When we think about market data, we’re thinking about more than statistics. We’re thinking about the story it tells. That’s why we’re shifting our approach to market data and the way we define it.

Beginning with our Q3 2026 Market Report, NAI Ohio Equities introduced updated data sources and methodology to better distinguish between property types, uses and market activity. These distinctions matter because what we include, and what we exclude, can change how we interpret the market.

A More Complete Picture

One of the most significant changes we've made is the inclusion of Class C office properties. While some market reports focus primarily on Class A and B buildings, doing so leaves out a substantial portion of Central Ohio's office market.

Class C properties account for 50.1% of office buildings and 23% of total office square footage in our market. Even more telling, nearly 32% of office leases involve Class C properties.

In other words, excluding Class C means overlooking half of the region's office buildings, nearly a quarter of its office inventory by square footage and almost a third of its leasing activity.

These properties serve an important segment of the market, often attracting tenants with different space requirements and budgets than those seeking Class A or B space. Including them allows us to capture a broader range of leasing activity, vacancy trends and tenant demand, providing a more complete picture of the office market.

We've also refined our office inventory to exclude government, educational and headquarters/owner-occupied buildings. Although these properties may function as office space, they generally operate outside the competitive leasing market and are less likely to experience the same tenant turnover and leasing activity as traditional multi-tenant office buildings.

A recent example is Ohio State University's Moritz College of Law, which announced plans to relocate to 17 S. High St. in Downtown Columbus. While the nearly 200,000-square-foot transaction represents a significant investment in Downtown, it is excluded from our office dataset and notable leasing transactions because the property will be used for educational purposes.

The university's 30-year lease, which includes an option to purchase, also illustrates why the distinction matters. The space is committed to a long-term institutional user rather than being available to compete for traditional office tenants. Including it in office leasing activity could skew the picture of demand within the competitive office market.

Breaking Down the Market Further

Another important part of our evolving methodology is identifying and tracking distinct property segments to better understand the market dynamics specific to each, while continuing to evaluate asset classes holistically.

For example, Central Ohio's industrial market has a different composition than markets such as Cleveland and Chicago. Property types like industrial outdoor storage (IOS) and bulk warehouse/distribution facilities play an important role in Columbus' position as a logistics hub. Tracking these segments independently can provide greater insight into the demand driving industrial activity across the region. Similarly, distinguishing flex properties from traditional warehouses allows us to account for differences in tenant requirements and leasing activity.

Beyond industrial, we're also refining how we track properties that don't fit neatly into traditional asset classes. Medical providers occupying retail-oriented spaces, for instance, have created a distinct segment known as medical retail (medtail). Tracking medtail separately allows us to better understand how healthcare demand is influencing commercial real estate activity across Central Ohio.

Mixed-use developments also warrant their own classification. By combining multiple property types within a single project, these developments represent an increasingly important segment of Central Ohio's commercial real estate market that we want to capture independently.

Looking ahead, we're also working toward incorporating more detailed construction pipeline data into future reports. Tracking properties under construction alongside existing inventory will provide additional context around new supply, anticipated deliveries and how development activity could influence future market conditions.

Together, these refinements will allow us to provide more targeted insights into the property types and market segments most relevant to our clients.

Ultimately, our goal is to make market data more meaningful and useful for our clients. By refining what we measure and how we measure it, we can better tell the story of Central Ohio's commercial real estate market and help property owners, investors and businesses make informed decisions.