Population: The population in Columbus in the 2Q of 2022 was 2,173,873. This represents an increase in total population of 18,650 over the course of the last year. During 2021 Q2, the Columbus population stood at 2,155,223. The number of people employed rose to 1,128,659 in 2022 Q2 from 1,118,015 over the last quarter, an increase of 10,644 or 0.95% for the period.
Median Income: The median household income for Columbus in the 2Q of 2022 was $74,849. At this time last year, the median household income was $69,401. 2022 Q2 median income represents a quarter-over-quarter increase of 1.83% and a year-over-year increase of 7.85%. Columbus has a median household income greater than the U.S. average, which is $72,996.
Office leasing: Overall office base rent rates have increased by $0.15/SF. They went from $15.41/SF in 2022 Q1 to $15.56/SF in this most recent quarter. Office rates grew in 2022 Q2 when compared to last year’s quarter, when office base rent was $14.91/SF.
Vacancy rates also went from 9.20% to 9.50%. They stood at 8.90% this time last year. The overall vacancy rate is expected to change from 9.50% to 9.60% next quarter.
In the Columbus market’s central business district (CBD) specifically, 2022 Q2 base rents stood at $20.65/SF, an increase from $20.60/SF in 2022 Q1. When compared to last year’s quarter, CBD office rates increased from $20.24.
CBD vacancy rates went from 7.57% to 7.42% from Q1 2022 to Q2 2022. The CBD vacancy rate is expected to decrease to 7.38% next quarter.
For investors, the cap rate during 2022 Q2 was 8.00%, compared to the previous quarter’s cap rate of 7.70%. The cap rate was 7.70% this quarter last year.
In terms of transaction volume, there were 82 sales transactions during the period. That’s an increase compared to the 62 transactions in the previous period. Last year at this time, there were 97 transactions. In terms of transaction amounts, office transactions were valued at $110,028,448 in 2022 Q2. That’s an increase compared to $78,887,136 of transaction value in the previous period. Last year at this time, office transactions were valued at $249,178,480.
Industrial leasing: For the Columbus, OH industrial sector, we look at warehouse and distribution spaces specifically. Overall industrial base rent rates have increased by $0.37/SF. They went from $6.53 in 2022 Q1 to $6.90/SF in this most recent quarter. Warehouse and distribution rates grew in 2022 Q2 when compared to last year’s quarter, when industrial base rent was $5.78/SF.
In 2022 Q2, the industrial market grew in Columbus by 5.60% versus 2022 Q1. Vacancy rates also went from 2.60% to 2.90%. Next quarter, the vacancy rate is expected to reach 3.00%.
For investors, the industrial cap rate during 2022 Q2 was 6.40%, compared to the previous quarter’s cap rate of 6.00%. The cap rate was 8.90% this quarter last year.
In terms of sales volume, industrial transactions were valued at $267,757,792 during the quarter. That’s a decrease compared to $409,288,320 of transaction value in the previous quarter. Last year at this time, industrial sales transactions totaled $278,407,136.
All data aggregated in this report is provided by CoStar Realty Information Inc. CoStar is a provider of information, analytics and marketing services to the commercial property industry in the United States, Canada, the United Kingdom, France, Germany, and Spain.