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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“The Columbus industrial market set a record for construction completions in 2023, but that has led to higher vacancy rates.”
“A report from Colliers also noted the rise in vacancy, stating rates increased 123 basis points in the fourth quarter due to ‘many buildings being delivered without a tenant pre-leasing the space.’ That was the highest vacancy rate recorded since 2015 when it measured 6.4%.”
“Colliers equated the significant jump in vacancy rates to the amount of new spec development and hesitation from tenants to pull the trigger on new leases due to macroeconomic concerns. As a result, Colliers expects a downturn in new spec construction in the coming quarters, as well as a continued rise in vacancy rates.”
“A resurgence at Abercrombie & Fitch made shares of the clothing retailer a standout in 2023 among central Ohio's public companies. Shares of the New Albany-based company rose 285.1% and hit a record last month, powered by growing sales of its core Abercrombie brand.”
“’2023 has been an exciting year at A&F Co. and the success we’re experiencing is a culmination of years of hard work by our global team. We stayed close to our customers and aligned our product, voice and experience to their evolving needs. We are thrilled that our brands are resonating and have firmly established that Abercrombie is back,’ CEO Fran Horowitz said in a statement to The Dispatch.”
“Columbus-based Pizzuti Cos. has big plans for its developments locally and in other markets in 2024. First up, the Astor Park office building set to house BBI Logistics is nearly complete. Work started in 2022 on that part of the project, which neighbors the Columbus Crew's new home at Lower.com Field.”
“BBI Logistics will occupy the second through fifth floors of the office building. Part of the first floor will be a fitness center and about 6,000 square feet will be leased to a third-party food and beverage operator, according a statement from Pizzuti.”