Columbus, OH Office Overview
The Columbus real estate scene is home to the Arena District, East Commercial, and Northern Woods office submarkets. With a metropolitan population of just over 2 million people, Columbus is the capital of Ohio and also the state's largest city.
As of mid-2017, the Greater Columbus office market encompasses over 35 million square feet of existing office space in properties larger than 50,000 square feet. A diverse number of industry sectors such as government, education, and high-technology combine to create continuous demand for office space and commercial real estate in Columbus.
Columbus, OH Office Inventory Description
Columbus is proud to be home to numerous institutions of higher learning, private research and development, which provide the motivated and skilled labor pool that business and industry in Columbus demand. With a gross metropolitan product of nearly $118 billion annually, the demand for white-collar office employment is strong. Nearly 50% of the office space in Columbus is Class A or A+, with Class B office inventory contributing another 50% of product to the market.
The Columbus City Center office submarket consistently sees demand for Class A office space in the trophy buildings that call this submarket home. Strategically located south of the I-670, west of the I-71, and north of the I-70, this neighborhood boasts prime office property such as Fifth Third Center on East State Street, the Continental Centre, and the One Columbus Center office building at 10 West Broad Street.
Columbus, OH Commercial Inventory Breakdown
Total: 44,418,751 SF
By square footage range:
- 50k to 100k SF: 9,578,261 SF / 21.56% of total office
- 100k to 500k SF: 23,328,373 SF / 52.52% of total office
- 500k to 1M SF: 5,792,443 SF / 13.04% of total office
- > 1M SF: 5,719,674 SF / 12.88% of total office
- Class A: 19,906,891 SF / 44.82% of total office
- Class B: 18,357,792 SF / 41.33% of total office
- Class C: 341,039 SF / 0.77% of total office
Columbus, OH Green Office Space
The most recent National Green Building Adoption Index survey for 2017 looked at 30 major markets in the U.S. and analyzed the adoption of energy efficient building standards. While Columbus did not make this year's cut, the city is making tremendous strides toward adopting LEED, Energy Star, and environmentally friendly construction standards for the area's office buildings.
One example of this focus is the Grandview Yard office - medical office building on 775 Yard Street in Columbus. Located in the Grandview Heights neighborhood, this 90,000-square- foot Class A office property was built in 2010, includes first floor retail space, and is the proud recipient of the highly-admired LEED Green Building certification.
Interestingly, the 2017 Survey found that, since 2005, the percentage of energy efficient certified office buildings in the U.S. as a whole has increased from under 5% to 38% by mid- 2017.
Columbus, OH's Top Office-Using Sectors
What was once a blue-collar manufacturing city has evolved into one of the strongest economies in the U.S., recently ranking among the top 10 in the country. A dynamic mix of business and industry including education & healthcare, financial services, government, and corporate headquarters all drive the demand for Columbus commercial real estate.
- Education & Healthcare – Both public and private universities and research facilities such as Ohio State University, the Battelle Memorial Institute, Siemens and Roxane Laboratories, and Columbus State Community College all require Class A white collar office space.
- Financial Services – Insurance, banking and financial services companies such as JP Morgan Chase and Huntington Bancshares call Columbus home and are among the top office-using sectors in the city.
- Government – As the capital of Ohio, government is the largest employment sector in the economy and one of the biggest creators of white collar office employment.
- Fortune 500 Headquarters – Nationwide Mutual Insurance, American Electric Power, L Brands, and Big Lots are all headquartered in Columbus.
- Total Population852,144
- Male Population(48.7 %) 415,208
- Female Population(51.3 %) 436,936
- Median Age32.20
- Average Household Income$63,554
- Median Household Income$49,478
- Median Income Under 25$25,863
- Median Income 25-44$54,648
- Median Income 45-64$54,141
- Median Income Over 65$38,907
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