It's been nothing but pain for CRE operators in Columbus' industrial market throughout 2024. A report from Savills showed that multiple key fundamentals experienced big declines.
Most notably, net absorption last year was only 1.6 million square feet, representing a plunge of 82 percent from 2023. Vacancies spiked by 250 basis points to nearly 10 percent.
Also, asking rents tumbled have fallen to $5.85 per square foot NNN. That's down 7.5 percent from the third quarter 2023 peak of $6.32 per square foot.
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While those numbers all seem disastrous and they are, there is one silver lining to consider. Finally, the supply influx is starting to slow down. Construction completions dipped to 3.5 million square feet, marking a five-year low. That could lead to some improvement going forward.
"Rent declines are expected to stabilize as the construction pipeline continues to adjust," Savills wrote.
While the CRE firm did not reveal how leasing transactions fared in 2024 relative to the year prior, it did post some of the top deals during the past 12 months. The largest one went to Beitler Logistics Services thanks to its 327,200 square-foot new lease in the Southeast submarket.
Crane Worldwide Logistics and Circle K came in second and third with their 324,493 square feet and 320,190 square feet leases respectively, both in the Southeast as well. Also, some other notable deals involved Kamps' 253,237 square foot renewal in Northwest and MEI Rigging & Crafting's 183,679 square foot new lease in Northwest.
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