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  • Writer's pictureColliers | Columbus

THE WEEKLY REVIEW | May 17, 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

“Just shy of $20 billion in commercial mortgage-backed securities debt backing U.S. office properties is set to mature in the next year, occurring at a time that's now also expected to feature a higher-for-longer interest-rate environment. Moody's Analytics Inc. found that as of April, $19.9 billion in office CMBS loans will mature by next spring. That's a marked increase over the $8.75 billion in office CMBS debt that matured in 2023. “


“The billions of commercial real estate loans maturing in the next year are also coming due as the U.S. office market goes through a major reset, with companies leaving older buildings in favor of newer ones, and values plummeting on those vacated properties. Executives within the commercial real estate industry say a re-pricing to the new interest-rate and broader economic environment is already occurring. But with the potential for interest rates to remain at two-decade highs for the foreseeable future, could that materially affect loans set to mature this year and into early 2025?”


2

“Ohio State University plans another building in the prominent gateway to its innovation district – including a home for the new Center for Software Innovation.” The five-story Commercialization and Entrepreneurship Center continues the deliberate mix of private businesses with OSU research in Carmenton, the university's name for the 270-acre district. The center will be sited on 1.2 acres along Lane Avenue, forming a triangle with the Energy Advancement and Innovation Center and Pelotonia Research Center, according to a proposal going before trustees this week. The software center will take the top two floors of the larger entrepreneurship building.


“Master planning started just over a year ago for Carmenton while its first buildings were under construction. Upcoming phases include a mixed-use development to bring housing, retail, food and businesses that are attractive and walkable for faculty, staff and students. New York-based real estate company Tishman Speyer is working on the plan with SciTech, the OSU real estate affiliate developing the district.”


3

“Microsoft Corp. has added another property to its Licking County land holdings, with its latest acquisition located in the city of Heath. The tech giant bought land at 975 Thornwood Dr., Licking County property records show. A deed filed with the Licking County Recorder lists the site as four parcels measuring 227 acres, though the auditor's website shows the company bought 96.6 acres for $32.3 million.”


“The property was sold by 975 Thornwood Drive LLC, which is listed as a successor trustee of Cardinal Fidelity Holding Trust. Ramp Creek Estates LLC, a successor trustee of Ramp Creek Estates Trust, also is listed as a seller on the deed.”





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