Q1 ECONOMIC INSIGHTS

Office Construction

In 2022, construction of new office space dropped by more than 50% in the Columbus Metro Area as many companies transitioned to remote or hybrid work models, requiring less permanent space.

OFFICE CONSTRUCTION PER 100SF OF INVENTORY

Industrial Real Estate

The construction pipeline is beginning to slow from record levels to keep up with demand. Warehouse vacancy has also increased in the first quarter to 5.6% in the Region (previously 3.4%) and 6.4% in southeast (Rickenbacker) area (previously 3.5%).

SQUARE FEET OF INDUSTRIAL SPACE UNDER CONSTRUCTION AND COMPLETED IN COLUMBUS MARKET

Housing Permits

Housing permit activity increased sharply in March, with more than four times as many permits issued compared to February, ranking Columbus #8 among 35 similarly sized metros. MONTHLY

Labor Force

Rate

Labor force compared to pre-pandemic levels (Feb 2020 to March 2023)

Sources: U.S. Census Bureau, Building Permits Survey

Source: U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics, not seasonally adjusted