Local office space holds steady as U.S. vacancies rise
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Office vacancy rates nationwide hit a record high in the first three months of the year — but not in Columbus.
Why it matters: At a time when many companies don't need as much office space, the local market appears to be holding steady.
By the numbers: Columbus' vacancy rate fell 1 percentage point from Q4 2025 to Q1 2026, one of the largest drops among major metro areas, per data Moody's shared exclusively with Axios.
- Typically our vacancy is above the national average, but now it's right in line.
Between the lines: With nearly 35 million square feet of office space, Columbus' inventory is smaller than many metros, increasing just 8% over the last decade.
- In downtown especially, several former offices are converting to housing.
- Some businesses, like State Auto, are staying in town but downsizing.
The fine print: Moody's defines the Columbus area as Franklin and Delaware counties, spokesperson Isabella Grande says.
Follow the money: Locally, average effective rent costs grew nearly 2% during the same time frame, the highest increase nationwide.
- Our $16.42 per square foot effective rent is still well below the national average of $28.67, though.
The bottom line: Central Ohio isn't immune to office downsizing, but the local market is showing signs of stability, not distress.