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  • Writer's pictureColliers | Columbus

THE WEEKLY REVIEW | June 7, 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

“As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases. And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.“


“A recent analysis by found 52% of the nation's Class A office properties were encumbered by a distressed commercial mortgage-backed securities loan. Class A properties collectively represent 43.7% of the overall U.S. office market. The study also found 77.4% of all distressed loans have fixed interest rates, with the average loan on a now-distressed office property originating in January 2017. Mark McGranahan, principal of landlord representation, office leasing and occupier services at Avison Young, said many of the newest, so-called trophy towers in today's market are owned by landlords on solid financial footing because newer buildings today have cost so much to build.”


2

“One of Hilliard's largest employers is set to expand after the city approved legislation for new industrial sites that will create space for additional businesses as well. Hilliard City Council authorized a modified concept plan allowing for flex employment on a more than 19-acre property east of Britton Parkway near Mount Carmel. The site previously was approved for retail and office buildings. The new legislation paves the way for a 158,000-square-foot flex industrial facility to be built on the property.”


“The council also approved a 12-year, 50% property tax abatement for EQ Britton Flex LLC – a limited liability company tied to Equity, a Hilliard-based commercial real estate firm – for construction of the industrial building and authorized an agreement to pay 20% of Eco Plumbers' withholding taxes for the new jobs. With nearly 100,000 square feet of additional space available for other companies, Meadows called this project a "win-win" for the the city's business community and residents. “Revenues from local employers fund every service that ensures a high quality of life in the city of Hilliard, from the police who keep our neighborhoods safe to the parks where our children play," he said in the release. "Everyone benefits."


3

“Rogue Fitness has plans to expand its Milo-Grogan presence. Plans submitted to the city show the fitness equipment company's intent to expand behind its existing Cleveland Avenue facility onto East 2nd Avenue. The site is three parcels – one is vacant and the others have single-family homes on them. Rogue wants a driveway and manufacturing access at the site, the city documents show. There were also demolition permits taken out for the existing homes.”


“Rogue has invested heavily in the Milo-Grogan neighborhood since it opened its headquarters there in 2017, on the former Timkin Co. property. The company acquired its main 27.5-acre campus through affiliate Coulter Properties LLC for $7.35 million in 2015 and spent about $50 million to develop the campus. The company had also planned to build a 4,000-seat arena next door to its headquarters, but the project has been stalled after Rogue and the city couldn't come to an agreement on parking at the site. Plans for the arena included hosting powerlifting competitions and other events, including concerts.”





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