Market Mondays: Columbus, OH - Dec 16, 2024

MARKET OVERVIEW
Columbus, OH

Why Columbus?

Columbus’ metropolitan population reached approx 2,180,000 people in 2023. The city of Columbus itself has a population of 915,000 and population appears to be steadily growing at 0.25% annually with projections for population growth.

Columbus is strategically located and well positioned for logistics in the region with 151 million people (45% of US population) accessible in a day’s drive from Columbus. The Columbus region also features 3 intermodal terminals and sits within a day’s drive of 48% of the country’s headquarter operations. The John Glenn Columbus International Airport (CMH) also provides connectivity to major cities across the US (new terminal breaking ground in 2025).

Although nonfarm payroll employment in Columbus has risen at a slower pace than the national average, the Mining, Logging, and Construction sector saw 8.3% annual job growth in 2024. The automotive industry is an important one in Columbus. The regional economic output for the automotive industry exceeds $3.1 billion annually, and the region produces nearly 400,000 cars per year.

In addition to cars, the Ohio capital is also also a hub for major fashion and retail companies. The city ranks first among major retail and fashion markets in the US for concentration of professionals working in the apparel and fashion industry. And although employment in the manufacturing sector has recently seen a slowdown, the region continues to see investments in Food & Beverage, Life Sciences, and Semiconductor Supply Chain in the area due to its strong manufacturing base.

Top Companies to Know in Columbus

Worthington Enterprises
JP Morgan & Chase
Nationwide
Amazon
Cardinal Health
Honda
American Electric Power
DHL
Mettler Toledo
Scotts Miracle Gro

Check out this link for a full list. 

Connectivity and Proximity to Population

The Columbus Region’s geographic location allows access to more of the U.S. population and employment base than any other major metro. Within a day’s drive, you can reach 45% of the country’s population and manufacturing base.

IOS Market Trends

While speculative industrial construction has slowed, the market has shifted toward build-to-suit projects tailored to tenant needs. This shift has come as a result of muted 2024 demand compared to other years. With the market anticipated to rightsize over the next several quarters, there is optimism for 2025. Industrial Outside Storage properties appear to be positioned well in this region due to the heavy manufacturing industry presence as well as Columbus’ strategic location for distribution across the Midwest.

CLOSED TRANSACTIONS
Acquisitions and Dispositions

ACQUISITION: In March, OutPost (formerly Semi-Stow) acquired a 12.5 acre IOS yard in Columbus, OH. This acquisition marked their first Columbus location and their second Midwest yard opening in 2024. This site has convenient access to Rickenbacker International Airport and major freight corridors including I-70, I-71, US Route 33, and the Ohio State Route 104 bypass.

ACQUISITION: In January, Alterra picked up 2 sites in the Columbus MSA as part of their TruGreen portfolio acquisition. The sites at 5150 Nike Drive and 461 Enterprise Drive combine for 37,910 SF of building on 5.8 AC. These sites are well located and service people across the Columbus metropolitan area. The CBRE Capital Markets team in Chicago marketed the 17-property portfolio for TruGreen.

ACQUISITIONS: This Fall, Transport Properties alongside their partner GFH Partners acquired the 20 AC Thayer Power & Communication’s headquarters in Columbus, OH. The site was developed in 2022 and features a 75,250 SF facility. They acquired the property with 13 years remaining on the lease. The CBRE National Partners North Central Region team facilitated the transaction.

ACQUISITION: In August, Alterra closed two more IOS properties in Columbus totaling 73,580 SF on 22.3 AC. The sites are located at 4080 Business Park Drive and 2222 New World Drive. The New World site is served directly by CSX rail and sits just five miles from the Norfolk Southern Intermodal Terminal. JLL facilitated the acquisition of 2222 New World Drive. Ascension Advisory facilitated the acquisition of 4080 Business Park Drive.

MORE COLUMBUS YARDDOGS: CBRE: Michael Copella, Mason Shelby, Nick Pribonic, Katie Aiken, Kay Sharp; Colliers Columbus Industrial Team: Michael Linder, Shane Woloshan, Joel Yakovac, Jonathan Schuen, Kyle Ghiloni, Sydney Sleeper, Nolan Babb; NAI Ohio: Stephen Pryor, Joe Menninger, Doug Shull, Dan Sheeran Jr.; Matthews: Pablo Garcia Olalla, Matt Kovesdy  

Know of other great Columbus IOS acquisitions or YardDogs that we missed?

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