By John Bush – Staff reporter, Columbus Business First
The report named Columbus a top 25 industrial market based on inventory, absorption, rent, supply, vacancy and construction activity, among other factors. It tracked more than 75 industrial markets in the U.S., and noted that the top 25 are “heavily concentrated” in the Midwest.
Rent growth in particular was a highlight for the Columbus region. It has seen almost 10% quarter-over-quarter industrial rent growth and more than 30% year-over-year industrial rent growth. Both metrics rank in the top three nationally.
Columbus was one of seven markets to post year-to-date new supply of more than 5 million square feet. It joined Dallas-Fort Worth, Texas; Greater Los Angeles; Chicago; Indianapolis; Houston; and Philadelphia. Each market also had more than 14 million square feet under construction at the end of the first quarter.
Columbus also was one of nine markets that recorded year-over-year inventory increases greater than 3.4%. Columbus and Houston were the only two that saw double-digit increases. Year-over-year inventory growth totaled 17.2%, or 55.9 million square feet, in Columbus.
Other highlights from the report include:
- Columbus was one of 15 markets to post year-over-year asking rent increases higher than 15%.
- Robust levels of speculative construction drove a quarter-over-quarter vacancy increase of 320 basis points in Columbus.