Downtown population, employment up in 2024 as $1 billion in projects underway
A new report by the Capital Crossroads and Discovery Special Improvement Districts found that Downtown's population rose from 12,000 to about 12,500 last year. The annual report, gauging the vitality of Columbus, said Downtown's office vacancy rate decreased in the last quarter of 2024 to 22.3%, coinciding with an increase in workers from about 88,000 in 2023 to more than 92,000.
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Downtown's post-pandemic recovery in hospitality also continued as hotel occupancy reached 58.1%, up from 54.3% in 2023 and 49.1% in 2022. The report said there were 5.2 million unique visitors to Downtown in 2024 who made a combined 28.6 million visits, a million more than in the previous year.
Columbus' bump came as 13 projects totaling $174 million completed construction in 2024, including the $56 million Astor Park office building near Lower.com Field, a $60 million apartment building named The Madison on North High Street, a $15 million renovation of the Scioto Mile Fountain, and a $4 million BalletMet expansion.
Downtown also saw 10 new businesses open their doors last year, including a French bistro at the corner of Gay and High streets and the neighboring first Ohio location for a South Carolina seafood restaurant. The city continued its small business initiative that saw several move into the area, like Black Kahawa Coffee and Three Bites Bakery on Broad Street.
The Capital Crossroads and Discovery Special Improvement Districts hope $1 billion worth of projects under construction will continue fueling Downtown growth. The report said an increase of about 1,000 housing units a year could yield a Downtown population of 14,100 by the end of 2025, 16,400 in 2026 and 17,100 in 2027.
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Projects under construction include the $430 million Merchant Tower being built on the North Market's former parking lot, a $107 million conversion of Continental Centre into housing, and an Astor Park residential building with nearly 450 units.
The report noted there are $2.3 billion worth of projects that are being proposed, like the $573 million Capital Square Renaissance project revamping underutilized buildings and surface parking lots, the $290 million second phase of The Peninsula, a $122 million apartment building with a grocer, and the $100 million Capital Line project building a two-mile pathway through the heart of Downtown.
View the full Capital Crossroads and Discovery Special Improvement Districts report below.
2024-State-of-Downtown-ReportDownload
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