THE WEEKLY REVIEW | February 24, 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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“Dirt started moving Thursday for Rumpke Waste and Recycling's planned $90 million Columbus facility. The new facility will be built at 1178 Joyce Ave. Rumpke has owned the site for the past decade and stored large recycling containers there. It's been about a year since Rumpke announced plans for the new recycling facility in the American Addition neighborhood. At the time, the company said it would invest $50 million in the project.”
“That figure is now up to $90 million, driven by increased investment in technology and job training, officials said Thursday. The new facility will be able to process 250,000 tons of recycling materials, said Andrew Rumpke, the company's area president.”
“The surge in these incentives shows how federal spending during the Covid-19 pandemic continues to trickle down to the local level. It also shows how fierce competition among states is strengthening the hand of big companies in their negotiations over subsidies. When Ohio was competing for an Intel Corp. computer-chip factory, state officials realized that other states in the running could offer as many as 30 years of payroll-tax credits, according to J.P. Nauseef, chief executive of the state’s private economic-development corporation, JobsOhio. Under state law, Ohio could offer only 15.”
“So in 2021, the state legislature voted to pass a law extending its own limit to 30 years for megaprojects. Ohio ended up winning the Intel project. The state and JobsOhio sweetened the deal with about $2.1 billion in grants and tax credits. Ohio Gov. Mike DeWine later said 40 states competed for the facility. One reason why big incentives are on the rise is that there are more projects under way.”
“The American Customer Satisfaction Index Tuesday released its annual retail findings. One Central Ohio-based merchant made a notable return to the list while two others increased their scores from 2021. Bath & Body Works Inc. (NYSE: BBWI) ranked third among 29 specialty retail brands in survey with its satisfaction score of 82, just a single point behind the two category leaders.”
“Columbus-based Big Lots Inc. (NYSE: BIG) also is in the report in the general merchandise category. It ranked 15 of 19 general merchandise brands, but was one of 10 in that set that improved their score year-over-year, increasing 1% to a 73. The trio of big warehouse brands — Costco, Sam’s Club and BJ’s Wholesale Club, which just returned to Central Ohio — all topped the general merchandise ranking.”