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  • Writer's pictureColliers | Columbus

THE WEEKLY REVIEW | May 10, 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

“There was a big spike in residential units submitted to the city of Columbus for review in February, according to data the city shared with Columbus Business First. But the influx of requests doesn’t appear to be a sign that the region will see the type of volume experts say Central Ohio needs to meet growing demand.“


“The surge follows a report from the Building Industry Association of Central Ohio that showed the number of housing permits issued in Central Ohio dropped 17% to 10,196 units in 2023, the lowest level since 2019. The average yearly housing need could be as high as 19,300 new units in the 10-county region the association covers, the study concluded.”


2

The second phase of Gravity, developer Brett Kaufman's ambitious mixed-use project in Franklinton, is now on the market. Gravity 2.0 is made up of several buildings, including residential space and a six-story office building with more than 180,000 square feet of space. The office building is located at 455 W. Broad St. Both the residential and office space in the development have been listed for sale, although separately. In his statement on the sale, Kaufman highlighted challenges cities nationwide are facing post-Covid, "specifically (in) the office environment, which has drastically shifted with the introduction of the work-from-home model.”


Across the railroad tracks, The Peninsula's 230,000-square-foot office building is 60% leased. But the amount of office space available in Franklinton isn't much different from the rest of the region, and office brokers say the neighborhood isn't underperforming in a concerning way. "I don't think that Franklinton is hurting," Colliers' Chris Potts said. "Buildings aren't leasing up as fast as anyone would like right now, but it doesn't mean that Franklinton is necessarily underperforming."”


3

A Franklinton shopping center has a new owner. The Franklinton Square retail center at 1469 – 1537 W. Broad St. sold for $3.7 million at the beginning of this month. Columbus 1469 – 1537, an LLC with a Grove City address, bought the property.”


The sellers, CCAC Properties LLC, bought the shopping center in 2015. They maintained ownership of the fast food operations on either side of the Franklinton Square retail center."





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