Market Highlights

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.

Columbus Economy

The major industries in Columbus include:

  • Automotive and Mobility – Regional economic output of $2.7 billion annually; 650,000 cars produced annually; home of Honda’s 4 million SF plant
  • Fashion and Retail – Columbus ranks 4th among large U.S. cities for concentration of retail headquarters, highlighted by Abercrombie & Fitch, Bath & Body Works, and Victoria’s Secret
  • Finance and Fintech – JPMorgan Chase is the region’s largest employer
  • Food and Beverage – Notable brands include G&J Pepsi, Anheuser-Busch, and Mars
  • Insurance and Insurtech – Insurance giant Nationwide is headquartered in Columbus
  • Life Sciences – Ohio State University ranks in the Top 10 nationally for relevant doctorate completions
  • Semiconductor Supply Chain – this sector sprang on the economic scene with Intel’s 2022 announcement of a $20 billion computer chip plant

Columbus Population

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, OH Multifamily Analysis

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:

Multifamily Highlights

Major Employers

  1. JPMorgan Chase & Co

    17,480 jobs  | Learn More
  2. Nationwide HQ

    16,000 jobs  | Learn More
  3. Amazon

    9,250 jobs  | Learn More
  4. Cardinal Health HQ

    8,660 jobs  | Learn More
  5. Honda Marysville Auto Plant

    8,850 jobs  | Learn More
  6. Huntington HQ

    5,741 jobs  | Learn More
  7. American Electric Power HQ

    4,500 jobs  | Learn More
  8. Victoria's Secret HQ

    4,500 jobs  | Learn More
  9. Bath & Body Works HQ

    3,665 jobs  | Learn More
  10. DHL

    3,165 jobs  | Learn More
  11. Bread Financial HQ

    3,086 jobs  | Learn More
  12. Abercrombie & Fitch HQ

    3,081 jobs  | Learn More
  13. Defense Logistics Agency (DLA)

    2,500 jobs  | Learn More
  14. Worthington Enterprises HQ

    1,884 jobs  | Learn More
  15. Big Lots HQ

    1,685 jobs  | Learn More
  16. Scotts Miracle Gro HQ

    1,340 jobs  | Learn More
  17. Vertiv HQ

    1,200 jobs  | Learn More


Other Demand Drivers

  1. John Glenn Columbus International Airport (CMH) & Rickenbacker Passenger Terminal (LCK)

    $2B expansion in progress; 8.7 million passengers in 2023  | Learn More
  2. Easton Town Center

    1.7 million+ SF; 727 hotel rooms; 200 retailers  | Learn More
  3. The Ohio State University

    65,405 total enrollment; 116,819 direct & indirect jobs; $19.6 billion economic impact  | Learn More
  4. Polaris Fashion Place

    1,466,270 SF; 10.3 million annual visitors; Dick's Sporting Goods, Macy's, JCPenney, Saks Fifth Avenue, Von Maur  | Learn More
  5. The Mall at Tuttle Crossing

    1.1 million SF; Macy's, JCPenney, Scene 75; over 90 stores  | Learn More
  6. Columbus State Community College

    41,000+ total enrollment  | Learn More
  7. Columbus Crew (MLS)

    Host of 2024 MLS All-Star Game  | Learn More
  8. Columbus Clippers (MiLB)

    AAA Affiliate of Cleveland Guardians  | Learn More
  9. OhioHealth Riverside Methodist Hospital

    1,059 Beds  | Learn More
  10. Ohio State University Hospital

    900 Beds  | Learn More

Sources & Comments

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