RETAIL GROWTH AND FORECAST FOR 2023
Written by: Andrew White
Andrew has held various leasing positions over the past 15 years. He originally spent over 6 years as Real Estate Representative for Clear Channel outdoor in Chicago IL, curating the real estate opportunities for their out of home advertising assets, before taking a role as Manager of a local luxury residential brokerage. After 4 years in that position, and a time with Groupon as Area Sales Manager for the Getaways division, in 2013 Andrew and his family moved back to Columbus where he joined The Gilbert Group as Senior Associate. Andrew has spent his time focused on Landlord and Tenant representation, that included both regional and national operators alike. Andrew joined Colliers in November 2020 as Vice President of Brokerage. Keep reading to get Andrew’s take on why we’re seeing an uptick in retail openings, compared to closures
What are current trends in the retail market?
We continue to see growth in the retail market. Free-standing and/or end cap drive thru’s remain extremely popular for a variety of active quick service restaurants (QSR). We are also seeing an uptick in larger experiential concepts, looking to backfill junior to mid-box opportunities.
What areas are showing the most growth?
The north quadrant of the greater Columbus market continues to show the most growth. This includes the Easton/New Albany market, west to Polaris Parkway/Maxtown area, as well as the Dublin area, including Sawmill Road and other areas of Bridge Park. That growth will continue to expand north as Delaware remains one of the fastest growing communities in the country. In the southern portion of Columbus, Grove City/Route 665 continues their growth, with the help of OSU's medical development in the immediate area.
What industries are sharing most of the market in retail?
Food and beverage continues to be the most active category in retail. From expanding concepts to “new-to-market”, Columbus remains a popular hub to build that business.
How is the end of the year (Q4) wrapping up to where we were at the beginning of the year?
The year will likely end as it started for us. Very busy from both a Landlord and Tenant perspective. Finalizing deals before the end of the year remains a priority for many. Additionally, retailers that are looking to open by end of Spring 2023 are increasing their site search activity.
What can we expect in Q1 2023?
A continuation of Q4 2022. Several new and expanding retailers, along with emerging development projects will be announced. The future of Columbus retail remains very bright.