As a consequence, new industrial construction is at a standstill and no bulk buildings are currently under construction. "Most developers have reacted to the economic slowdown and pushed back completion dates well into next year," the researchers say. They predict that future construction will be primarily in tax-abatement areas, enterprise zones and at Rickenbacker Air Industrial Park, which is a designated Foreign Trade Zone.

Not surprisingly, the availability of existing product has caused owners to begin offering incentives, although net asking rental rates remain relatively flat for the year. The range of asking net lease rates for industrial space throughout the Columbus market is between $1.75 and $4.25 per sf, and the overall average is $2.85 per sf.

At available second- and third-generation properties, the asking lease rates range from $1.75 per sf to $2.95 per sf net in bulk buildings of more than 100,000 sf, while at smaller properties, the asking range is between $2.50 per sf to $4.25 per sf.