The Columbus Office market ended the 4th quarter 2009 with a vacancy rate of approximately 11.50%. The vacancy rate was up over the 3rd quarter 2009, with net absorption of approximately negative (208,000) square feet.
Tenants moving out of large blocks of space in 2009 include:
Cardinal Health Nationwide moving out of 104,444 square feet
at Atrium II North Tower
Kentrox moving out of 59,085 square feet at 5800 Innovation Dr
Butler Animal Health Supply, LLC moving out of 49,420 square feet at Blazer 1.
Tenants moving into large blocks of space in 2009 include:
Cardinal Healthcare Supply Chain Services moving into 250,000 square feet at Cardinal Health
Ohio State University Medical Center moving into 141,125 square feet at 915 Olentangy River Rd
Bank of America moving into 45,653 square feet at Altair I.
Net absorption for Columbus’s central business district was negative (45,953) square feet in the fourth quarter 2009. That compares to positive 31,623 square feet in the third quarter 2009, positive 37,241 in the second quarter 2009, and positive 215,904
in the first quarter 2009. Net absorption for the suburban markets was negative
(162,566) square feet in the fourth quarter 2009. That compares to positive 244,297 square feet in third quarter 2009, negative (125,535) in the second quarter 2009, and positive 287,734 in the first quarter 2009.
Largest Lease Signings
The largest lease signings in 2009 included: the 162,357-square-foot lease signed by Aetna Inc at Aetna Building in the Columbus East market; the 132,114-square-foot deal signed by State of Ohio at Continental Plaza in the Columbus Central market; and the 58,137-square-foot lease signed by Butler Animal Health Supply at 400 Metro Bldg in the Columbus North market.
The average quoted asking rental rate for available office space, all classes, was $15.74 per square foot per year at the end of the 4th quarter 2009 in the Columbus market area. This represented a 0.7% increase in quoted rental rates from the end of the third quarter 2009, when rents were reported at $15.63 per square foot.
Source: CoStar Property®
Thursday, March 18, 2010
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