Columbus Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $21.28 2023 Avg. Asking Rent
  • -2.73% Y-o-Y Avg. Asking Rent Change
  • 15.19% 2023 Office Vacancy Rate
  • $26.6M2023 Total Office Sales
  • $93.54Avg. Sale Price/SF

Columbus office price per square foot in 2023 was $21.28 on average. This marked a -2.73% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.19% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $26.6M. Columbus office space commanded an average sale price per square foot of $93.54.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Columbus Class A & A+ Office Space$24.90
  • Columbus Class B Office Space$20.36
  • Columbus Class C Office Space$19.13
  • Ohio Class A & A+ Office Space$24.12
  • Ohio Class B Office Space$18.73
  • Ohio Class C Office Space$19.85

Columbus, OH Office Asking Rents by Class

Average office rent in Columbus rested at $21.28 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Columbus averaged $24.90 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.36 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.13 per square foot, on average. Comparably, statewide Ohio average office rents by class in 2023 were: $24.12 per square foot for class A office space; $18.73 per square foot for class B office space; $19.85 per square foot for class C office space.

2023 Office Vacancy Rates in Columbus

Submarket Asking Rents Vacancy Rates
Columbus - Short North $30.88 5.13%
New Albany $24.31 21.77%
Columbus - Westerville $22.95 17.93%
Columbus - Grandview $22.74 15.59%
Columbus - Northwest $22.28 6.36%
Columbus - East $21.89 20.48%
Columbus - Northeast $21.82 8.42%
Columbus - South $21.59 21.93%
Columbus - Downtown $21.42 10.79%
Dublin $18.74 26.10%
Columbus - Worthington $17.90 24.05%
Columbus - University $17.50 11.10%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Columbus market was 15.19% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Columbus was 5.13% in the Columbus - Short North submarket, while the highest office vacancy in the market was 26.10%, recorded in Dublin.

Office Spaces for Rent in Ohio

Columbus Office Sale Price per SF

  • $93.542023 Avg. Price per SF
  • -28.24%Y-o-Y Avg. PpSF Change
  • $26.6M2023 Office Sales Volume
  • 62023 Number of Transactions

Columbus, OH Sale Price per SF Trend

  • Columbus Avg. Sale Price per SF in 2023$93.54
  • Ohio Avg. Sale Price per SF in 2023$81.82
Columbus office space cost in 2023 marked a -28.24% change compared to the previous year. The sale price for office space in Columbus averaged $93.54 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Ohio average office sale price during the same time period was $81.82 per square foot.

2023 Office Sales Volume

  • Columbus, OH Total Office Sales Volume in 2023 $26.6M
  • Columbus, OH Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Columbus office market in 2023, adding up to a yearly sales volume of $26.6M. Notably, the largest transaction on the market saw 4885 & 4895 Olentangy River Road change hands for $11,800,000 on 8/10/2023.
Data provided by Commercial Edge

Coworking Spaces in Ohio

2023 Office Construction in Columbus, OH

  • Columbus, OH Total SF completed in 2023 1,126,261
  • Columbus, OH Total SF under construction in 2024 228,000

During 2023, 1,126,261 square feet of new office space were delivered across the market. At the close of 2023, the Columbus office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 1,126,261 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 228,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Columbus
Office building Address SF Completed
Worthington Gateway 121 West Wilson Bridge Road, 43085 51,654 2024
The Peninsula Office 330 Rush Alley, 43215 231,000 2022
Worthington Gateway 121 W Wilson Bridge Rd, 43085 51,654 2022
6351 E Broad Street 6351 E. Broad Street, 43213 6,208 2022
White Castle Headquarters 555 Edgar Waldo Way , 43215 198,104 2020
The Reach-535 Reach 535 Reach Boulevard, 43215 66,243 2020
80 on the Commons 80 East Rich Street, 43215 389,665 2018
886 N High Street 886 N High Street, 43215 54,403 2018
Highline at Nine 1494 N High St, 43201 325,684 2017
985 High 985 North High Street, 43201 198,298 2017

Worth noting among recent office completions on the Columbus market is Worthington Gateway, which is currently the largest new office development in the city, at 51,654 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Columbus commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.