Columbus Commercial Office Space for Rent

Q3 2026

Q3 2026 Columbus Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Columbus posted its strongest office leasing quarter in three years in Q3 2026, with 812,000 SF leased and record Class A rents of $28.57/SF. Industrial vacancy fell to 4.7%, its lowest since 2023, on 10 million SF of leasing. Tenant demand on TenantBase shifted sharply toward office in Q3: office space accounted for 61.8% of all Columbus tenant searches, about four times its 14.7% share in Q2.

Sector Snapshot

  • Office: Improving. Vacancy fell 50 basis points to 20.0% on 198,000 SF of absorption.
  • Industrial: Tightening fast. Vacancy dropped 280 basis points year over year to 4.7%.
  • Retail: Tight. Vacancy was 3.8%, with record-low new deliveries expected in 2026.
  • Multifamily: Supply slowing. Deliveries are running well below the five-year average.

Columbus Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across Central Ohio are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Office: 61.8%
  • Retail/Storefront: 33.8%
  • Warehouse/Industrial: 4.4%

Three-Quarter Trend

  • Office: 14.1% in Q1, 14.7% in Q2, 61.8% in Q3
  • Retail/Storefront: 67.8% in Q1, 64.9% in Q2, 33.8% in Q3
  • Warehouse/Industrial: 18.1% in Q1, 21.3% in Q2, 4.4% in Q3

Key Takeaways

  • Office overtook retail as Columbus' top search category, rising from 14.7% to 61.8% of searches.
  • Office tenants are planning longer. 3 to 5 year terms rose from 18.6% of office searches in Q2 to 23.8% in Q3.
  • Retail tenants favor 2 to 3 year leases. 47.8% of Q3 retail searches sought 2 to 3 year terms, up from 13.3% in Q2.
  • The northwest suburbs lead location interest. Dublin was the most requested area, followed by Hilliard, Westerville, Worthington, Reynoldsburg, Bexley/Whitehall, Gahanna, Easton, and Downtown.

Office Market

Key Metrics (Q3 2026)

  • Vacancy: 20.0%, down 50 basis points from Q2; Class A at 18.9%, down 580 basis points year over year (CBRE)
  • Net absorption: positive 198,000 SF in Q3 and 279,000 SF year to date (CBRE)
  • Leasing: 812,000 SF, the highest quarter in three years (CBRE)
  • Average asking rent: $23.08/SF, with Class A at a record $28.57/SF (CBRE)
  • Submarkets: Polaris at 10.3%, Easton at 13.8%, Worthington at 17.3%, Grandview at 18.0%, Dublin at 19.8%, Downtown at 23.5%, and Westerville at 38.0% (CBRE)
  • Notable leases: Ohio State University, 194,000 SF at 17 S High St, and Sedgwick, 87,000 SF in Grandview (CBRE)

TenantBase Office Activity

Demand share: 61.8% of Columbus tenant searches, up from 14.7% in Q2 and 14.1% in Q1.

Lease term preferences:

  • Less than one year: 47.6%
  • 2 to 3 years: 23.8%
  • 3 to 5 years: 23.8%
  • 5+ years: 4.8%

Space requirements by term:

  • Less than one year: 1,083 to 2,417 SF
  • 2 to 3 years: 833 to 2,000 SF
  • 3 to 5 years: 1,000 to 2,500 SF

TenantBase data vs. the market: Dublin, the most searched area on TenantBase, has 19.8% office vacancy and $20.80/SF rents, giving small tenants solid options. Westerville, at 38.0%, offers the most leverage, while Polaris and Easton are the tightest suburban submarkets.

Industrial & Warehouse Market

Key Metrics (Q3 2026)

  • Vacancy: 4.7%, down 280 basis points year over year and the lowest since 2023 (CBRE)
  • Net absorption: 2.55 million SF in Q3, the seventh straight positive quarter (CBRE)
  • Leasing: 10.06 million SF, more than double a year earlier (CBRE)
  • Average asking rent: $7.07/SF NNN, up 14.2% year over year (CBRE)
  • Under construction: 14.4 million SF (CBRE)
  • Submarkets: Delaware County at 0.3%, East at 1.0%, Licking County at 1.4%, Pickaway County at 2.3%, and West at 16.2% (CBRE)
  • Notable leases: Kellogg renewed 1.14 million SF in Madison County, and Kuehne + Nagel leased 1.03 million SF in Pickaway County (CBRE)

TenantBase Industrial Activity

Demand share: 4.4% of Columbus tenant searches, down from 21.3% in Q2 and 18.1% in Q1.

Space requirements: Q3 industrial searches sought 2 to 5 year terms at 2,500 to 10,000 SF.

TenantBase data vs. the market: Small industrial users face very tight conditions in Licking and Delaware counties. The West submarket, at 16.2%, offers the most options.

Retail Market

Key Metrics (2026)

  • Vacancy: 3.8%, up 40 basis points (Marcus & Millichap)
  • New supply: a record-low 200,000 SF of deliveries expected in 2026 (Marcus & Millichap)

TenantBase Retail Activity

Demand share: 33.8% of Columbus tenant searches, down from 64.9% in Q2.

Lease term preferences:

  • 2 to 3 years: 47.8%
  • 3 to 5 years: 26.1%
  • Less than one year: 13.0%
  • 5+ years: 13.0%

Space requirements: 2 to 3 year retail searches averaged 3,000 to 6,250 SF.

TenantBase data vs. the market: With retail vacancy under 4% and record-low new construction, tenants needing 3,000 SF or more should begin their search early.

Multifamily Market

Columbus average asking rent was $1,368 as of July 2026, up 0.4% year over year, according to Yardi Matrix. Developers delivered 2,747 units through July, well below the five-year average of 6,309 per year.

Economic Drivers

Intel's $28 billion Ohio One semiconductor campus in New Albany continues, with its first fab targeted for 2031, and a regional report projects Columbus will become the second-largest data center hub in the Great Lakes region.

Q4 2026 Outlook

  • Office: Expect continued Class A leasing momentum, led by Downtown and the northwest suburbs.
  • Industrial: Expect vacancy to stay low as large users absorb new supply.
  • Retail: Expect vacancy near 4% with little new construction.
  • Multifamily: Expect rents to firm as deliveries slow.

Frequently Asked Questions

What type of commercial space are Columbus tenants searching for in 2026?

In Q3 2026, office space made up 61.8% of Columbus tenant searches on TenantBase and retail/storefront made up 33.8%. Office share rose from 14.7% in Q2.

Which Columbus areas are tenants searching most?

Dublin was the most requested area on TenantBase in Q3 2026, followed by Hilliard, Westerville, Worthington, and Reynoldsburg.

What is the office vacancy rate in Columbus?

Columbus office vacancy was 20.0% in Q3 2026, with Class A at 18.9%, according to CBRE.

What is the industrial vacancy rate in Columbus?

Columbus industrial vacancy was 4.7% in Q3 2026, the lowest since 2023, according to CBRE.

How can I find commercial space in Columbus at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across Central Ohio at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Columbus, July 1 to September 30, 2026
  2. TenantBase, Columbus Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, Columbus Commercial Real Estate Market Report, Q1 2026
  4. CBRE, Columbus Office Figures, Q3 2026
  5. CBRE, Columbus Industrial Figures, Q3 2026
  6. Marcus & Millichap, Columbus Retail Market Report, 3Q 2026
  7. Yardi Matrix, Columbus Multifamily Report, September 2026
  8. WOSU, Intel New Albany Fab Progress, August 2026
  9. WYSU, Columbus Data Center Hub Report, January 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.