Columbus, OH Commercial Real Estate
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Overview of Commercial Real Estate in Columbus, OH
A diverse and vibrant state capitol, Columbus, Ohio has become a powerful economic force in the Buckeye State and nationwide, earning itself a #1 ranking as an up-and-coming technology hub by Forbes and as a growing destination for Fortune 500 companies and start-ups alike.
The city’s 880,000 residents enjoy careers in education, government, banking, defense, aviation, manufacturing, energy, healthcare, and technology. And with nearly 1.5 million more people within Columbus’ metropolitan area, the region is ripe for growth with a wide range of talented, highly educated potential employees.
For those looking at Columbus commercial real estate, the city has nearly 400 available listings at an average of $22 per square foot/year and a median available size of 670 square feet. And with plenty of availability in attractive areas like Downtown Columbus, Olde Orchard, and Eastland, it’s never been a better time to consider a first-time location or an office expansion to this growing Midwest city.
Economy of Columbus
With a median household income of $47,156 and a growth rate of nearly 12% since 2010, Columbus is a viable and attractive option for young families seeking stability in their careers while remaining an affordable, exciting opportunity to begin their professional lives. Compared to other cities of the same size, the housing market and job availability are major driving factors for qualified professionals seeking to relocate and start families as well as first-time job hunters fresh out of local institutions like Ohio State University and Columbus Community College.
Affluent suburbs like Busch, Northern Woods, and Crosswoods are within easy reach of the city equate to a relatively simple and straightforward commute for those working within the city limits, allowing for larger, more affordable homes while retaining viable career options.
A handful of Fortune 500 institutions call Columbus home, including Nationwide Mutual Insurance Company, L Brands, Big Lots, and Cardinal Health located in nearby Dublin, Ohio. Wendy’s and White Castle are headquartered here, as are the U.S. headquarters of international companies like Siemens, Roxane Laboratories, AY Manufacturing, and Mettler Toledo.
Trends of Columbus
There are over 100 mixed-use, commercial, and residential construction projects underway throughout greater Columbus, with the majority focused throughout the city’s downtown corridor. A large majority of the residential projects are aimed at Ohio State University students, which retains a student body of nearly 60,000 and employs nearly 30,000 teachers, administrators, and support staff. A major economic factor in Columbus, the university’s sports, academics, and extracurricular activities have remained popular tourist attractions in addition to serving the local population.
The city is home to the Ohio State Fair (among the largest in the nation), multiple major arts and music festivals, and a huge street festival in the Park Street Festival centered in the trendy North Market District bring life and entertainment to the city’s sizeable population.
Columbus has 2,454 commercial real estate spaces for lease, representing 33,782,824 sqft space.
589 buildings are available for sale.
In the past 30 days, Columbus has had 559 spaces leased and 7 new spaces come on market.
Neighborhoods in Columbus, OH
Metropolitan areas near Columbus, OH
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