Located in Central Ohio, Columbus is a key contributor to the state’s economy. The city is perhaps most well-known for being the home to The Ohio State University, the largest university in the state, but Columbus also touts a highly-diversified economy and educated workforce which has led to recent and rapid population growth.
The major industries in Columbus include:
The Columbus, OH MSA has a current population of 2,180,271, with Franklin County accounting for over 60% of the population. Union County (10.39% growth, 2020-23), Delaware County (7.65% growth, 2020-23), and Pickaway County (4.14% growth, 2020-23) are the 3 fastest-growing counties. In fact, according to the Bank of America Institute, Columbus is the fastest growing city in the country, citing 1.1% population growth in the 2nd half of 2023 alone which is more than any other U.S. city.
The Columbus-Marion-Zanesville, OH CSA includes an additional 8 counties and adds an additional population of 466,646.
Columbus is among the Top 5 markets in the country for multifamily rent growth, with a very strong 3.1% rent growth over the past 12 months bringing average rents in the MSA to $1,303.
A record-breaking 8,600+ units were added to the market in 2023, while 2024 deliveries are anticipated to be roughly 5,500 units. Multifamily vacancy tightened for the first time in 2 years in Q1 of 2024 and is currently sitting at 7.7%.
The MSA is home to 1,195 multifamily communities of 50+ units and a total inventory of 213,732 units, with over 50% of the apartment market consolidated in the Northeast Columbus, Upper Arlington, and Dublin/Hilliard submarkets:
The Ohio Economic Development Office has successfully concluded an agreement with Honda Motor Co., Ltd. to establish a state-of-the-art battery manufacturing facility. This project is poised to position Ohio as the premier hub for electric vehicle production in North America. The new plant will significantly bolster the region’s economic landscape, creating numerous job opportunities.
Intel has announced an initial investment of over $20 billion to build two advanced chip factories in Licking County, Ohio. This investment aims to boost production to meet the rising demand for advanced semiconductors, supporting the development of innovative Intel products. This project will add 3,000 Intel jobs, 7,000 construction jobs, and tens of thousands of local long-term jobs, making it the largest private-sector investment in Ohio history.
Amgen is spending $365 million on a new 270,000 square foot smart factory in New Albany, Ohio that will create 400 jobs. The factory will have the most advanced final product packaging capabilities focused on industrial automation using robots and automated inspections. The factory will manufacture and label auto-injectors, syringes and vials for numerous Amgen medicines.
In June 2023, Amazon Web Services (AWS) announced an investment of $7.8 billion to be completed by the end of 2029, aimed at further developing and expanding its data operations centers in the New Albany and Columbus regions. Later in 2023, AWS disclosed plans for the construction of Phase 1, which will encompass five data centers with a total area of 250,000 square feet, providing employment opportunities for thousands of individuals.
Several other companies in Columbus have made investments/job announcements including:
QTS Realty Trust – data center expansion
Rosen USA – 45,500 SF facility
Middle West Spirits – 80 jobs
Sofidel – $185 million / 300 – 600 jobs
Ineos Enterprises – $24.5 million investment / 50 jobs
To view additional updates on the Columbus market, please visit our Columbus Market News page:
Originally from Pennsylvania, Brian moved south to pursue a degree in Business Administration at Northwest Florida State College. With 26 years of experience in the commercial real estate industry, he has been a dedicated Broker with TKC since 2017. Brian loves the dynamic nature of his role, working both within the TKC office and in the field across Kentucky, Indiana, and Ohio.
McCall grew up in Nashville, TN and attended the University of Alabama. McCall enjoys the creative problem-solving required to navigate the ever-changing industry landscape and the unique cross-market collaboration that TKC fosters.
Donnie grew up in Northwest Ohio and attended Eastern Michigan University where he studied Communications and Marketing. He loves engaging with clients to help them achieve their goals through real estate investment.
1. The Columbus, OH Metropolitan Statistical Area consists of 10 counties, according to Office of Management and Budget. Counties include: (1) Delaware (2) Fairfield (3) Franklin (4) Hocking (5) Licking (6) Madison (7) Morrow (8) Perry (9) Pickaway (10) Union
2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) www.bls.gov (4) https://columbusregion.com
3. Sales Comps are from 7/1/23 – 6/30/24. 14 of the 47 transactions had undisclosed sale prices.
4. Development Pipeline as of 6/12/24
5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy
