Columbus office vacancy rate has grown
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The Columbus region still has a high rate of vacant office space, though some of it is being converted for other uses.
Why it matters: Typically, vacancy rates rise during economic downturns, but the national rate has increased for the past few years as the economy has remained on solid ground.
- It's at its highest since at least 1979, when Moody's began tracking the metric.
The reason: Offices are mainly sitting empty because the pandemic seems to have permanently changed the way many Americans work, and companies don't need as much space as they once did.
Zoom in: Columbus' vacancy rate has risen slightly over the past five years to 21.7% during Q2 of 2024, above the national rate of 20.1%.
- A few dozen metro areas studied by Moody's are even higher, including Cleveland (21.8%) and Dayton (28.7%).
The intrigue: Similar to other cities, Columbus developers are transforming some of this vacant space into residential units and retail outlets.
- About 1,000 newly converted units are expected this year.