Central Ohio
Retail Overview
Market Overview
Located in the center of Ohio, Columbus is the 2nd largest city in the Midwest and the 14th largest in the U.S. The region, whose population has never declined, is experiencing a period of tremendous growth and boasts some of the best business resources around.
​
With 52 colleges and universities in the area, the region possesses a young, educated workforce that is expanding at a rate substantially higher than the national average. Columbus is known for retaining this talent, as the city has one of the largest concentration of millennials in the nation and was ranked the #1 place for college grads by SmartAsset.
​
No industry accounts for more than 18 percent of employment, meaning Columbus’ economy is more diversified than ever. The area is home to numerous Fortune 1000 and Fortune 500 companies, reinforcing its reputation as a first-class business environment.
​
Columbus is located within a 10-hour drive of 46 percent of the country’s population, making it a point of access for businesses and consumers. With access to top transportation networks like John Glenn International Airport, Rickenbacker International Airport, numerous rail terminals and national interstates, Columbus is a certified logistics hub.
Current population is 2.2M and expected to grow to 3M by 2050
Columbus sees 39.3M annual visitors
Why Columbus?
Our Why Columbus piece details all of the facets of Central Ohio that make it special. From the local economy, business environment, strategic location, educated workforce, infrastructure and quality of life, this report illuminates everything that Columbus has to offer.
Quarterly Retail Reports
Key Takeaways
-
Over 96 percent of tracked retail properties are leased
-
Majority of construction deliveries were supermarkets
-
Q4 vacancy rate decreased 24 basis points to 3.63 percent
Regional Summary
The Columbus retail market saw significant positive absorption in Q4, with a slight vacancy rate decrease from the previous quarter to 3.63 percent. The retail market is experiencing a supply-demand imbalance, with tenants facing limited options for high-quality space due to low levels of new development. Macroeconomic headwinds continue to affect consumer sentiment as rising prices weigh on spending. This economic pressure also impacts retailers, contributing to an uptick in store closures. While retail demand has remained robust in recent years, we anticipate a potential normalization in absorption rates going forward. Click below to view our Retail Trends Reports.
Q3 2024 Retail Report
