Demand in Columbus' industrial sector has experienced a dramatic reversal, according to a CBRE market report. In the first quarter, net absorption reached 2.5 million square feet, a sharp contrast to the nearly 1 million square feet of negative absorption in the previous three months.
CBRE attributes this turnaround largely to major moves such as Invenergy occupying 946,000 square feet at Red Chip Farms, the delivery of a 400,000-square-foot build-to-suit for Coca-Cola, and Keller Logistics relocating into 383,000 square feet at West Jefferson Logistics Center. Notably, Licking County stood out with over 1.6 million square feet of positive absorption.
That category influenced the downward vacancy movement by 10 basis points to 7.6 percent.
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"The substantial absorption figures underscore the high demand for industrial space in the region, highlighting the dynamic nature of the market," CBRE said.
The momentum also carried over to leasing, with volume up 29.4 percent from the previous three months and 50.3 percent year-over-year to 4.7 million square feet. As noted above, the biggest deal came via Invenergy in Licking County. That was followed by Anduril and Redhawk, which signed for 773,114 square feet and 507,398 square feet, respectively. New transactions accounted for 83 percent of the overall volume in the first quarter.
Meanwhile, rents trended the wrong way. The ask of $6.03 per square foot NNN was three cents less than the fourth quarter's total. For the lowest rents, it was a two-way tie between Southwest and Licking County, which averaged $5.71 per square foot.
"Despite this minor drop, the market continues to exhibit strong demand for industrial space, particularly in the most modern and larger size categories," CBRE wrote in further context.
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