THE WEEKLY REVIEW | July 14, 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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“Grant Hartman, an office broker at Colliers, said a lot of his clients are looking to ‘trade up’ space. Location continues to be a major factor. Tenants typically want to be in an area with a mix of uses. ‘It's more of the same,’ Hartman said. ‘We continue to see tenants who want to be in a vibrant location with amenities. They want their office to be a showpiece.’ But the ‘show’ is not for clients. It's for employees. ‘These moves are mostly employee driven. Companies are doing whatever they can to compete in this labor market,’ Hartman said. Hartman helped get Star Leasing Co. into a building at Bridge Park in the second quarter. The firm subleased about 18,000 square feet at 6767 Longshore St., leaving an older building the firm owned for Class A space at Bridge Park. ‘I think if tenants are willing to make a change and invest in new space, they can still get a good deal," Hartman said.’”
“Central Ohio gained 6,100 construction jobs over the past year, more than almost any other U.S. city, as Intel, Ohio State University and other projects keep the local hammers swinging. Between May 2022 and this May, the number of Columbus-area construction jobs rose from 48,600 to 54,700, according to the Associated General Contractors of America , which based the report on federal Bureau of Labor Statistics data. The data also includes an estimated 3,000 jobs in the mining and logging industries. Only Dallas (11,600 jobs) and New York (9,600 jobs) added more new construction jobs over the same period, AGC found. Among larger cities, Columbus had the biggest percentage gain of construction jobs over the last year.”
“Reston, Virginia-based defense, and technology firm Leidos Holdings Inc. is spending $31.7 million to build a new manufacturing hub for its security systems in North Charleston, South Carolina. The 150,000-square-foot-facility is the third of its kind in the United States and built with the express goal of bringing the company’s manufacturing abilities back to the United States. It will produce items for the company’s infrastructure customers, including in aviation, shipping ports and border crossings, when it is completed in 2024.”