2019-10-23_DTZ戴德梁行_Industrial_Q3_2019_Columbus_2页_555kb

Columbus Industrial Market Q3 2019 Summary

Core Content

The Columbus industrial market experienced strong performance in Q3 2019, with record results across multiple indicators. The overall vacancy rate dropped to 3.7%, a significant improvement from the previous year and quarter. Net absorption reached 1.6 million square feet (msf) for the quarter, contributing to a year-to-date total of 6.1 msf, surpassing the 5.7 msf absorbed in all of 2018. The average asking rent increased to $3.78 per-square-foot (psf), setting a new all-time high.

Key Market Indicators

Submarket Performance

Overall Market

• Total Buildings: 2,911
• Total Inventory SF: 258,909,521
• Total Vacancy SF: 9,512,677
• Vacancy Rate: 3.7%
• Net Absorption (Q3): 1,618,288 sf
• Net Absorption (YTD): 6,147,573 sf
• Under Construction SF: 8,991,150 sf
• Average Asking Rent: $3.78 psf/year

Modern Bulk Industrial Market

• Total Buildings: 179
• Total Inventory SF: 83,004,539
• Total Vacancy SF: 3,221,647
• Vacancy Rate: 3.9%
• Net Absorption (Q3): 733,583 sf
• Net Absorption (YTD): 5,343,162 sf
• Under Construction SF: 8,991,150 sf
• Average Asking Rent: $3.72 psf/year

Major Lease Transactions

• 3800 Groveport Road (706,000 sf): Leased to Walker Edison in the Southeast submarket.
• 5465 Centerpoint Parkway (478,000 sf): Leased to 3PL Solutions in the Southeast submarket.
• 4450 South Hamilton Road (254,000 sf): Pre-leased to Startech.com in the Southeast submarket.
• 4000 Lockbourne Industrial Parkway (254,000 sf): Expansion for Intelligated in the Southeast submarket.
• 340 O’Neill Drive (125,000 sf): Leased to Owens Corning in the Outlying Counties.

Major Sales Transactions

• 1550 West Main Street (855,000 sf): Sold by Duke to Stag Industrial for $95.5 million ($112 psf) in the Outlying submarket.
• Air South Commerce Center Phases I & II (400,000 sf): Sold by Taggart to Cabot for $26.5 million ($66 psf) in the Northeast submarket.
• 8820 Smith's Mill Road (266,000 sf): Sold by Pizzuti to Dream Industrial for $23.8 million ($89 psf) in the Northeast submarket.

Outlook

The market is expected to see slightly rising vacancy rates as new industrial spaces become available in the remainder of 2019 and early 2020. Rental rates are also anticipated to experience modest increases.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm, providing services to real estate occupants and owners. With approximately 51,000 employees in 400 offices across 70 countries, the firm generated $8.2 billion in revenue in 2018. It offers a range of core services including property management, leasing, capital markets, and valuation. For more information, visit cushmanwakefield.com or contact Robin Mitchell, Research Analyst.