Columbus is located within a 10-hour drive of 46 percent of the country’s population, making it a point of access for businesses and consumers. With access to top transportation networks like John Glenn International Airport, Rickenbacker International Airport, numerous rail terminals and national interstates, Columbus is a certified logistics hub. No industry accounts for more than 18 percent of employment, meaning Columbus’ economy is more diversified than ever. The area is home to numerous Fortune 1000 and Fortune 500 companies, reinforcing its reputation as a firstclass business environment.
The Columbus industrial market finished the year strong, posting 2,992,791 square feet of positive net absorption in the fourth quarter. This brings total year-to-date absorption to over 7.4 million square feet, which is 3 million square feet more than the 2017 total. This quarter also marks the sixth consecutive quarter of positive absorption above 1 million square feet, demonstrating the steady strength of the Columbus market. Vacancy significantly increased in the fourth quarter from 4.27 percent to 4.85 percent, as construction completions added large vacancies to the market. Overall asking rates slightly decreased to $3.52 per square foot, but rates for warehouse and distribution properties saw a $0.03 increase to $3.31 per square foot.
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