Economic Overview
Greater Columbus’s unemployment rate fell significantly year-over-year (YOY) to 3.1% in Q3 2026, well below the national rate of 4.2%. According to the latest population estimates from the U.S. Census Bureau, Ohio’s population has grown by 0.9% since 2020. Among its 88 counties, the five fastest-growing counties in the state were located in Central Ohio. Union County was the fastest growing in the state at 16.5%, followed by Delaware (12.5%), Pickaway (7.4%), Madison (7.1%) and Fairfield (6.5%) Counties. Nearby Licking County was ranked 8th on the list at 3.8%.
Supply and Demand
Overall office vacancy in Greater Columbus fell for the fourth consecutive quarter to 22.5% in Q3 2026. Vacancy increased slightly on a YOY basis but fell by 150 basis points (bps) from the same period two years ago. While vacancy decreased YOY in the suburban submarkets, it increased by 190 bps in the Central Business District (CBD) to 24.5% in Q3 2026.
Net absorption was positive for the third consecutive quarter at 118,000 square feet (sf) in Q3 2026. Year-to-date (YTD) 2026 net absorption of 214,000 sf was higher than the corresponding absorption figures in four of the past five years. Significant instances of positive Q3 2026 net absorption included Class A leases in suburban buildings. South College moved into 43,000 sf at 5525 Parkcenter Circle in Dublin, while Rosen USA took 16,000 sf nearby at 5900 Parkwood Place. In the North submarket, CK Construction Group leased 35,000 sf at 500 Olde Worthington Road.
Outside of absorption, YTD 2026 leasing activity totaled 1.2 million square feet (msf), which was ahead of levels recorded during the same period over the past three years. Leasing activity is an indicator of future quarterly net absorption.
Pricing
Across all categories, the overall gross average asking rental rate was $22.46 per square foot (psf) in Q3 2026, which was a 3.0% YOY increase. Class A asking rates also increased by 2.9% YOY to $24.20 psf in Q3 2026.
