COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — Columbus office vacancy was up in the third quarter, but office brokers say the uptick in leasing activity shows that the market continues to recover.

The vacancy rate rose to 20% in the third quarter, according to CBRE research.

CBRE data shows that leasing activity increased in the third quarter to nearly 650,000 square feet, from about 165,000 square feet in the second quarter of 2022. This same time last year there were about 600,000 square feet leased, according to CBRE data.

Overall net absorption was negative, at about 49,000 square feet, but it was less than during the second quarter, which was nearly 157,000 square feet, according to CBRE data.

Aaron Duncan, first vice president at CBRE, said that the market continues to see waves of companies making decisions on real estate in the post-Covid world.

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