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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“Those who are looking for a brand-new pair of cowboy boots have more options nearby, at retailers that carry more inventory, and that can ship the product to their customers in less time. Such is the business model for Boot Barn, with 300 stores nationwide. The same goes for larger retailers such as Walmart, Walgreens, and Target.”
“This is helping sales because, as Colliers’ Brewster Smith writes, ‘Consumer purchasing choices are more frequently predicated by order-to-delivery cycle time than ever before and as a result, corporations are making demonstrable adjustments to their supply chains to maintain or increase their market share.’ He said that a popular operating strategy among retailers right now is shipping orders from store locations, effectively treating stores as micro-fulfillment centers.”
“After the pandemic's dip to a low of 28,943 travelers in April 2020, passenger travel at John Glenn Columbus International Airport has drastically increased in a steady climb since. More than 1 million departing airline seats were scheduled between June 1 and July 31 at CMH and Rickenbacker International airports, a 4,000-departing seat increase over 2019’s 996,000, according to the Columbus Regional Airport Authority.”
“John Glenn Columbus added a number of new flights — including the renewal of old ones — throughout the year, bringing its nonstop destination total to 53 locations, more than prior to the pandemic.”
“The shortage of housing, particularly affordable workforce housing, continues to hamper job growth in the Columbus region. For the third consecutive year, Central Ohio will lag the national pace of job growth, local economist Bill LaFayette said in his annual Blue Chip Economic Forecast to the Columbus Metropolitan Club on Wednesday.”
“The region lagged the U.S. gain of 2.3% and even the statewide 1.8% growth. Central Ohio seems to have stopped its standout population and job growth of the past decade. Workforce availability is a significant problem, he said, the same as last year. Especially troubling, a net 1,400 more people migrated out of Central Ohio within the U.S. than moved in from domestic locations.”