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
“A roughly 120,000-square-foot office building at 7450 Huntington Park Dr. in the Crosswoods neighborhood of Columbus is in the process of being demolished to make way for a new apartment complex. Developer Preferred Living plans to build 240 apartments across nine different buildings on the property, according to a site plan approved by the city late last year. There are plans for a pool and clubhouse, too.”
“Taking obsolete or vacant office space off the market and repurposing it is a growing trend in Central Ohio. With more companies working on a hybrid basis, real estate needs have shifted. The kind of offices tenants are seeking has also shifted from traditional cubicles or open concept to more collaborative space with amenities inside and outside the building.”
2
“Intel Corp.'s $2.1 billion Ohio incentive package is growing by at least $242 million in the first three years of tax exemptions state lawmakers added to the deal. State budget officials had projected ‘hundreds of millions’ when the state's two-year capital budget added exemptions that apply to the chipmaker and its suppliers. The two tax breaks are for sales and use tax related to construction and equipment at the New Albany site, and the commercial activity tax for certain equipment purchases. The California chipmaker is spending $28 billion to build the first two semiconductor fabrication factories in Licking County, which could grow to eight fabs. The first phase is expected to create 7,000 construction jobs and 3,000 permanent Intel jobs.”
“Under updated projections from the Ohio Department of Taxation, the sales and use tax exemption is expected to cost $76.7 million in the fiscal year that ended June 30, $86.2 million this fiscal year and $64.1 million in FY25. Fiscal 2025 is the first expected year of the CAT impact, projected at $14.8 million. The exemptions last as long as Intel's 30-year Job Creation Tax Credit remains in place, according to the legislation, whether it expires in 2053 or is terminated early.”
3
“The emerging post-pandemic economy has made mixed-used the CRE sector of choice for real estate developers, who are rushing to bring new combinations of office, retail and residential to market as office projects and indoor shopping malls are reimagined and housing is a priority just about everywhere.”
“The trinity at the core of traditional mixed-use projects—office, retail and residential—rapidly is evolving to bring a wide variety of project-specific uses to mixed-use development projects.”
