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Bankruptcies Push Office Vacancies in Columbus

PHILADELPHIA-The Downtown Columbus, OH office vacancy rate rose to 23.6% during the third quarter, according to research by the Columbus office of Los Angeles-based CB Richard Ellis. The exit of a bankrupt company from 90,000 sf and Andersen's departure hurt.

By Marita Thomas | Updated on October 23, 2002

PHILADELPHIA-The office vacancy rate in Downtown Columbus, OH rose 1.6 percentage points between the second and third quarter, reaching 23.6%, according to research by the Columbus office of Los Angeles-based CB Richard Ellis. Among thecontributing factors were the bankruptcy of a 90,000-sf tenant, downsizing byBorden, Inc., and the departure of Andersen’s office.

Despite the rise, asking average lease rates increased slightly in the most recent quarter, although they are still below last year’s third-quarter rates. The average among all office classifications is now $17.79 per sf.

The average gross asking rate at class-A office properties is $20.23 per sf, up from $19.91 per sf in second quarter and down 44 cents per sf from third-quarter 2001. Class-B asking rates, where the overall vacancy rate is 25.6%, have taken the biggest hit. Although the published average gross asking rate is now $15.34 per sf, up from $14.28 per sf last quarter, it is down $1.02 per sf from third-quarter last year.

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