After an active start to 2017, Dublin’s commercial real estate activity calmed in the second quarter – gearing up for a busy summer. Here are a few key highlights:
- The quarter ended with 338 square feet of positive net absorption.
- Over 196,000 square feet of commercial space remains under construction – much of which is mixed use development in Bridge Park in the Bridge Street District.
- Overall vacancy rose slightly, but remains low at 6.6%.
- Office vacancy is at 8.4%, which is on par with vacancy rates throughout Central Ohio.
- The largest transaction this quarter was the $9.4 million ($79.32/SF) purchase of 5175 Emerald Parkway by Dublin City Schools for an innovative new education facility offering cutting edge technology, career exploration, and workforce development programming for high school students.
About the Quarterly CRE Reports
The City of Dublin contracts with Colliers International to analyze commercial real estate statistics (office, medical office, industrial, and retail – plus various subcategories of each type) specific to Dublin. The quarterly reports include vacancy rates, market absorption, and rental rates, in addition to a high level narrative summarizing Dublin’s position in the regional commercial real estate market.
The reports also include a submarket comparison to show Dublin’s office vacancy rates and Class A office rental rates relative to similar markets (Westerville/Polaris, New Albany) and the region (Central Business District (CBD) and Central Ohio overall). General information about tenants that are seeking space in Dublin and in the northwest Columbus area is also included, which provides a general understanding about current market demand.
Rachel Ray, AICP
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