Columbus Office Figures Q1 2025

Total vacancy for the Columbus office market stands at 21.7%, a 30-basis point decrease from Q4 2024, and departure from vacancy remaining stagnant through the second half of 2024.

The market recorded a positive net absorption of 81,062 sq. ft. for Q1 2025, down 8.5% from last quarter.

No new construction was delivered in Q1. However, 192,873 sq. ft. of office space is currently under construction, reflecting ongoing activity and an expected continuation of demand. TruePointe, a large mixed-use development in Hilliard, continues construction and is planned to deliver over 300,000 sq. ft. upon full completion. 

The average Full-Service Gross (FSG) lease rate remains stable at $22.27 per sq. ft. per year.

Notable lease transactions include Rev1 Ventures' new lease for 44,391 sq. ft. at 330 Rush Alley in Downtown and Mount Carmel Health System's renewal of 42,395 sq. ft. at 477 Cooper Road in Westerville.