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  • Writer's pictureColliers | Columbus

THE WEEKLY REVIEW | February 10, 2023


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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“Intel has said it will hire 3,000 workers for the two fabs in New Albany with an average wage of $135,000 a year. Filling those jobs and getting workers access to the training they will need for semiconductor manufacturing jobs will be a big test in Ohio and the other parts of the country where semiconductor companies are expanding or setting up new operations, according to a new report from the Brookings Institute. About two-thirds of those jobs won't require a four-year degree.


“Much of the conversation so far has been about attracting high-skilled workers and getting students into science and technology programs, the report said. Intel has committed to invest $100 million in local and national higher education programs over the next decade.”




2

“A growing spread between starting and effective rents illustrates how office landlords — even among coveted Class A buildings — are seeing their rental income eroded as the office market remains squarely in favor of tenants. It represents another challenge facing the office market, which continues to see depressed leasing activity and rising vacancy, including from sublease space.”


“Even with flight-to-quality being a demonstrated trend across the U.S., it's become increasingly necessary for landlords — including owners of the most desirable office space — to offer incentives to attract a smaller pool of companies in the market today. The average work value — a term used by CompStak to describe tenant-incentive allowances — awarded for Class A office space is up 48.9% from the end of 2019 to $58 per square foot, according to CompStak. In Class B space, the average work value is up 32.3% from late 2019, to $31 per square foot.”






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“Ohio small business owners are adjusting to post-pandemic pressures with a positive outlook for 2023. A recent Goldman Sachs survey revealed 72% of Ohio small business owners anticipate a good year, with nearly half already planning to create jobs.”


"’We're optimistic about what's coming for this year because I think we've learned what this new normal is – Covid's not going away and we'll have to deal with all the things that come along with it,’ said Greg Manger, CEO of Costume Specialists, Inc., a Columbus-based costume design manufacturing company. Although pandemic hardships put small businesses through the ringer, the skills they picked up along the way might have given small businesses a boost.”

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