Columbus, Ohio's Multifamily Market Thrives with Major Development Project

Columbus, Ohio, renowned for its affordability, has emerged as a thriving market for multifamily development, boasting impressive 4.5% year-over-year rent growth in March, rivaled only by New York City.

Leading this surge is the ambitious Merchant Building, a monumental 32-story mixed-use tower slated to open in 2026 in the vibrant North Market neighborhood. Developed by Rockbridge and Edwards Cos., and designed by NBBJ, this $430 million project (originally estimated at $345 million) includes 174 rental units, 65,000 square feet of office space, a luxury boutique hotel, and a 350-space parking garage.

Adjacent enhancements to the historic North Market further enrich the area, with a 15,000-square-foot expansion to accommodate additional vendors, a farmers' market, and plaza space. Despite challenges like archaeological discoveries halting construction due to human remains, Columbus has committed nearly $50 million to support this transformative endeavor.