ARLINGTON/GRANDVIEW: SUBMARKET UPDATE
Written by: Hannah Williams, CPRC
Hannah specializes in research capabilities, providing support for the Colliers Columbus Office, Industrial, Retail, Manufactured Housing and Multifamily Groups. She is responsible for executing data reports, maintaining a commercial property database, reporting quarterly trends, performing data analysis and utilizing statistical information to predict future behavior in the market. She also assists the marketing and research director on special projects and corporate initiatives. Keep reading to get Hannah’s take on what’s happening in the Arlington/Grandview submarket.
The Arlington/Grandview office submarket had a steady second quarter, posting 3,034 square feet of net absorption. Notable absorption this quarter included FrazierHeiby and Hallmark Management occupying space in the area, and a few small vacancies being added to the market. Vacancy slightly decreased from 5.04 percent last quarter to 4.99 percent this quarter. The four largest leases of the entire quarter occurred in the Arlington/Grandview submarket. BMW Financial Services signed for the entire 120,000-square-foot first phase of the Grandview Crossing project. Additionally, Northwestern Mutual, First Merchants Bank and Assured Partners signed for a combined 73,000 square feet at the Arlington Gateway development. This activity will contribute positively to absorption in coming quarters as these tenants occupy their new spaces. Average asking rates in the submarket remain competitive at $19.25 FSG. The Arlington/Gateway area, and Columbus as a whole, can anticipate increased activity throughout the rest of the year as tenants become more comfortable searching for office space.
Tenants in the Market
Colliers | Columbus reports that 8 office tenants accounting for 91,000 square feet are looking in Arlington/Grandview. Additionally, 23 office tenants accounting for over 580,000 square feet are looking for space in multiple markets including Arlington/Grandview. On the retail side, there are currently 73 tenants looking in multiple markets including Arlington/Grandview.