This document provides an analysis of the Columbus industrial real estate market in Q4 2020. Some key points: - The market set new records in 2020 for net absorption, average asking rents, and construction completions. - Modern bulk warehouses are driving much of the demand, accounting for 46% of absorption and 66% of construction. - Despite over 20 million square feet of new warehouse space delivered in the last three years, total vacancy remains below 5% at 4.5%. - Fundamentals are strong with 10.2 million square feet of net absorption YTD and average asking rents reaching $4.05 per square foot. Limited new construction is planned for 2021.

1. JLL Research
Industrial Outlook
An in-depth look at the Columbus industrial
market. Analysis includes leasing, sales,
construction and employment.
Columbus | Q4 2020

2. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q4 2020
Insight
Columbus Industrial Outlook
It was a record-breaking year for the Columbus industrial market. Net
absorption reached 10.1 m.s.f., surpassing the high mark of 8.4 m.s.f. in 2016.
Demand is pushing average asking rents upward as the market has reached
$4.00 p.s.f. for the first time in its history. With such strong underlying
fundamentals, it’s no surprise that construction completions totaled 11.2
m.s.f., exceeding the market high that was previously set in 2008.
The market has shifted considerably over the last decade. Of course, e-
commerce has played a critical role in nearly every U.S. market, but it’s more
than that for a market that had often been considered secondary by
institutional investors. Columbus has emerged as a premier distribution hub,
outperforming larger, more notable markets and providing significant returns
to investors and developers that had once considered the region “fly over
country.” It’s not a secret anymore. If you build in Columbus, they will come.
The average lease-up time for modern bulk speculative product is under six
months. There were five leases above 1 m.s.f. in 2020, three of which were in
speculative or second-generation product. Overall, modern bulk warehouses
accounted for 46% of absorption and 66% of completions. Demand from
expanding logistics tenants is transforming the market and developers are
ensuring that demand is met with large, modern warehouses.
Outlook
Total vacancy sits at just 4.5% despite 6.9 m.s.f. of speculative completions in
2020. Vacancy hit a market-low in 2016 at 4.3%, and then institutional
development activity took off with over 20 m.s.f. completed in the last three
years. It’s likely that the market stays below the 5% mark in 2021 as well.
Construction activity heading into the new year is limited compared to 2020
with 7.6 m.s.f. currently under construction. However, as more developers
take land positions throughout the market, look for ground breakings to
increase as more developers hope to satisfy record demand.
Record breaking year pushes market to new heights
0
10,000,000
20,000,000
2016 2017 2018 2019 2020
Supply and demand (s.f.) Net absorption
Deliveries
0%
5%
10%
15%
2006 2008 2010 2012 2014 2016 2018 2020
Total vacancy
$0
$2
$4
$6
2006 2008 2010 2012 2014 2016 2018 2020
Average asking rent ($ p.s.f.)
Direct Sublease
• Net absorption, average asking rents, and construction completions set market
records in 2020
• Modern bulk product is driving demand, accounting for 46% of absorption and
66% of construction completions
• Although there has been over 20 m.s.f. of warehouse deliveries in the last three
years, total vacancy remains below 5% at just 4.5%
Fundamentals Forecast
YTD net absorption 10,187,017 s.f.
Under construction 7,646,782 s.f.
Total vacancy 4.5%
Sublease vacancy 410,029 s.f.
Direct asking rent $4.05 p.s.f.
Sublease asking rent $3.14 p.s.f.
Concessions Stable
▲
▲
▶
▶
▲
▶
▶

3. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q4 2020
Statistics
Columbus Industrial Outlook
Note: There was an update to historical figures based on new methodology. Historical data points included in this report reflect the updated property set.
Inventory (s.f.)
Quarterly total
net absorption
(s.f.)
YTD total net
absorption
(s.f.)
YTD total net
absorption (%
of stock)
Total vacancy
(%)
Total
availability
(%)
Average
total asking
rent ($
p.s.f.)
Quarterly
Completions
(s.f.)
YTD
Completions
(s.f.)
Under
construction (s.f.)
Columbus total
Warehouse & Distribution 213,999,953 1,952,347 10,195,986 4.8% 4.8% 8.2% $4.02 1,011,935 10,974,976 7,646,782
Manufacturing 35,063,453 51,600 -8,969 0.0% 2.5% 3.6% $3.73 0 239,715 0
Overall Total 249,063,406 2,003,947 10,187,017 4.1% 4.5% 7.5% $4.01 1,011,935 11,214,691 7,646,782
Central
Warehouse & Distribution 1,932,455 300,000 300,000 15.5% 0.0% 0.0% $0.00 300,000 300,000 0
Manufacturing 573,948 0 0 0.0% 0.0% 0.0% $0.00 0 0 0
Overall Total 2,506,403 300,000 300,000 12.0% 0.0% 0.0% $0.00 300,000 300,000 0
East
Warehouse & Distribution 18,871,757 276,905 289,530 1.5% 2.4% 5.9% $3.80 0 0 0
Manufacturing 3,566,879 0 -19,549 -0.5% 5.7% 5.7% $2.85 0 0 0
Overall Total 22,438,636 276,905 269,981 1.2% 3.0% 5.8% $3.65 0 0 0
North
Warehouse & Distribution 12,535,497 -13,587 -14,609 -0.1% 1.9% 2.7% $5.56 0 0 0
Manufacturing 1,075,041 0 0 0.0% 0.0% 0.0% $0.00 0 0 0
Overall Total 13,610,538 -13,587 -14,609 -0.1% 1.8% 2.5% $5.56 0 0 0
Southeast
Warehouse & Distribution 83,720,576 1,370,689 4,472,912 5.3% 5.5% 10.2% $4.02 358,000 3,880,283 3,765,720
Manufacturing 7,772,572 0 19,000 0.2% 2.3% 7.5% $3.58 0 0 0
Overall Total 91,493,148 1,370,689 4,491,912 4.9% 5.2% 10.0% $4.01 358,000 3,880,283 3,765,720
Southwest
Warehouse & Distribution 18,858,510 75,416 387,681 2.1% 2.2% 6.8% $4.00 0 151,200 316,241
Manufacturing 968,653 0 0 0.0% 0.0% 0.0% $0.00 0 0 0
Overall Total 19,827,163 75,416 387,681 2.0% 2.1% 6.5% $4.00 0 151,200 316,241
West
Warehouse & Distribution 31,304,267 30,322 241,099 0.8% 5.7% 6.2% $3.57 0 0 150,000
Manufacturing 2,154,778 51,600 -36,420 -1.7% 9.7% 9.7% $4.95 0 0 0
Overall Total 33,459,045 81,922 204,679 0.6% 5.9% 6.4% $3.71 0 0 150,000
Outlying
Warehouse & Distribution 46,776,891 -87,398 4,519,373 9.7% 6.0% 8.9% $4.15 353,935 6,643,493 3,414,821
Manufacturing 18,951,582 0 28,000 0.1% 1.4% 1.4% $3.57 0 239,715 0
Overall Total 65,728,473 -87,398 4,547,373 6.9% 4.6% 6.9% $4.12 353,935 6,883,208 3,414,821

4. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q4 2020
Modern Bulk
Columbus Industrial Outlook
Supply and demandFundamentals
Recent leasing
Modern bulk properties are defined as speculative warehouses built since 2000, 28’ clear, ESFR, ≥250,000 s.f.
Large blocks
0 2,000,000 4,000,000 6,000,000
Southeast
Outlying
Construction by Submarket
Asking rents and vacancy
Property Available s.f. Rent
C5 Logistics Center Q1 2021 1,126,928 TBD
Comm. Point 1022 Q3 2021 1,022,000 $3.95
Park West I Now 845,280 $3.75
1020 Enterprise Now 827,649 $3.75
4077 Airbase Rd Q1 2021 742,140 $3.95
Tenant Address s.f.
Amazon 70 E Logistics Center 1,232,149
TJX Centerpoint I 1,166,015
Amazon CP#3 1,059,440
ODW Logistics 1450 Commodity 500,000
Shiseido CP#3 324,245
Inventory 44,891,129 s.f.
YTD Net Absorption 4,665,961 s.f.
Vacancy 7.6%
Average asking rent (NNN) $4.46
YTD completions 6,497,869 s.f.
Under construction 4,925,645 s.f.
0
2,000,000
4,000,000
6,000,000
8,000,000
2016 2018 2020
Absorption New supply
$2.50
$3.00
$3.50
$4.00
$4.50
2016 2018 2020
0%
6%
12%
18%
Rents Vacancy

5. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q4 2020
Leasing in Q4
Columbus Industrial Outlook
1
Address: 5235 Westpoint Dr
Square Feet: 1,166,015 s.f.
Tenant: TJX Companies
Type: New Lease
2
Address: 4400 S Hamilton Rd
Square Feet: 566,981 s.f.
Tenant: KDC
Type: New Lease
3
Address: 6500 Adelaide Ct
Square Feet: 354,676 s.f.
Tenant: McKesson
Type: New Lease
5
Address: 510 Sunbury Rd
Square Feet: 300,000 s.f.
Tenant: Amazon
Type: New Lease
4
Address: 3801 Gantz Rd
Square Feet: 322,000 s.f.
Tenant: RR Donnelley
Type: Renewal
1
2
3
4
5

6. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q4 2020
Sales
Columbus Industrial Outlook
Noteable sales transactions
Buyer Size (s.f.) $ p.s.f. Sale date
Deutsche Post AG 1,199,488 $52 Jul-20
Granite REIT 478,053 $33,300,000 $70 Jun-20
Granite REIT 484,216 $32,450,000 $67 Jun-20
Exeter 524,234 $26,035,000 $50 Jan-20
Southern Glazer's Wine & Spirits 507,300 $25,650,000 $51 Jan-20
Transwestern 252,434 $16,000,000 $63 Feb-20
Forward Air Inc 240,000 $9,500,000 $40 Jun-20
IKO Industries Ltd 289,624 $5,460,378 $19 Jul-20
R Dean Bingham 65,000 $4,500,000 $69 Apr-20
Rafi Hovagimian 55,740 $3,500,000 $63 Jul-20
1695 Watkins Rd
87 Heritage Drive
6161 Shamrock Ct
1705 Atlas St
6700 Port Rd GPT Groveport Owner LLC
Maloufsleep
Grainger, LSP Technologies
Burke Machining
Link Logistics Real Estate
6201 Green Pointe Dr S
Southern Glazer’S Wine & Spirits
5415 Centerpoint Pkwy
107 Heritage Drive
Link Logistics Real Estate
Prologis
Covington Group Inc
Singerman/FIDES
$62,683,000
Seller Sales priceProperty name
2829 Rohr Rd Ares Management
Number of owner-user sales 6
Average price per square footSales volume by submarket (s.f.)
Number of sale-leasebacks 0
12 months at a glance
Total volume ($) $344,454,123
Total volume (s.f.) 5,968,105
Number of transactions 23
Number of investment sales 17
0 1,000,000 2,000,000 3,000,000
North
Southwest
West
East
Outlying
Southeast
0
1,500,000
3,000,000
4,500,000
6,000,000
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
Warehouse / Distribution Manufacturing
Total volume ($) Total volume (s.f.)
$0
$10
$20
$30
$40
$50
$60
Warehouse / Distribution Manufacturing

7. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q4 2020
Construction
Columbus Industrial Outlook
This dashboard analyzes industrial developments ≥30,000 s.f.
Total leased at delivery (%) 63.0%
Total speculative at delivery (s.f.) 7,569,791
Total BTS at delivery (s.f.) 3,644,900
Total Owner-User at delivery (s.f.) -
Total # of properties delivered 27
Asking rental rate (low - high) $3.75 - $6.95
Notable deliveries
Building RBA (s.f.)
Delivery
date
Leased at
delivery (%)
70 E Logistics Center Etna TPA 1,232,149 Speculative Q3 2020 100%
Medline BTS West Jefferson Medline 1,200,000 BTS Q1 2020 100%
Kohl's BTS Etna Clayco 1,200,000 BTS Q2 2020 100%
Groveport Logistics Hub Southeast Xebec Realty 1,059,440 Speculative Q3 2020 100%
Park West I West Jefferson Hillwood 845,280 Speculative Q2 2020 0%
Total pre-leased (%) 26.9%
Total speculative under construction (s.f.) 5,590,321
Total BTS under construction (s.f.) 2,056,461
Total Owner-user under construction (s.f.) -
Total # of properties UC 16
Asking rental rate (low - high) $3.75-$6.95
Top 5 projects currently under construction
Building RBA (s.f.)
Delivery
date
Pre-leased (%)
Ashley Furniture BTS 1,232,149 Q3 2021 100%
C5 1-70 Logistics Center 1,126,928 Q2 2021 0%
Commercial Point 1022 1,022,000 Q2 2021 0%
4077 Airbase Rd 742,140 Q1 2021 0%
Duke BTS 517,220 Q2 2021 100%
VanTrust
Core5
TPA
Speculative
BTS
Historical deliveries (s.f.)
Construction typeOwnerSubmarket
West Jefferson
Southeast
Southeast
West Jefferson
Etna
BTS
Speculative
Owner Construction type
Speculative
Duke Realty
CT Realty
New deliveries
Completions in-depth
11,214,691
Total delivered (s.f.)
Submarket
Under construction
7,646,782
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by type (s.f., excludes YTD completions)
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2016 2017 2018 2019 2020
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2021
BTS Speculative

8. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q4 2020
Employment
Columbus Industrial Outlook
Job growth by sector (12-month change)
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
2016 2017 2018 2019 2020
Columbus U.S.
-26,800
-17,600
-10,000
-5,400
-4,700
-3,800
-3,000
-2,300
-1,300
-700
-30,000 -25,000 -20,000 -15,000 -10,000 -5,000 0
Leisure & Hospitality
Educational & Health Services
Trade, Transportation & Utilities
Other Services
Mining, Logging & Construction
Professional & Business Services
Manufacturing
Government
Financial Activities
Information
0%
2%
4%
6%
8%
10%
12%
14%
16%
600,000
800,000
1,000,000
1,200,000
2016 2017 2018 2019 2020
Nonfarm employment
Unemployment
Job growth (12-month change)
Job growth by sector (12-month change)Employment vs. unemployment rate
Employment by industry Employment trends (12-month change, 000s)
19%
17%
17%
15%
8%
8%
Trade, Transportation & Utilities
Government
Professional & Business Services
Educational & Health Services
Leisure & Hospitality
Financial Activities
Manufacturing
Mining, Logging & Construction
Other Services
Information
*Represents 12-month change in employment. All charts represent economic conditions through January 2020, which was the latest data available at the time of publishing this report.
6.7%U.S. unemployment
-7.0%U.S. 12-month job growth
4.9%Columbus unemployment
-6.7%Columbus 12-month job growth
5.6%Ohio unemployment
-6.3%Ohio 12-month job growth
-60.0
-40.0
-20.0
0.0
20.0
40.0
2015 2016 2017 2018 2019 2020
Trade,Transportation & Utilities Manufacturing
Other Services Mining, Logging & Construction

9. © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Andrew Batson
Vice President, Director of Research
+1 216 937 4374
andrew.batson@am.jll.com
Sam Stouffer
Senior Research Analyst
+1 614 460 4419
sam.stouffer@am.jll.com
Contact
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