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  • Halle Smith

THE WEEKLY REVIEW | JANUARY 26, 2024


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

“Huntington National Bank today announced it will sell three downtown Columbus buildings to be redeveloped. The sale will include the Huntington Bank Building at 17 S. High St., the Wyandotte Building at 21 W. Broad St. and the Huntington Plaza building at 37 W. Broad St. The invite-only RFP will remain open until suitable investors are identified, according to a release sent by Huntington.”


“’Each of these buildings holds a rich history in downtown Columbus, and we believe redevelopment is key to ensure downtown Columbus thrives for years to come,’ Huntington CEO Steve Steinour said in the release.”


2

“The number of residential units being converted from office buildings across the country has hit a record, as cities and developers look for new ways to reimagine an abundance of office space sitting vacant in U.S. downtowns. Between 2021 and 2024, the number of apartments scheduled for conversion from office space has grown from 12,100 to 55,339, according to RentCafe, part of Yardi Systems Inc. That means office conversions represent 38% of the estimated 147,000 apartments in adaptive-reuse projects.”


“But among the 55,000-plus units included in the findings, only 23%, or 12,842, of the residential units being added in former offices are expected to be under construction this year. The rest remain in either the ‘planned’ stage — where permitting and development work has been submitted — or the ‘prospective’ stage, where no formal documentation or design has begun yet.”


3

“Following last week’s strong retail sales figures for December released by the Commerce Department, some economists are revisiting projections for year end GDP, according to Bloomberg. They are supporting several aspects of commercial real estate such as industrial and restaurants & bars, according to a news video this week from Marcus & Millichap. Core retail sales were up by 3% year-over-year as of December on an inflation-adjusted basis.”


“’Retail sales are outperforming expectations,’ said its National Director of Research and Advisory Services, John Chang. ‘They’ve been supported by increased savings as well as the strong employment market, which added 2.8 million jobs in 2023. Naturally, not every retail subsegment is performing the same,’ he said.”





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