THE WEEKLY REVIEW | January 6, 2023
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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“Sublease space is on the rise for the industrial sector, including some inventory that’s been listed in facilities still under construction. In addition, an elevated number of spaces greater than 200,000 square feet have been added to the market in recent months, according to Colliers research. The firm’s Amanda Ortiz notes in a new research brief that the amount of available sublease space has risen by nearly 46% since the start of 2022 and is expected to continue to increase this year as occupiers continue to reevaluate space needs.”
“Rising interest rates and an unsteady economy have slowed Columbus-area development, but plenty of major projects are moving forward from New Albany to Hilliard, Delaware to the South Side.
With some exceptions such as Intel, health care and ongoing industrial projects, much of central Ohio development now underway is of the mixed-use variety, typically combining residences, offices and retail, occasionally with a hotel. While that model has proven successful — see Bridge Park and Grandview Yard, for example — it remains to be seen how mixed-use projects will be impacted by an office market still suffering a COVID hangover.”
“Bojangles’ long-awaited Columbus arrival is nearly a reality. Franchisee Jeff Rigsby has been working for years to bring the North Carolina-based fast food chicken brand to his native Central Ohio. That’ll happen this spring. The first area location will be at 831 Hilliard-Rome Road. A groundbreaking event is scheduled for this week and the restaurant expects to open by April.”