitol Square change hands for $36,800,000 on 11/2/2020.

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
Data provided by Commercial Edge

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.

Largest Office Properties Recently Completed in Columbus
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.

Data provided by Commercial Edge

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.