COLUMBUS—Experts have repeatedly cited wage growth as the key missing ingredient to the US economic recovery. But according to CNN Money, among metro areas with more than one million residents, Columbus topped them all with a 6.2% increase in wages since last year. And according to a new report on the third quarter from Cushman & Wakefield, the robust economy here has given a big boost to the office market.
The total vacancy rate of 15.36% was a 40 bps drop from the second quarter and the lowest since 2009. Developers delivered about 500,000 square feet of new space year-to-date – of which almost 70% is leased – and new development continues with both build-to-suit and speculative properties. And absorption in the office market totaled 375,000 square feet year-to-date.
“That's more than we absorbed in the entire year of 2014,” Robin Mitchell, research analyst in Cushman & Wakefield's Columbus office, tells GlobeSt.com.
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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.
