THE WEEKLY REVIEW | June 9, 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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“A recent panel discussion at ICSC Las Vegas covered the state of the capital markets and during a morning session, where industry experts provided insights into the current situation, shedding light on the challenges and opportunities facing the market. Hessam Nadji, the president and CEO of Marcus & Millichap, kicked off the discussion by acknowledging the significant disruption caused by the movement of interest rates. Nadji compared the situation to the financial crisis of 2008 and 2009, emphasizing that while the financial system was not on the brink of collapse this time, the impact on valuation and transaction velocity was similar”.
“VanTrust Real Estate, Central Ohio's busiest commercial real estate developer, is planning to expand into additional markets. The Kansas City-based firm, which has a regional office in Columbus, has set its sights on Cleveland, Pittsburgh, Detroit and Lexington, Kentucky, among other areas. Andy Weeks, executive vice president of VanTrust's Columbus office, said the company chose those locations because of their proximity to Central Ohio. ‘Those (areas) are just a natural expansion from a geographical standpoint," Weeks said. "We have not done any projects in those cities, (but) we have many companies we've done business with that are active in those markets and can help us get started.’”
“The Christian and Missionary Alliance is moving forward with the first phase of its massive development in Reynoldsburg. The religious group has announced a groundbreaking date for Alliance Place, a mixed-use project that is being constructed on 14 acres at the former Kmart site at the southeast corner of East Main Street and Brice Road. The ceremony will be held on June 16, and will include remarks from Alliance President John Stumbo, Reynoldsburg Mayor Joe Begeny and civic leaders."