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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 continued a strong year in the third quarter, posting 1,315,526 square feet of positive net absorption. This marks the seventh consecutive quarter of positive absorption and the fifth quarter in a row of absorption above 1 million square feet- a true indication of the market’s overall strength. The vacancy rate decreased significantly from last quarter, dropping to 4.27 percent from 4.65 percent. Vacancy is expected to decline further in coming quarters as leasing activity remains high. Overall asking rates experienced a $0.06 increase this quarter to $3.54 per square foot. Rates for warehouse and distribution properties saw the largest increase, rising from $3.17 to $3.28 this quarter.
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