THE WEEKLY REVIEW | December 16, 2022
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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“Contegra Construction Co. announced in a press release that it recently finished a speculative distribution facility at Cubes at Etna 70, which is a 289-acre master-planned development located at 9800 Schuster Way in Licking County. The development, off State Route 310 and Interstate 70, is about 20 minutes from downtown Columbus in the unincorporated community of Etna. The building, constructed with tilt-up concrete panels, features 40-foot clear height, 108 dock doors, four drive-in docks, dock packages with manual dock levelers, clerestory warehouse windows, a sprinkler system, LED high-bay lighting with occupancy sensors, and parking for 289 tractor-trailers and 298 cars with space to add additional trailer parking.”
Patients will be open to use “primary care, specialty care, occupational medicine, ancillary services and urgent care. ”Over the next ten years, the new location will increase services to outpatients as needed.
“The Florida-based breakfast, brunch and lunch chain will open its 11th Columbus-area location Dec. 19 at 6505 Dublin Center Drive. The restaurant is one of the first with the brand’s newest design and layout, which includes a dedicated to-go room and cookline for carryout orders, the brand’s first-ever merchandise area stocked with cookbooks, artisan toast, seasonings and apparel and an indoor-outdoor bar.”
“The Dublin restaurant is the brand's first new Central Ohio restaurant since the Gateway University District restaurant opened in 2017. Central Ohio is one of First Watch’s most established markets. The first restaurants opened here 25 years ago at a point when the brand only had a few dozen locations. Its footprint has grown to more than 455 restaurants in 29 states today.”
Industrial is projected to have demand slightly slow down and steady as we move forward throughout the new year. “In a report tracking the top 25 industrial markets, the firm noted that none of the metros it surveyed reported vacancies in excess of 7%. However, three reported vacancies north of 6%: Denver (6.6%), Milwaukee (6.5%) and Memphis (6.2%). On the other end of the spectrum, burgeoning demand pushed vacancy lower than 3% in eight metros: greater Los Angeles, Cincinnati, Columbus, St. Louis, the New York City metro, Phoenix, Minneapolis and the San Francisco Bay Area.”
Colliers US noted that, “record levels of product under construction will boost supply even further by yearend and into 2023.” 35% of industrial inventory lies in the Midwest. “Demand for industrial space remains healthy as not a single market included in this report posted negative absorption year-to-date.”