With demand rising steadily and supply running low in Columbus, now is a great time to be a landlord. As a tenant, with the introduction of many "big" players in the Columbus market and the third party vendors that follow, now is the time lease or become an owner/occupier before the market fully adjusts to today's supply and demand of industrial space. Let the Colliers Columbus Industrial Team add value to your next transaction with our proven industry knowledge and systematic approach- contact me with any questions regarding our market report or how we can be of assistance in achieving your business' goals.

1. REGIONAL SUMMARY
Research &
Forecast Report
COLUMBUS | INDUSTRIAL
Q2 2017
The Columbus industrial market experienced an increase in activity, leading to higher occupancy gains and lower vacancy rates. The overall vacancy
rate has remained consistent around 5.5 percent over the last few quarters; however absorption numbers have fluctuated since the start of 2017. This
quarter the market recorded over 2 million square feet in leasing activity – a 32 percent increase from the second quarter of 2016. Strong leasing
activity points to a landlord driven market that has in turn increased rental rates. The overall rental rate across all property types rose this quarter to
$3.36 per square foot. General industrial properties recorded the largest increase to $3.72, up 13 cents from last quarter. Opportunities for employment
are drawing many people and businesses to the city. According to Columbus 2020, the Columbus unemployment rate stands at 3.8 percent, which is
lower than the state and national rates. Despite negative reports regarding U.S. manufacturing sector, 1,700 manufacturers that employ over 85,000
people in the Columbus region continues to have a positive impact on the local industrial market. Columbus’ location continues to be a unique attribute,
along with easy access to trade hubs, a growing population, and a bustling economy. A few projects in the construction pipeline further highlight the
growing opportunities in the manufacturing fields: Sofidel’s 1.4 million-square-foot plant set to deliver early 2018 and TradePort’s 1 million-square-foot
warehouse at the end of the year. High construction numbers and an increase in demand are pushing the Columbus market to expand at a healthy rate.
VACANCY >>
The Columbus metro vacancy rate stands at 5.5 percent – six basis points lower
from the same quarter of last year. Pickaway County saw the largest decrease in
vacancy from 10.2 percent to 5.8 percent. Overall, the vacancy rate hasn’t fluctuated
much, proving the supply has kept pace with the demand, and no significant changes
in vacant square feet.
NET ABSORPTION >>
The Columbus industrial market recorded 97,296 square feet of positive net
absorption this quarter. Year-to-date absorption remains negative at 354,209 due to
the slow start, but absorption increased by over 400,000 square feet this quarter
compared to last quarter. Licking County experienced the greatest occupancy gains
with 214,327 square feet absorbed, and Pickaway County had a strong quarter
recording 178,370 square feet absorbed – a complete turnaround compared to no
absorption recorded last quarter.
CONSTRUCTION ACTIVITY >>
There are currently projects totaling over 4.7 million square feet under construction
split between 1,815,000 SF of build-to-suit projects and 2,948,785 SF of speculative
projects. Pickaway County has two projects over 1 million square feet in the pipeline,
anticipated to be completed by-year-end.
The only completion recorded this quarter was Precision Tower Products
80,000-square-foot building in North Delaware. Columbus anticipates a healthy and
growing market as construction numbers have continued to rise over the past
several years.
SALES ACTIVITY >>
During the second quarter, 13 industrial properties totaling over 4.3 million square
feet were sold with a total sales volume of $126.5 million, or $50 per square foot
according to Real Capital Analytics.
Exel Inc acquired 2450 Creekside Parkway from Pizzuti for $34,566,335 and then
Exel Inc sold the same property to Sealy Creekside I for $39.8 million marking it as
the largest sale by volume this quarter. Prologis sold its 1,011,600-square-foot
warehouse at 5330 Crosswinds Drive for $21,427,400 making it the largest sale by
square footage.
ECONOMIC DRIVERS
MARKET INDICATORS QoQ YoY
VACANCY
RENTAL RATES
NET ABSORPTION
CONSTRUCTION
SALES VOLUME
SALE PRICE

2. 2 Columbus Research & Forecast Report | Q2 2017 | Colliers International | Columbus Industrial
LEASE Activity
PROPERTY ADDRESS LEASE DATE LEASED SF TENANT ASKING PRICE TYPE SUBMARKET
2190 Creekside Pkwy 5/1/2017 417,125 Confidential $2.95 NNN Southeast
6100-6250 Opus Dr 4/1/2017 314,092
Jobs Ohio Beverage
System
$2.95 - Southeast
1500 Boltonfield St 4/28/2017 202,500 Total System Services, Inc $6.95 NNN Southwest
9224 Intermodal Ct 4/1/2017 178,370 Mars Petcare $3.75 NNN Pickaway
3357 Southpark Pl 4/18/2017 160,570 FST Logisitics $2.95 NNN Southwest
444 McCormick Blvd 4/5/2017 119,600 Amcor Limited - - East
3685 Alum Creek Dr 4/3/2017 100,800 Hyperlogisitcs $3.50 MG Southeast
8820 Smiths Mill Rd 6/5/2017 84,000 Aromair - - Licking
111 Enterprise Dr 6/1/2017 77,280 Harry and David $2.75 NNN Licking
UPDATE - Lease & Sale Transactions | Construction
SALE Activity
PROPERTY ADDRESS SALES DATE SALE PRICE SIZE (SF) BUYER SELLER PRICE PSF TYPE SUBMARKET
2450 Creekside Pkwy 6/30/2017 $39,800,000 625,195 Sealy Creekside I Exel Inc $61.02 Investment Southeast
2450 Creekside Pkwy 4/3/2017 $34,566,335 652,195 Exel Inc Pizzuti $53.00 Investment Southeast
5330 Crosswind Dr 5/12/2017 $21,427,400 1,011,600
5330 Crosswind
LLC
Distribution Funding
III LC
$21.18 Investment Southwest
6500 Pontius Rd 6/12/2017 $19,300,000 449,064
6500 Pontius
Road Inc
Columbus 106 LLC $42.97 Investment Southeast
6054 Shook Rd 5/1/2017 $15,897,703 268,952
6054 Shook Road
LLC
Pizzuti $59.10 Investment Southeast
4800 & 4900 Poth Rd 5/24/2017 $9,500,000 512,934
Covington Group
Inc
Marcus Adams Cap
LLC
$18.52 Investment East
1076 Pittsburgh Rd 4/12/2017 $6,525,000 363,000 Machom IV LLC
Garrison Pittsburgh
LLC
$17.97 Investment Delaware
1695 Watkins Rd 4/28/2017 $5,250,000 528,125 ES 177149 LLC
Garrison Southfield
Park LLC
$9.94
Owner User/
Investment
Southeast
8399 Green Meadows Dr N 4/3/2017 $2,500,000 49,459
Toyota Material
Handling Ohio Inc
Micro Industries Corp $50.54 Investment North
CONSTRUCTION Activity
PROJECT NAME SPEC/BTS ADDRESS SUBMARKET TYPE SIZE START DATE COMPLETION
Sofidel BTS 0 Pittsburgh Road Pickaway General Industrial 1,400,000 Q3 2016 2018
TradePort 1 Spec
SW of County Highway 237 and
Lockbourne Eastern Rd
Pickaway Warehouse/Distribution 1,020,255 Q2 2017 Q4 2017
RGLP Rail 1661 Spec 1661 Rail Court North Southeast Warehouse/Distribution 673,920 Q2 2017 Q4 2017
UPS Expansion BTS 5101 Trabue Road West Warehouse/Distribution 375,000 Q1 2017 Q3 2017
Southpark Place Spec 3265 Southpark Place Southwest Warehouse/Distribution 322,000 Q1 2017 Q3 2017
CreekSide XVI Spec 2373 Global Drive Southeast Warehouse/Distribution 236,140 Q2 2017 Q4 2017
RGLP Gateway 231 Spec 2820 Global Drive Southeast Warehouse/Distribution 231,779 Q2 2017 Q4 2017
RGLP Gateway 2950 Spec SE of Toy Road & Alum Creek Drive Southeast Warehouse/Distribution 192,031 Q1 2017 Q3 2017
CreekSide XVIII Spec 2353 Global Drive Southeast Warehouse/Distribution 155,866 Q2 2017 Q4 2017
Air Side Three Spec Bridgeway Avenue East Warehouse/Distribution 100,000 Q1 2017 Q4 2017
America's Floor Source BTS 2360 Citygate Drive East General Industrial 40,000 Q2 2017 Q4 2017
704 International Drive Spec 704 International Drive Licking General Industrial 20,000 Q2 2017 Q4 2017

3. 33 Columbus Research & Forecast Report | Q2 2017 | Colliers International | Columbus Industrial
MARKET OVERVIEW
ABSORPTION CONSTRUCTION ASKING PRICE
SUBMARKET TOTAL SF VACANT SF VACANCY % CURRENT YTD CURRENT COMPLETED WH/DIST R&D/FLEX GENERAL
BY PRODUCT
TYPE
CBD 5,144,759 - 0.00% 10,151 - - - - - - -
East 20,498,282 689,207 3.36% (7,608) 12,297 140,000 12,030 $2.50 $6.35 $4.30 $4.02
Fairfield 6,242,364 269,477 4.32% (23,577) (181,777) - 47,577 - - - -
Licking 23,803,407 1,670,922 7.02% 214,327 283,072 20,000 66,110 $3.05 $4.50 $3.86 $3.46
Madison 10,304,748 - 0.00% - - - - - - - -
North 18,235,311 589,264 3.23% (10,568) 71,753 - 33,000 $4.80 $7.80 $6.00 $7.03
North
Delaware
9,046,109 361,015 3.99% 131,546 28,994 - 30,000 $3.25 $6.96 $4.68 $4.70
Pickaway 4,084,446 237,350 5.81% 178,370 178,370 2,420,255 - - - $2.31 $2.31
Southeast 73,470,672 6,770,032 9.21% (571,785) (886,121) 812,610 16,800 $3.01 $5.22 $3.00 $3.02
Southwest 19,502,441 727,165 3.73% (42,530) 18,715 995,920 15,785 $3.17 $4.27 $4.50 $3.25
Union 6,956,170 149,687 2.15% 91,260 20,920 - 75,560 - $6.25 $3.25 $3.50
West 35,432,031 1,352,753 3.82% 127,710 99,568 375,000 15,000 $2.75 $6.08 - $3.11
Grand Total 232,720,740 12,816,872 5.51% 97,296 (354,209) 4,763,785 311,862 $2.99 $6.57 $3.72 $3.36
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
(1,000,000)
(500,000)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
Historical Absorption vs Vacancy Graph
Absorption
Vacancy
ABSORPTION & VACANCY RATES
ABSORPTION CONSTRUCTION ASKING PRICE
PROPERTY TYPE TOTAL SF VACANT SF VACANCY % CURRENT YTD CURRENT COMPLETED BY PRODUCT TYPE
Flex/R&D 20,436,064 804,456 3.94% 162,706 265,075 - 79,475 $6.57
General Industrial 72,219,279 2,583,025 3.58% 8,368 38,759 1,460,000 220,357 $3.72
Warehouse - Distribution 140,065,397 9,429,391 6.73% (73,778) (658,043) 3,303,785 12,030 $2.99
Grand Total 232,720,740 12,816,872 5.51% 97,296 (354,209) 4,763,785 311,862 $3.36
The Columbus market anticipates nearly 3 million square feet to deliver during 2017 and there are an additional 37 projects in the planning phases.
Of the current construction projects, six are speculative projects with only one fully leased. Columbus expects to see an influx of manufacturing
tenants specifically focused on tech, auto, and marijuana production. The demand for industrial warehouse and manufacturing space in the Columbus
metro will continue to be the main driver in the market due to the prime location, outstanding transportation infrastructure, and a growing skilled
labor force.
REGIONAL OVERVIEW

4. North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2017 Colliers International.
The information contained herein has been obtained from sources deemed
reliable. While every reasonable effort has been made to ensure its accuracy, we
cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers
are encouraged to consult their professional advisors prior to acting on any of the
material contained in this report.
Colliers International | Columbus
2 Miranova Place, Suite 900
Columbus, OH 43215
+1 614 436 9800
colliers.com/Ohio
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All statistics are for 2016.
Colliers | Columbus Statistics
FOR MORE INFORMATION
Tyler Craig, CPRC
Research Analyst | Columbus
+1 614 436 9800
tyler.craig@colliers.com
Loren DeFilippo, CCIM
Director of Research | Ohio
+1 513 562 2222
loren.defilippo@colliers.com
James R. Garrett, MCR
Executive Vice President | Managing
Director | Columbus
+1 614 436 9800
james.garrett@colliers.com
HOT TOPIC
The recent buzz about the medical marijuana industry has sparked a new
interest for the industrial market. Now that marijuana is becoming legal in
certain states, the next step to tackle is production and manufacturing of the
product. Commercial real estate is largely affected because it means plenty of
new business and projects; however, legal issues regarding this new opportunity
have yet to be settled and the near term impact on the industrial market is
currently uncertain. The Columbus market is currently sorting through the
licenses and fine print of the marijuana business in order to completely
understand the restrictions and effects it will have on the industrial front. This
new player in the business will play a large role in the future demand for
industrial space. Production plants, manufacturing warehouses, and even flex
space will be targets for medical marijuana businesses.