Office vacancy rates in Columbus are expected to exceed 20 percent for the first time since 2005, according to research from Marcus & Millichap. Vacancies in Class B and C buildings had topped 20 percent by the start of the year, while Class A vacancy ended 2009 at 10 percent.
Vacancy rates for Downtown office space increased to 19 percent in first quarter 2010, up from 18.9 percent in fourth quarter 2009, according to research from CB Richard Ellis. Class B vacancy rates are highest at 20.2 percent, followed by Class A at 18.9 percent and Class C at 12.3 percent.
For the Columbus industrial market, the vacancy rate decreased to 11.6 percent for the first quarter, down from 14.1 percent in fourth quarter 2009 and 14.4 percent in first quarter 2009.
Suburban Vacancy Rates:Bexley/Whitehall: 33.8 percent Gahanna: 28.7 percent Airport area: 28.3 percent Westerville: 28.3 percent Worthington: 24.9 percent Upper Arlington: 23.1 percent Grandview Heights: 22.3 percent Reynoldsburg: 21.8 percent Dublin/Northwest: 16.9 percent Polaris: 14.7 percent Hilliard: 13.6 percent Bethel Road: 13.5 percent Easton: 12 percent