An in-depth look at the Columbus office market.

1. Q1 2021
Columbus Office Outlook

2. © 2021 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.
The pandemic and subsequent economic slowdown have impacted several
notable employers in the Columbus region. Future office space decisions have
been pushed to a later date for many, while others have vacated large blocks
and reduced their footprints. Major suburban submarkets have experienced the
lion’s share of this activity. Since March 2020, the suburbs have experienced 1.2
m.s.f. of negative net absorption and an 8% rise in total vacancy.
There are now 18 competitive buildings with large block availability (50,000 s.f.+
contiguous) in the suburbs. Lane Bryant is the latest tenant to vacate a single-
tenant building, resulting in a 135,000 s.f. large block vacancy in Easton. The
total square footage of large block vacancies in Easton is now up to 644,000 s.f.
across five buildings. Dublin is well above that number at 1.1 m.s.f. Meanwhile,
the CBD has been less impacted since the onset of the work-from-home order.
Total vacancy has risen 5% with 324,000 s.f. of negative net absorption. There is
600,000 s.f. of speculative product currently under construction in the CBD, 27%
is preleased.
Outlook
Work-from-home flexibility may become the “new normal,” with many
employers still likely to maintain office spaces as cultural hubs for employee
engagement. Before 2020, the Columbus office market was experiencing rapid
leasing in new construction and Class A space, struggling to keep up with
demand. Once we arrive at the new normal, maybe as soon as this summer,
Columbus will have the quality of supply necessary to create engaging
workplaces for expanding tenants. This is due to new construction in both the
CBD and suburbs, as well as recently vacated Class A buildings. Columbus was
attracting out-of-market employers before the pandemic due to its robust
talent base and lower costs compared to larger markets. The market can now
offer these companies multiple options.
Opportunity knocks for Columbus and the “new
normal”
• Lane Bryant vacated its 135,000 s.f. building in Easton, the latest single-
tenant building vacancy in the suburbs
• Since Q2 2020, the CBD has experienced a 5% rise in total vacancy
compared to an 8% increase across suburban submarkets
• The market struggled to meet demand for Class A space before 2020, but
new options abound for the “new normal”
Fundamentals Forecast
YTD net absorption -633,096 s.f. ▼
Under construction 1,411,374 s.f. ▼
Total vacancy 22.1% ▲
Sublease vacancy 958,227 s.f. ▲
Direct asking rent $21.68 p.s.f. ▼
Sublease asking rent $21.04 p.s.f. ▼
Concessions Rising ▲
-1,000
0
1,000
2017 2018 2019 2020 YTD
2021
Supply and demand (s.f.) Net absorption
Deliveries
0%
10%
20%
30%
2008 2012 2016 YTD 2021
Total vacancy (%)
$0
$30
2008 2012 2016 YTD 2021
Average asking rent ($ p.s.f.)
Direct Sublease
thousands
Insight

3. Note: Updates to the property set were made based on market dynamics. Historical data points included in this report reflect the updated property set.
© 2021 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.
Statistics
Class Inventory (s.f.)
Total net
absorption
(s.f.)
YTD total net
absorption (s.f.)
YTD total net
absorption (% of
stock)
Direct vacancy
(%)
Total vacancy
(%)
Average direct
asking rent ($
p.s.f.)
YTD Completions
(s.f.)
Under
Development
(s.f.)
Arena District / Pen West Totals 2,147,363 44,194 44,194 2.1% 12.7% 16.6% $28.75 66,243 207,000
Brewery District / River South Totals 1,147,284 -20,362 -20,362 -1.8% 11.3% 13.7% $22.95 0 0
Capitol Square Totals 5,355,446 8,342 8,342 0.2% 26.1% 26.4% $21.71 0 0
Other Totals 441,027 0 0 0.0% 5.2% 5.2% $23.12 0 811,538
Short North / Warehouse District Totals 1,211,813 -7,282 -7,282 -0.6% 7.1% 8.8% $24.62 0 0
CBD Totals 10,302,933 24,892 24,892 0.2% 18.5% 19.9% $22.67 66,243 1,018,538
Campus / Clintonville Totals 372,480 0 0 0.0% 0.0% 0.0% $0.00 0 0
Polaris Totals 2,511,084 6,902 6,902 0.3% 25.9% 26.9% $20.68 0 0
Worthington Totals 3,014,900 -63,824 -63,824 -2.1% 18.1% 20.6% $18.20 0 0
North Totals 5,898,464 -56,922 -56,922 -1.0% 20.2% 22.0% $19.61 0 0
Airport / I-670 Totals 575,962 -1,259 -1,259 -0.2% 7.2% 7.2% $15.37 0 0
East I-70 Corridor Totals 134,096 0 0 0.0% 74.1% 74.1% $0.00 0 0
Easton Totals 2,586,657 -183,167 -183,167 -7.1% 18.1% 29.4% $23.55 0 0
Gahanna Totals 661,592 -161,305 -161,305 -24.4% 25.0% 45.9% $20.74 0 0
New Albany Totals 1,467,416 -58,832 -58,832 -4.0% 9.2% 12.6% $22.19 0 134,211
Northeast Columbus / Westerville Totals 1,690,118 -4,660 -4,660 -0.3% 23.4% 33.3% $16.12 0 0
Northeast Totals 7,115,841 -409,223 -409,223 -5.8% 18.3% 27.4% $20.61 0 134,211
Bethel Totals 473,736 -10,269 -10,269 -2.2% 4.7% 9.8% $16.75 0 0
Dublin Totals 6,252,833 -184,427 -184,427 -2.9% 25.0% 25.5% $22.43 25,000 0
Grandview / Arlington Totals 1,042,903 0 0 0.0% 3.8% 4.4% $24.75 0 258,625
Hilliard / West Totals 940,417 2,853 2,853 0.3% 8.1% 8.1% $19.98 0 0
Northwest Totals 8,709,889 -191,843 -191,843 -2.2% 19.5% 20.2% $22.53 25,000 258,625
Columbus Totals 32,027,127 -633,096 -633,096 -2.0% 19.1% 22.1% $21.68 91,243 1,411,374
Arena District / Pen West A 1,782,115 45,243 45,243 2.5% 12.0% 16.2% $29.07 66,243 207,000
Brewery District / River South A 243,547 20 20 0.0% 7.5% 8.6% $24.50 0 0
Capitol Square A 1,741,841 2,781 2,781 0.2% 14.1% 15.0% $25.30 0 0
Other A 48,000 0 0 0.0% 22.9% 22.9% $26.50 0 811,538
Short North / Warehouse District A 273,000 0 0 0.0% 5.8% 5.8% $35.00 0 0
CBD A 4,088,503 48,044 48,044 1.2% 12.3% 14.6% $26.00 66,243 1,018,538
Polaris A 1,922,418 7,102 7,102 0.4% 21.8% 23.1% $21.15 0 0
Worthington A 250,169 -15,685 -15,685 -6.3% 15.0% 32.6% $20.00 0 0
North A 2,172,587 -8,583 -8,583 -0.4% 21.0% 24.2% $21.03 0 0
Airport / I-670 A 124,922 0 0 0.0% 0.0% 0.0% $0.00 0 0
Easton A 2,501,563 -183,167 -183,167 -7.3% 18.7% 30.4% $23.55 0 0
Gahanna A 220,357 -28,115 -28,115 -12.8% 21.4% 21.4% $20.95 0 0
New Albany A 1,261,371 -58,832 -58,832 -4.7% 10.7% 10.7% $22.19 0 134,211
Northeast Columbus / Westerville A 155,500 0 0 0.0% 0.0% 0.0% $0.00 0 0
Northeast A 4,263,713 -270,114 -270,114 -6.3% 15.2% 22.1% $22.74 0 134,211
Dublin A 4,187,618 -125,482 -125,482 -3.0% 27.0% 27.3% $23.37 25,000 0
Grandview / Arlington A 312,053 0 0 0.0% 0.0% 2.3% $26.50 0 258,625
Hilliard / West A 440,882 -7,943 -7,943 -1.8% 6.8% 6.8% $20.98 0 0
Northwest A 4,940,553 -133,425 -133,425 -2.7% 23.5% 23.9% $23.66 25,000 258,625
Columbus A 15,465,356 -364,078 -364,078 -2.4% 17.9% 21.0% $23.41 91,243 1,411,374
Arena District / Pen West B 365,248 -1,049 -1,049 -0.3% 16.4% 18.2% $28.52 0 0
Brewery District / River South B 903,737 -20,382 -20,382 -2.3% 12.4% 15.1% $21.67 0 0
Capitol Square B 3,613,605 5,561 5,561 0.2% 31.8% 31.8% $20.85 0 0
Other B 393,027 0 0 0.0% 3.1% 3.1% $20.02 0 0
Short North / Warehouse District B 938,813 -7,282 -7,282 -0.8% 7.5% 9.6% $23.05 0 0
CBD B 6,214,430 -23,152 -23,152 -0.4% 22.6% 23.4% $21.59 0 0
Campus / Clintonville B 372,480 0 0 0.0% 0.0% 0.0% $0.00 0 0
Polaris B 588,666 -200 -200 0.0% 39.2% 39.2% $19.74 0 0
Worthington B 2,764,731 -48,139 -48,139 -1.7% 18.3% 19.5% $18.00 0 0
North B 3,725,877 -48,339 -48,339 -1.3% 19.8% 20.7% $18.57 0 0
Airport / I-670 B 451,040 -1,259 -1,259 -0.3% 9.2% 9.2% $15.37 0 0
East I-70 Corridor B 134,096 0 0 0.0% 74.1% 74.1% $0.00 0 0
Easton B 85,094 0 0 0.0% 0.0% 0.0% $0.00 0 0
Gahanna B 441,235 -133,190 -133,190 -30.2% 26.9% 58.1% $20.66 0 0
New Albany B 206,045 0 0 0.0% 0.0% 24.5% $0.00 0 0
Northeast Columbus / Westerville B 1,534,618 -4,660 -4,660 -0.3% 25.7% 36.6% $16.12 0 0
Northeast B 2,852,128 -139,109 -139,109 -4.9% 22.9% 35.4% $17.10 0 0
Bethel B 473,736 -10,269 -10,269 -2.2% 4.7% 9.8% $16.75 0 0
Dublin B 2,065,215 -58,945 -58,945 -2.9% 20.9% 21.7% $20.32 0 0
Grandview / Arlington B 730,850 0 0 0.0% 5.4% 5.4% $19.32 0 0
Hilliard / West B 499,535 10,796 10,796 2.2% 9.3% 9.3% $17.99 0 0
Northwest B 3,769,336 -58,418 -58,418 -1.6% 14.3% 15.4% $20.03 0 0
Columbus B 16,561,771 -269,018 -269,018 -1.6% 20.1% 23.0% $20.00 0 0

4. 1
2
© 2021 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.
2
Address: 3675 Corporate Dr
Size: 18,172
Tenant: WOW
Type: Renewal
1
Address: 3 Easton Oval
Size: 18,731 s.f.
Tenant: Northwest Bank
Type: New Lease
4
Address: 191 W Nationwide Blvd
Size: 16,630 s.f.
Tenant: KPMG
Type: Renewal
5
Address: 445 Hutchinson Ave
Size: 11,075 s.f.
Tenant: Maxim Healthcare Services
Type: New Lease
5
4
3
Address: 5000 Bradenton Ave
Size: 17,125 s.f.
Tenant: Weltman, Weinberg & Reis
Type: New Lease
3
Leasing in Q1

5. © 2021 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.
Construction
This dashboard analyzes office developments >20,000 s.f.
Total available at delivery (%) 49.0%
Total leased at delivery (%) 51.0%
Average floor plate (s.f.) 20,750
Average number of stories 4
Average asking rent ($ p.s.f.) $29.50
Notable 12-month deliveries
Building Submarket RBA (s.f.) Delivered
Leased at delivery
(%)
Pt at Polaris II Polaris VanTrust 145,000 Speculative Q4 2020 41%
4131 Worth Ave Easton The Georgetown Company 98,769 Speculative Q3 2020 61%
The Hayden Capitol Square Tomko 82,103 Speculative Q4 2020 26%
Bridge Park Block D Dublin Crawford Hoying 81,456 Speculative Q4 2020 44%
Reach on Goodale Arena District Elford 66,243 Speculative Q1 2021 68%
Total pre-leased (%) 41.3%
Total under construction (s.f.) 1,334,374
Total under renovation (s.f.) 77,000
Average floor plate (s.f.) 26,929
Average asking rent ($ p.s.f.) $29.25
Notable projects under construction
Building RBA (s.f.)
Estimated
delivery
Pre-leased (%)
Scioto Peninsula Phase I Franklinton Daimler 230,938 Speculative Q3 2022 19%
CoverMyMeds Bldg 1 Franklinton Cambridge Holdings 220,000 BTS Q3 2021 100%
CoverMyMeds Bldg 2 Franklinton Cambridge Holdings 193,600 BTS Q1 2022 100%
Gravity 2.0 Franklinton Kaufman 167,000 Speculative Q4 2021 0%
Arlington Gateway Upper Arlington Continental Real Estate 134,375 Speculative Q1 2023 0%
Owner/developer Spec or BTS
Submarket
Under construction/renovation
1,411,374
Under construction/renovation (s.f.)
At a glance
Upcoming deliveries by type (s.f., excludes YTD completions)
Spec/BTS
Owner/developer
Historical completions
Deliveries
At a glance
91,243
YTD deliveries (s.f.)
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
BTS Speculative
488,085
669,256
304,176
587,029
91,243
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2017 2018 2019 2020 YTD 2021

6. © 2021 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.
Sales
Noteable sales transactions
Building address Seller Size (s.f.) Sales price $ p.s.f. Sale date
65 E State St Group RMC Hertz Investment Group 495,000 $36,800,000 $74 Oct-20
625 Africa Rd VEREIT DHL International 145,000 $33,100,000 $228 Mar-20
3100 Easton Square Pl Viking Partners Colony Capital, Inc. 199,264 $18,600,000 $93 Jan-21
380 Polaris Pkwy Champion Cos Daimler 110,000 $15,750,000 $143 Dec-20
6670 Perimeter Dr Dublin 6670 APL RKC Hammes Partners 50,238 $14,500,000 $289 Jan-21
2800 Corporate Exchange Dr IMC Real Estate Joseph Skilken Realty 117,674 $5,600,000 $48 Oct-20
501 W Schrock Rd 5005 Horizons Dr LLC Walnut Limited II, LP 60,665 $5,575,000 $92 Dec-20
355 E Campus View Blvd Lawrence Solomon Real Capital Solutions 80,017 $3,822,000 $48 Nov-20
Number of owner-user sales 1
Transactions details
Buyer
Average price per square foot
Sales volume by submarket (s.f.)
Number of sale-leasebacks 0
Q1 2020 - Q1 2021 Sales volume by building type
Total volume ($) $133,747,000
Total volume (s.f.) 1,257,858
Number of transactions 8
Number of investment sales 7
0 200,000 400,000 600,000
Capitol
Square
Polaris
Easton
Westerville
Grandview
Worthington
Dublin
0
1,000,000
2,000,000
$0
$55,000,000
$110,000,000
Class A Class B
Total volume ($) Total volume (s.f.)
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Class A Class B

7. 0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2010 2012 2014 2016 2018 YTD 2021
Historical sublease vacancy (s.f.)
Sublease availability by size (# of availabilities)
Available sublease space by submarket (s.f.)
Sublease availability by lease expiration (s.f.)
Top sublease availabilities
Current sublease availabilities 69
Available sublease space 1,123,770 s.f.
Sublease vacancy 3.0%
Sublease rent discount 2.5%
Median sublease size 17,006 s.f.
Average remaining lease term 52 months
Fundamentals
This analysis includes available sublease space with at least one year of term remaining. Coworking space was excluded.
© 2021 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.
Sublease
0 100,000 200,000 300,000
Easton
Westerville
Worthington
CBD
Gahanna
Airport / I-670
Dublin
Polaris
Grandview
Property Term s.f. Rent
ADS Easton Dec 2031 240,000 TBD
4590 E Broad St Dec 2027 103,161 TBD
220 W Schrock July 2024 100,800 $14.00 MG
775 Taylor Rd Aug 2024 87,500 $16.00 FS
825 Tech Center Dr Mar 2022 34,310 $15.00 MG
400 W Nationwide Jan 2027 29,000 TBD
0
30,000
60,000
90,000
120,000
150,000
180,000
210,000
240,000
270,000
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
8 spaces
5 spaces
19 spaces
17 spaces
20 spaces
≥ 35,000 s.f.
20,000-34,999 s.f.
10,000-19,999 s.f.
5,000-9,999 s.f.
< 5,000 s.f.

8. Job growth*
Job growth by sector*
Historical employment
Industrial employment*
Employment by industry
*Represents 12-month change in employment. All charts represent the latest economic data available from the Bureau of Labor Statistics as of March 2021.
© 2021 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.
Economy
0%
2%
4%
6%
8%
10%
12%
14%
16%
600,000
800,000
1,000,000
1,200,000
2017 2018 2019 2020 2021
Nonfarm employment
Unemployment
-22,500
-10,900
-4,400
-3,100
-2,400
-1,900
0
500
500
6,100
-25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000
Leisure & Hospitality
Government
Educational & Health Services
Other Services
Information
Financial Activities
Professional & Business Services
Mining, Logging & Construction
Manufacturing
Trade, Transportation & Utilities
21%
16%
16%
15%
8%
8%
Trade, Transportation & Utilities
Professional & Business Services
Government
Educational & Health Services
Financial Activities
Leisure & Hospitality
Manufacturing
Mining, Logging & Construction
Other Services
Information
6.2%
U.S. unemployment
-6.0%
U.S. 12-month job growth
4.7%
Columbus unemployment
-3.5%
Columbus 12-month job growth
5.3%
Ohio unemployment
-5.5%
Ohio 12-month job growth
-35.0
-30.0
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
2017 2018 2019 2020 2021
Professional and Business Services Information
Government Financial Activities
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
2017 2018 2019 2020 2021
Columbus U.S.

9. Sam Stouffer
Senior Research Analyst
+1 614 460 4419
sam.stouffer@am.jll.com
Andrew Batson
Senior Vice President, Research
+1 216 937 4374
andrew.batson@am.jll.com
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