Colliers | Columbus' Q4 2024 Retail Trends report is out and the numbers confirm what many in the industry are experiencing firsthand—Columbus' retail market remains as tight as ever.
Our own Gilli Zofan, First Vice President, shared his perspective on the report:
"In this past quarter's retail trends report, we continue to see the overall retail vacancy at just over 3%, and Columbus' retail real estate market remains as tight as we've ever experienced. When you add that to limited new construction retail strip or power centers, it is very hard for new, emerging, and existing concepts to either enter or continue to expand within the market. Additionally, with inflation still high, the overall costs of construction and materials remain elevated, further challenging deal dynamics.
As Columbus remains in the spotlight with Intel, continued development, and many larger corporations growing in the area as a result, I believe we will continue to see rental rates increase which will continue to force operators to optimize operations and maximize sales. Those operators who fail to innovate and pivot to overcome the constraints of the current market will end up being priced out and replaced with tenants willing to pay higher rents that are justified with higher sales.
Additionally, as we anticipate relief on the inflation side, construction costs should come down and hopefully lead to some future new construction opportunities."
Read the full report from Colliers | Columbus here: Trends | Research Resource
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