Keeping up with CRE trends is as easy as 1-2-3 with our weekly piece! The Weekly Review is a new blog series that will be released every Friday. The market is constantly growing and adapting to new ventures and ideas, and our goal is to provide up-to-date information into what is happening in both the Columbus and U.S. markets, as well as the commercial real estate industry as a whole. As stories evolve, the Weekly Review will continue to follow along and update our clients and community.
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1
“It's set to be a record-breaking year for apartment construction nationwide, but local data shows apartment construction in Columbus has slowed. Nationally, apartment builders are set to deliver more than 518,000 units in 2024, which is the most in a single year on record, according to an analysis of Yardi Matrix data by apartment search site RentCafe. RentCafe expects 1,553 units with Columbus' city limits and about 4,200 in the region to come online by the end of 2024, but local data shows a slightly different estimate.“
“Data from the Building Industry Association of Central Ohio shows that over the past four years the Columbus area has averaged 5,897 units per year. U.S. Census data shows that there were just over 4,000 multifamily permits pulled in Central Ohio from January through June of this year. Data from housing market research firm Zonda has the 2024 figure forecasted at 4,741 multifamily units for Central Ohio, which is down 22% from 2023, but could change as it is an estimate.”
2
“Global architecture firm Gensler is opening a Columbus office. Sheryl Schulze, a principal at Gensler based in Chicago, has moved to Columbus to start the firm's local office. Though the firm has been working in the Columbus market for 30 years, Gensler never had a home base in Central Ohio. Perhaps the most notable current project Gensler has in the region is the new $2 billion terminal at John Glenn Columbus International Airport.”
"It's just time," she said. "With the growth and trajectory that Columbus has... it's just time for us to have a more formal presence and continue to build relationships here. "Longtime local architect Jonathan Barnes has closed his firm, JBAD, and joined the Gensler team. He said that since Gensler is looking to staff up with local architecture talent, Barnes said some of his former employees may be hired on there."
3
“The redevelopment of the Ohio National Bank building is one step closer to reality after landing critical funds last week. Cleveland-based Harsax Management plans to redevelop the bank building into a restaurant, speakeasy and a handful of apartments. Randall Sacks, CEO of Harsax, said a $1.7 million brownfield remediation grant was the last piece needed before making significant headway on restoring the building.”
"This was a critical piece," he said. "Without the grant, the project would have been in jeopardy. "In addition to that brownfield remediation grant, the project also was awarded a federal historic tax credit and an Ohio Historic Tax Credit. According to the state, the total project cost is $14.6 million. Sacks said renovating this building with the help of state and federal funds is a true public-private partnership.”
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