COLUMBUS—The Columbus metro area has kept pace with the overall economic recovery and the office market has started to feel the impact of the expanding employment rolls. According to a new report from DTZ, it experienced positive absorption of nearly 100,000 square feet in the first quarter of 2015 – almost four times the square feet absorbed last quarter. But most impressive was the performance of the speculative office space.
“With delivery of 131,500 square feet of speculative development, 82% already has been leased,” says Robin Mitchell, DTZ research analyst. “We expect that demand for office space, fueled by job growth, will continue throughout the year.”
Central Ohio has the lowest unemployment rate of any metro area in the state, DTZ reports. The unemployment rate for Columbus is now just 4.3%, down from 5.4% one year ago. “The office real estate sector has been slow to recover, but is poised to have a breakout year with robust job creation driving many companies to seek out more office space.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
