Columbus Office Market Report

Stability emerges amid tenant shifts. The Columbus office market appears to be finding balance following a period of flight to quality and firm downsizing. Hilliard’s local inventory has expanded over 10 percent since 2020, yet vacancy remains among the lowest in the metro due to strong demand for premium Class A space. The only notable 2025 delivery in the metro — a 300,000-square-foot mixed-use project — is already over 50 percent pre-leased, fueling expectations for sustained tightness. Central Columbus is also set to maintain one of the lowest vacancy rates in the metro at around 10 percent as firms seek well-amenitized locations. Despite Dublin reaching the highest vacancy metrowide last year at nearly 18 percent amid net relinquishments, total leasing activity improved compared with 2023, driven by its well-educated residents and proximity to major highways. Similarly, move-ins by technology and health care firms in Polaris and Westerville helped vacancy fall by over 400 basis points from the 2023 peak; however, Chase Bank’s 350,000-square-foot exit in late 2024 pushed local rates up by 200 basis points.