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  • Halle Smith

THE WEEKLY REVIEW | July 7, 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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Office - Continental Plaza Tenant Moves

“The Ohio Secretary of State's office is moving from Continental Plaza on Broad Street to 200 S. Civic Center Dr. Continental Plaza, at 180 E. Broad St., is in the process of foreclosure, with a receiver appointed and a sheriff's sale of the building scheduled for Friday. The government agency was looking for a new office before the foreclosure news.”

“The Secretary of State occupies about 51,000 square feet in Continental Plaza. The office hasn't moved yet, as some modifications have to be made to the new space, spokesman Rob Nichols said. Nichols said the new space is about 39,000 square feet and most employees are in the office a few days a week. Another Continental Plaza tenant, Washington Prime Group, recently moved from the building to 59,390 square feet of space at 4900 E. Dublin Granville Rd.”


Industrial - Columbus as a Top 25 Industrial Market in the U.S.

Columbus is one of the hottest industrial markets in the United States, according to a new report from Colliers. The report named Columbus a top 25 industrial market based on inventory, absorption, rent, supply, vacancy and construction activity, among other factors. It tracked more than 75 industrial markets in the U.S., and noted that the top 25 are "heavily concentrated" in the Midwest.”

“Rent growth in particular was a highlight for the Columbus region. It has seen almost 10% quarter-over-quarter industrial rent growth and more than 30% year-over-year industrial rent growth. Both metrics rank in the top three nationally. Columbus also was one of nine markets that recorded year-over-year inventory increases greater than 3.4%. Columbus and Houston were the only two that saw double-digit increases. Year-over-year inventory growth totaled 17.2%, or 55.9 million square feet, in Columbus.”


Retail - Walgreens to Close 150 Stores

Walgreens Boots Alliance is planning to close 150 Walgreens stores in the US and 300 Boots stores in the UK as part of an expanded cost-cutting effort expected to yield $800M in savings in 2024.”

“In a call with investors on June 27, James Kehoe, CFO of the Deerfield, IL-based multinational—parent of Walgreens and its UK twin, Boots—said the company also had eliminated 500 positions, about 10% of its corporate and US support office workforce. In the third quarter of its fiscal year, Walgreens reported year-over-year net earnings have declined nearly 60%, due primarily to lower operating income, which the retailer attributed to uncertainty in consumer spending and lower demand for COVID-19 related services like vaccines and tests.”

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