Columbus

Section 01Executive Summary

Columbus is a Midwestern growth story that has increasingly earned comparison to Sun Belt markets, combining a diversified employment base, strong population and job growth, and, most consequentially, a transformational semiconductor investment by Intel.

The headline demographic fact is momentum. Columbus reached a population of 933,263 as of July 1, 2024, gaining 12,694 residents in a single year and becoming the largest city in Ohio history, surpassing Cleveland's 1950 peak of 914,808, while the broader metro reached 2,225,377 residents by the end of 2024, adding 30,348 people at a 1.38 percent annual rate that outpaced both the national rate of 1.0 percent and the Midwest rate of 0.6 percent. The metro unemployment rate fell to 2.7 percent in May 2026, among the lowest of any large metro, and the region ranked fourth nationally for job growth. The Intel semiconductor project, a 28 billion dollar investment expected to bring roughly 3,000 permanent Intel jobs and 7,000 construction jobs to the New Albany area, is the single largest economic catalyst in the region's history.

The critical near term tension for real estate investors is supply. Columbus multifamily absorbed three consecutive years of roughly 3 percent inventory growth, pushing vacancy from 5.0 percent in early 2025 to an all time high near 10.4 percent in the first quarter of 2026, compressing rent growth to the weakest pace in a decade even as demand remained strong. The thesis is a genuine long term growth market experiencing a short term supply digestion, with 2026 deliveries projected to fall sharply, set against low insurance costs, modest climate risk, and an Ohio tax and regulatory environment that is moderately landlord favorable at the state level.

Section 02Population and Migration

Columbus is one of the fastest growing large markets in the Midwest and a national outlier for its region. The city reached 933,263 residents as of July 1, 2024, a gain of 12,694 over the year, and in doing so became the most populous city in Ohio history, eclipsing Cleveland's historic peak of 914,808 set in 1950. Franklin County reached 1,356,303 residents in 2024, and the Columbus metropolitan region reached 2,225,377 by year end 2024, adding 30,348 residents over the year.

The metro's 1.38 percent annual growth rate is more than double the Midwest average and well above the national rate, a striking performance for a region whose neighbors are largely flat or shrinking. International migration has been the dominant driver, contributing 61,601 net new residents over the past four years, or 71.3 percent of total growth. For an investor, this migration profile is important: a growth engine reliant heavily on international in migration is exposed to federal immigration policy shifts, but it also reflects Columbus's rising status as a destination for global talent drawn by its universities, its employers, and the Intel driven technology narrative. The steady, diversified, and accelerating population growth is the foundation of the housing demand thesis and distinguishes Columbus sharply from most of the industrial Midwest.

Section 03Jobs and Economic Anchors

Columbus has a diversified, resilient economy that has produced one of the tightest labor markets in the nation. The metro unemployment rate fell to 2.7 percent in May 2026, among the lowest of any large United States metro, and Columbus recorded the largest rate decrease of any major metro over the year ended June 2026, a decline of 1.2 percentage points. The region added 20,607 jobs over the year and ranked fourth for job growth among the nation's 55 largest metros, though the data also showed some choppiness, with Central Ohio losing jobs in three of the six months through June 2026 for a small net decline in that window, a sign that the very tight market may be near capacity.

The employment base is anchored by finance and insurance, with JPMorgan Chase employing 17,480 and Nationwide 16,000, by advanced manufacturing through Honda, by healthcare through Cardinal Health, by banking through Huntington, and by the enormous presence of state government and The Ohio State University, one of the largest universities in the country. The transformational catalyst is Intel, which selected the New Albany area in Licking County for a semiconductor manufacturing complex whose investment grew to 28 billion dollars and is expected to bring roughly 3,000 permanent Intel jobs and 7,000 construction jobs, spawning a broader Silicon Heartland ecosystem and prompting 90 million dollars in state committed transportation improvements. Ohio projects the highest metropolitan growth in the state for Columbus, at 9.4 percent through 2030. For an investor, this is a genuinely diversified economy with a rare combination of stability, from finance, insurance, government, and education, and high growth upside, from Intel and the technology cluster, a profile that supports durable long term housing and commercial demand.

Section 04Income

Household incomes in Columbus are moderate and rising, consistent with a diversified Midwestern economy that remains more affordable than the coasts. Franklin County reported a median household income of approximately 76,536 dollars in the 2024 American Community Survey one year estimate, reflecting steady growth. Columbus city incomes typically run somewhat below the county figure, given the concentration of students around Ohio State and of lower income urban neighborhoods, while the suburban ring cities carry higher incomes.

The income profile matters for the investment thesis in two ways. First, at roughly 76,536 dollars, the Franklin County median supports a workforce and middle income housing market where rents near the metro average of 1,400 dollars per month are affordable relative to incomes, sustaining broad demand across the Class B and Class C stock that makes up much of the rental base. Second, the arrival of Intel and the continued growth of finance and technology employment are gradually adding a higher wage layer to the economy, which over time supports demand for higher quality housing and for the newer Class A product currently working through lease up. The combination of affordability and rising wages is favorable: Columbus offers renters and buyers a cost of living well below the coastal and Sun Belt boomtowns while its income base grows, which underpins both the rental demand and the for sale market. Investors should nonetheless recognize that income growth, while positive, is moderate, which caps how quickly rents and prices can rise.

Section 05Housing and Multifamily

The Columbus multifamily market is the clearest example of a strong demand market temporarily overwhelmed by supply. Vacancy stood at just 5.0 percent in March 2025, the lowest since early 2023, but a wave of new deliveries drove it to 9.9 percent by the fourth quarter of 2025, the highest in more than two decades, and to an all time high near 10.4 percent in the first quarter of 2026, roughly 170 basis points above the national average, before plateauing near 10.2 percent in the second quarter of 2026 as the supply wave crested. Vacancy readings vary by data provider and property universe, with one provider reporting a much lower stabilized rate, so the figures below reflect the CoStar based series that documents the supply driven rise. The effective apartment rent averaged 1,359 dollars per month in March 2025, and asking rents sat near 1,400 dollars per unit through early 2026.

The rent data tells the supply story clearly: annual asking rent growth decelerated to just 0.2 percent by the fourth quarter of 2025, the weakest performance in a decade, and stood near 0.7 percent in the first quarter of 2026, as operators lost pricing power amid elevated competition and lease up concessions. Notably, the more affordable Class B and Class C segments outperformed, exceeding 4 percent rent growth in early 2025 before the broader slowdown, because the new supply is concentrated in Class A product while workforce housing remains scarce. For an investor, the conclusion is that Columbus is experiencing a textbook supply digestion in a fundamentally strong demand market, that the pain is concentrated in newer Class A lease up while workforce Class B and C assets hold up better, and that the projected sharp decline in 2026 deliveries sets up a recovery in occupancy and rent growth over the following years, making the current soft patch a potential entry window for patient capital.

Section 06Rents

Columbus rents are affordable by national standards and reflect the market's moderate income base, with the metro average asking rent near 1,400 dollars per unit in early 2026 and effective rents averaging 1,359 dollars in March 2025. Broader rental measures place the average across all bedroom types and property types near 1,487 dollars, with conventional apartments often ranging from roughly 930 dollars to 1,077 dollars for smaller units depending on the source and product type. These levels sit well below coastal and Sun Belt gateway markets, reinforcing Columbus's affordability advantage for renters.

The rent growth trajectory is the key variable. After robust gains earlier in the cycle, rent growth compressed sharply to the weakest pace in a decade under the weight of new supply, with annual asking growth of just 0.2 percent to 0.7 percent through late 2025 and early 2026. The divergence by class is instructive: the affordable Class B and Class C segments posted rent growth above 4 percent in early 2025 before the general slowdown, because new construction has been overwhelmingly Class A, leaving the workforce segments undersupplied and better able to sustain increases. For an investor, this points to a clear strategic preference for workforce Class B and C assets, which face less direct competition from the new supply, serve the deep and affordability constrained middle of the market, and have demonstrated stronger pricing power. As the delivery pipeline thins through 2026 and beyond, overall rent growth should recover, but the near term rent environment rewards owners of well located workforce housing over owners of newly delivered luxury product still fighting through lease up.

Section 07Vacancy

Vacancy is the defining metric of the current Columbus multifamily cycle. The rate more than doubled from 5.0 percent in March 2025 to an all time high near 10.4 percent in the first quarter of 2026, roughly 170 basis points above the national average, before plateauing near 10.2 percent in the second quarter of 2026 as the supply wave crested, with CoStar forecasting the cycle peak at approximately 10.2 percent in the third quarter of 2026. This elevated vacancy is a direct consequence of the delivery surge rather than any weakness in demand, since net absorption actually ran at nearly double the historical average but still could not keep pace with the units delivered.

Vacancy conditions differ sharply by property class and submarket. The new Class A product carries the highest vacancy as it works through lease up, while established Class B and Class C assets and properties in supply constrained submarkets such as the area around Ohio State University maintain much tighter occupancy. In the commercial sectors, discussed below, industrial vacancy fell to a healthy 6.6 percent by the first quarter of 2026 while office vacancy remained elevated near 19 percent to 22 percent depending on the measure. For an investor, the multifamily vacancy picture is best read as cyclical rather than structural: the market is absorbing a historic wave of new units, vacancy appears to be peaking, and the sharp projected drop in new deliveries should allow occupancy to recover, which means current elevated vacancy represents a timing challenge and a potential buying opportunity rather than a sign of fundamental oversupply in a growing market.

Section 08Supply Pipeline

The supply pipeline is the crux of the Columbus multifamily story. The market delivered more than 6,700 apartment units during 2025 and roughly 9,093 units over the trailing twelve months into early 2026, marking the third consecutive year of approximately 3 percent inventory growth, an aggressive pace that overwhelmed even strong absorption and drove vacancy to record highs. This building boom was a rational response to the earlier rent spikes and to the Intel driven growth narrative, but it front loaded a large volume of new Class A product into a compressed window.

The critical forward looking fact is that the pipeline is thinning sharply. Deliveries in 2026 were projected to fall to just 56 percent of 2025 levels, a substantial deceleration that, combined with continued strong absorption, should allow the market to work off its elevated vacancy and restore pricing power over the following years. This dynamic, a supply peak followed by a sharp falloff in a market with durable demand growth, is precisely the setup that tends to reward investors who acquire during the soft patch and hold into the recovery. On the commercial side, industrial supply continues to be absorbed by logistics and data center users, while office construction is minimal given the elevated vacancy. For an investor, the multifamily supply pipeline is the single most important variable to monitor: the worst of the supply pressure appears to be passing, and the thinning pipeline is the foundation of the case that Columbus multifamily fundamentals will strengthen from here.

Section 09Single Family Homes

The Columbus single family market is affordable and has continued to appreciate, though measures vary by source and geography. Zillow placed the typical Columbus home value near 251,236 dollars, down about 0.7 percent over the year, with another reading near 261,552 dollars in early 2026, while central Ohio sale price data showed a median around 319,900 dollars in January 2026, up roughly 6.7 percent year over year, and other measures placed the city median near 262,000 dollars to 290,000 dollars. The variation reflects differences between smoothed home value indices, which cover the city proper including lower value neighborhoods, and sale price medians, which cover the broader central Ohio region and are influenced by the mix of homes sold.

The single family rental angle is one of the strongest in the Midwest. Columbus has been a leading single family rental market, supported by affordability that keeps home values near or below 262,000 dollars for the city index, a growing population that sustains rental demand, and a workforce that increasingly rents amid elevated mortgage rates. Entry prices in the mid 200,000s produce more workable rent to price ratios than coastal markets, and the single family rental and build to rent strategies benefit from the same demand growth driving the overall market. For an investor, the single family segment offers a compelling combination of affordability, steady appreciation, and rental demand, with the single family rental thesis resting on Columbus's population growth, its affordability relative to national norms, and the deep pool of renter households, tempered by the reality that home price appreciation, while positive, is moderate and that rising supply of both apartments and homes should keep price and rent gains measured.

Section 10Commercial Real Estate and Retail Centers

Columbus commercial real estate shows a sharp divergence, with industrial thriving, office struggling, and retail stable. Industrial and logistics is the standout sector, a national leader driven by Columbus's central location and its cargo infrastructure. Industrial vacancy fell from 9.4 percent in the first quarter of 2025 to 6.6 percent in the first quarter of 2026, asking rents rose 9.5 percent year over year to roughly 8.41 dollars per square foot with triple net rents near 6.99 dollars, and the metro traded at an approximately 7.1 percent cap rate and roughly 98 dollars per square foot, reflecting strong institutional demand from logistics and data center users.

Office is the weakest sector, with overall vacancy reported between roughly 19 percent and 22 percent depending on the measure, average asking rents near 21.83 dollars per square foot, and a clear flight to quality in which Class A and A plus space, averaging 26.31 dollars per square foot, posted positive net absorption of 241,167 square feet in the first quarter of 2026 while older Class B and C space at 18.38 dollars and 13.44 dollars respectively lagged. Retail is steady, supported by the growing residential base and driven by necessity based and experiential concepts, though specific current vacancy figures are not published in a consistent public series; grocery anchored centers benefit directly from population growth and are among the more defensible retail formats. For an investor, the commercial takeaway is to favor industrial and logistics, which combines low vacancy, strong rent growth, and institutional demand, and grocery anchored retail serving the growing population, while approaching office selectively with a strong preference for Class A given the sector's bifurcation.

Section 11Transactions and Capital Markets

The Columbus investment sales market has strengthened even as fundamentals softened, reflecting investor conviction in the region's long term growth. Total multifamily sales volume over the trailing twelve months reached 598.7 million dollars across 117 transactions, and investment activity nearly doubled the prior year's pace, with roughly 400 million dollars in transactions through the first nine months of the measurement period. The market's largest ever transaction, The Gardens, sold for 170 million dollars, or 159,800 dollars per unit across 1,064 units, in the first quarter of 2025, signaling institutional appetite for scaled Columbus product.

Cap rates have widened in the higher rate environment, with the average multifamily cap rate at 6.7 percent in the first quarter of 2026, up from 6.27 percent a year earlier, though pricing varies widely by submarket and quality: smaller Class B assets east of Columbus trade at higher yields, while assets near Ohio State University command cap rates 200 to 300 basis points lower given their durable student and young professional demand. Private buyers have driven the market, accounting for nearly 60 percent of sales over the past year as institutional investors remained selective. For an investor, the capital markets picture is favorable relative to coastal markets: cap rates near 6.7 percent offer meaningfully higher going in yields than gateway metros, the widening from 6.27 percent reflects the rate environment rather than distress, and the combination of higher yields, strong long term demand, and a private buyer dominated market creates opportunities for well capitalized investors to acquire quality assets at attractive bases during the current supply driven soft patch.

Section 12Taxes

Ohio's tax environment is moderate, more favorable than the high tax coastal states but not as advantageous as the no income tax Sun Belt markets, a distinction investors should weigh. Ohio levies a state personal income tax, which has been flattened and reduced in recent years but still exists, so rental income faces state taxation, unlike in Florida, Tennessee, or Texas. On property, Franklin County's average effective property tax rate is approximately 1.40 percent of market value, with the exact rate depending on the taxing district since each parcel stacks levies from the county, municipality or township, school district, and special districts.

Ohio assesses residential property at 35 percent of appraised market value, and the county rate applies to that assessed value, a mechanism that keeps the nominal millage high relative to the effective burden. A significant recent development is that the 2023 triennial reappraisal drove property tax revenues up close to 30 percent in some jurisdictions as assessed values caught up to the rapid home price appreciation, which raised bills for many owners and is a material consideration for underwriting, since Ohio does not have the aggressive assessment caps that some states use to limit annual increases. Ohio does offer a homestead exemption for qualifying seniors and disabled homeowners, but it is limited in scope and does not broadly shield investors. For an investor, the tax calculus is that Columbus property taxes at roughly 1.40 percent effective are moderate and manageable but meaningfully higher than in low tax states, that reappraisals can raise bills substantially in an appreciating market, and that the state income tax on rental income is a modest drag relative to the no income tax alternatives, all of which should be built into underwriting.

Section 13Insurance

Insurance is a genuine advantage of the Columbus market, standing in sharp contrast to the coastal catastrophe states. The average homeowners insurance premium in Columbus was approximately 1,290 dollars per year according to one 2026 analysis, below the national average of about 1,428 dollars, with other measures placing the cost near 1,740 dollars per year for a policy with 300,000 dollars in dwelling coverage and the Ohio statewide average near 1,231 dollars, reflecting variation by coverage and methodology. These are low premiums by national standards, driven by the region's inland location, its lack of hurricane and coastal flood exposure, and its relatively contained natural hazard profile.

The primary perils are severe convective weather, wind, hail, and tornadoes, with tornado activity concentrated in the central and western parts of the state, along with occasional flooding near the Scioto and Olentangy rivers and winter storm exposure. Flood insurance is not generally mandatory except for properties in mapped FEMA flood zones near the rivers, and standard homeowners policies exclude flood, so riverine properties warrant separate coverage. For an investor, the insurance profile is a meaningful positive: premiums near 1,290 dollars to 1,740 dollars are a fraction of the 6,000 dollar and higher averages seen in coastal Florida, which materially improves net operating income and reduces one of the largest and most volatile expense lines that burdens Sun Belt and coastal investments. Insurance cost predictability and affordability are a real and underappreciated advantage of Midwestern markets like Columbus.

Section 14Landlord Tenant and Regulatory Environment

Ohio is a moderately landlord favorable state, though the city of Columbus has begun adding tenant protections that investors should track. The governing framework is Ohio Revised Code Chapter 5,321, which requires landlords to provide written notice before filing an eviction, generally a three day notice for nonpayment or lease violations and a thirty day notice to terminate a month to month tenancy without cause, and which sets out landlord habitability obligations under Section 5,321.04 while prohibiting self help evictions such as utility shutoffs and lockouts. Ohio has no statewide rent control, and the city of Columbus has no rent control or rent stabilization, so there is no cap on rent increases.

At the same time, Columbus has enacted a series of tenant protections that add compliance obligations for local landlords. In 2025 the city created a Division of Housing Stability, funded a right to counsel program with roughly 1.5 million dollars to provide legal representation to tenants facing eviction, added more than 1 million dollars in emergency rental assistance, and established source of income protections, relocation assistance requirements for certain problem properties, and options for tenants to pay security deposits in installments. These measures do not amount to rent control but they meaningfully increase tenant protections and landlord obligations within the city. For an investor, the regulatory environment remains favorable overall, with no rent control, an efficient statutory eviction process, and a landlord friendly state framework, but the growing layer of Columbus specific tenant protections requires attention to compliance, particularly the source of income and eviction related requirements, and signals a gradual shift toward greater tenant protection in the urban core.

Section 15Infrastructure

Columbus possesses infrastructure strengths that directly support its industrial and logistics dominance and its broader growth, anchored by its central location and its cargo airports. The region is served by John Glenn Columbus International Airport for passenger travel and, critically, by Rickenbacker International Airport, one of the few dedicated cargo focused airports in the country, which sits within a one day truck drive of nearly half the United States population and one third of the Canadian population, receives international cargo flights from Asia, Europe, and the Middle East, and is surrounded by more than 75 million square feet of warehouse and distribution space within a foreign trade zone. This logistics infrastructure is the foundation of the region's exceptional industrial real estate performance.

The highway network is equally central, with Interstates 70 and 71 crossing in downtown Columbus, the Interstate 270 outerbelt encircling the metro, and Interstate 670 connecting downtown to the airport, supplemented by the major Interstate 70 and Interstate 71 downtown reconstruction project underway to relieve the shared corridor. A notable infrastructure gap and opportunity is public transit: Columbus is the largest United States metro without passenger rail, and the region is pursuing the LinkUS initiative, a plan advancing bus rapid transit corridors, sidewalks, and bikeways, with the Central Ohio Transit Authority's 2026 budget funding additional service and construction on priority corridors. The Intel project is driving 90 million dollars in state committed road improvements in the New Albany area. For an investor, the infrastructure profile strongly favors industrial and logistics investment given the cargo airport and highway assets, supports the broader growth narrative, and points to transit oriented development opportunities along the emerging LinkUS corridors as the region builds out its transit network.

Section 16Climate and Physical Risks

Columbus enjoys one of the more benign physical risk profiles among major United States markets, a meaningful advantage in an era of rising climate concern and insurance stress. As an inland Midwestern city, Columbus faces no hurricane, storm surge, or coastal flooding risk, and its distance from the coasts insulates it from the catastrophe exposure that burdens Florida, the Gulf Coast, and the barrier island markets. This benign profile is a direct contributor to the region's low insurance costs and is increasingly cited as a reason capital and residents are drawn to the Midwest.

The primary physical hazards are severe convective weather and riverine flooding. Ohio experiences a moderate number of tornadoes each year, with the highest concentration in the central and western parts of the state, and the region experiences damaging thunderstorm wind, hail, and winter ice and snow storms, all of which drive insurance claims but at a far lower frequency and severity than Gulf Coast or Southern tornado alley markets. Flooding risk is localized to areas near the Scioto and Olentangy rivers that run through Columbus, where FEMA mapped flood zones apply and separate flood insurance is warranted, but the broad metro faces limited flood exposure. For an investor, the climate and physical risk profile is a clear positive: modest, manageable, and insurable hazards, no coastal catastrophe exposure, and a resulting insurance cost structure that materially outperforms the high risk coastal markets, making Columbus attractive for investors prioritizing climate resilience and expense predictability.

Section 17Neighborhoods and Submarkets

Columbus offers a range of submarkets spanning the urban core, established neighborhoods, and fast growing suburbs. Within the city, downtown and the adjacent Short North arts district anchor the urban revival, German Village and Clintonville offer historic and desirable residential character, Franklinton is a redeveloping area near downtown, and the University District around Ohio State provides durable student and young professional rental demand where multifamily cap rates run 200 to 300 basis points below the metro average given the reliable demand. The suburban ring is where much of the growth and higher income housing concentrates.

The most consequential submarket dynamic is the New Albany area northeast of the city, the site of the Intel semiconductor complex and the emerging Silicon Heartland, which is drawing enormous investment in housing, infrastructure, and commercial development in anticipation of the plant and its supplier ecosystem. Affluent suburbs including Dublin, Westerville, Hilliard, and Gahanna anchor the higher income single family market, while the east side and eastern suburbs offer more affordable product and higher yields for Class B and C rental investors. Retail concentrates at destinations like Easton and Polaris. For an investor, the submarket strategy is clear: the University District and established neighborhoods offer durable demand, New Albany offers growth catalyzed exposure to the Intel story, the affluent suburbs offer stable single family investment, and the east side offers higher yield workforce housing.

Section 18Opportunities

The clearest opportunity in Columbus is acquiring multifamily during the current supply driven soft patch ahead of a thinning delivery pipeline, particularly workforce Class B and Class C assets that face less competition from the new Class A supply, have shown stronger rent growth, and serve the deep, affordability constrained middle of the market. A second major opportunity is industrial and logistics, where vacancy near 6.6 percent, rent growth of 9.5 percent year over year, and the unmatched cargo infrastructure at Rickenbacker support durable demand from logistics and data center users. A third is exposure to the Intel driven growth in the New Albany and Silicon Heartland area, through housing, land, and commercial development positioned ahead of the plant's ramp. A fourth is the single family rental and build to rent segment, supported by affordability and population growth. A fifth is grocery anchored retail serving the expanding residential base. Underpinning all of these are Columbus's structural advantages: strong and diversified growth, low insurance costs, modest climate risk, higher going in cap rates near 6.7 percent than coastal markets, and an affordability profile that continues to attract residents and employers.

Section 19Risks

The foremost near term risk is the multifamily supply overhang, since three years of roughly 3 percent inventory growth pushed vacancy to a record near 10.4 percent and compressed rent growth to the weakest in a decade, and although the pipeline is thinning, newly delivered Class A assets face continued lease up and concession pressure into 2027. The second risk is the region's heavy reliance on international migration, which contributed 71.3 percent of recent growth and is exposed to shifts in federal immigration policy. The third is execution risk around Intel, since the semiconductor project has faced timeline extensions and its full economic impact depends on the plant reaching planned production, so investors betting heavily on the Intel narrative face the risk that the ramp is slower than anticipated. The fourth is the moderate tax environment, including a state income tax on rental income and property tax reappraisals that drove bills up close to 30 percent in some areas, which weighs on returns relative to no income tax states. The fifth is the gradual expansion of Columbus specific tenant protections, which increases compliance obligations, and the sixth is the recent choppiness in metro job growth, with net job losses in several months of 2026 suggesting the very tight labor market may be near capacity.

Section 20Investor Implications

For an accredited investor, Columbus offers a compelling combination of Midwestern stability and genuine growth, best approached with attention to the current supply cycle. Multifamily is attractive on a medium term view, with the strongest risk adjusted opportunity in workforce Class B and Class C assets acquired during the current soft patch at cap rates near 6.7 percent, ahead of a thinning delivery pipeline that should restore occupancy and rent growth. Industrial and logistics is a high conviction sector given the cargo infrastructure and low vacancy, and grocery anchored retail and single family rental offer stable, affordability supported demand. The Intel and New Albany story offers growth exposure for investors comfortable with execution and timing risk. Across all strategies, Columbus's low insurance costs, modest climate risk, and higher going in yields than coastal markets are durable advantages that improve net returns and resilience. Investors should underwrite the near term supply pressure and lease up risk realistically, build in Ohio's state income tax and the potential for property tax reappraisal increases, monitor the expanding Columbus tenant protections for compliance, and size Intel dependent bets to account for execution risk.

Section 21Conclusion

Columbus is one of the most compelling growth markets in the American Midwest, combining a diversified and resilient economy anchored by finance, insurance, government, education, healthcare, and advanced manufacturing with a transformational technology catalyst in the 28 billion dollar Intel semiconductor project. The region is growing faster than any large Midwest peer, reaching 2,225,377 metro residents in 2024, its labor market is among the tightest in the nation at 2.7 percent unemployment, and its physical and insurance risk profile is far more benign than the coastal markets. The central near term challenge is a historic wave of multifamily supply that drove vacancy to a record near 10.4 percent and compressed rent growth, but the delivery pipeline is thinning sharply, setting up a recovery in a market with durable demand. Industrial and logistics thrives on the region's cargo infrastructure, single family and workforce rental housing benefit from affordability and growth, and cap rates near 6.7 percent offer higher going in yields than gateway markets. The risks around supply timing, immigration dependent growth, Intel execution, and a moderate tax environment are real and must be underwritten, but the fundamental trajectory is strongly positive. Columbus rewards patient investors who acquire quality assets through the current supply digestion and hold into the region's continued long term growth.