2017 Q4 Columbus Office Knowledge Report
Date Published: 02/25/2018
During the fourth quarter of 2017, the Columbus offi ce market experienced a second consecutive quarter of negative growth, posting negative net absorption of 320,644 square feet. This translates to a year-to-date net absorption of 199 square feet. After five years of positive growth in the office market, 2017 experienced a decrease in demand overall, signaling the natural ups and downs of the real estate cycle. On a positive note, overall asking rates recorded a $0.06 increase to $18.66 per square foot. Specifically, Class A properties posted the largest increase to $20.93 per square foot. Increasing asking rates prove the office market remains competitive despite the sluggish end to the year. Kiplinger Forecast predicts the GDP to rise 2.6 percent in the coming year due to healthy business spending at a projected 4 percent in 2018. The Bureau of Labor Statistics reports that the unemployment rate in Columbus is 4 basis points less than the national average at 4.1 percent. This proves that Columbus continues to be a sought after destination due to its strategic location, growing population, aff ordable living, and job opportunity.