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
“Fintech company Foxen recently moved from 80 on the Commons in the downtown core to Columbus' Arena District, one of the first big subleases of 2023. Michelle Fude, a first vice president with Colliers who worked on the Foxen deal, said it is a good sign for the Columbus office market heading into the new year.”
“As companies are shifting working models following the Covid-pandemic, an increased pool of space is now available for sublease. In fact, the recent spike in sublease space on the market was the largest such increase since the Great Recession. The Foxen sublease shows that there is demand for the right-sized space. There is an appetite for office space and there are companies expanding even in uncertain economic times.”
2
“The development coming to Licking County has pushed transportation planners into overdrive. The question, though, is which roads should be widened and improved. Officials can’t wait to see where traffic goes to determine where money should be spent. But they don’t want to guess wrong and not improve roads that need it.”
“The $20 billion Intel Corporation computer chip manufacturing facility just south of Johnstown has forced planners, consultants, city, township, county and state officials to all look into their crystal ball and predict future transportation needs. It's a challenging and expensive game, and everybody is playing.”
3
“Columbus' elected leaders want to help female entrepreneurs and minority-owned businesses set up shop in brick-and-mortar downtown spaces. To achieve that goal, Columbus City Council is taking steps to open a new downtown marketplace, Councilman Nick Bankston said. The marketplace program would include graduated rent support, a tenant renovation fund and technical assistance.”
“Plans are still in the early stages and an exact location for the market has yet to be selected. But Bankston said the goal is to find an area that already has retail activity, and serve as a ‘catalyst’ for continued growth of both the tenants and downtown Columbus.”