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
“A Northwest Ohio-based insurance company is moving its Dublin location to Bridge Park, where it will become the largest office user at the prominent development.”
“Central Insurance, a property and casualty insurance carrier headquartered in Van Wert, will relocate its Central Ohio technology office from 425 Metro Place N. to 6620 Mooney St. in Dublin. The 48,322-square-foot office will span an entire block and will be situated within a mix of condos and retail stores at Dublin's Bridge Park, according to a news release. The insurance company's current office measures 10,000 square feet, so it will nearly quintuple its footprint with the move to Bridge Park.”
2
“Even though Intel Corp. is slashing some $3 billion in 2023 expenses amid declining sales and projections of continued financial losses, construction continues at its $20 billion semiconductor manufacturing complex in New Albany. ‘Intel has historically invested during downturns,’ spokeswoman Linda Qian said via email. ‘We are building for the future.’”
"’When we decided to build new fabs in Ohio, we knew we would be in it for the long haul,’ Jim Evers, general manager of the Ohio One site in New Albany, said in an online column last week celebrating the one-year anniversary of announcing the project. CEO Pat Gelsinger told Wall Street analysts on Thursday that despite the cost-cutting and market challenges, his long-term manufacturing-based investment plan – leaning on government subsidies – would stay on course. ‘I want to remind everyone that we are on a multi-year journey,’ he said.”
3
“Whitehall plans to take a wrecking ball to 317 decrepit condominiums at the corner of Broad Street and Hamilton Road this month, making way for a $300 million mixed-use project.”
“Zach Woodruff, city administrator for Whitehall, said that the city acquired the Woodcliff condos in 2019 after filing a nuisance case against owners for the deterioration and poor living conditions. The case lasted longer than a decade. Whitehall now owns the condo site and the former Whitehall Golf Dome, together about 50 acres, and with a private developer, has plans for as many as 1,000 rental and for-sale housing units and 250,000 square feet of commercial space.”