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  • Writer's pictureColliers | Columbus

THE WEEKLY REVIEW | May 31, 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 companies continue to view their office real estate as a recruitment and retention tool, the cost to build out those spaces keeps climbing. Although the average office fit-out is up 2.7% year-over-year for moderate-style build out of medium-quality finishes, the annual uptick is significantly less than the double-digit cost growth observed the past two years.“


“Across the U.S. and Canada, the average fit-out cost for a medium-quality, moderate office style — which features an open floorplan with small to medium-size workstations, fewer than 20% offices and a 70/30 split between office/workstations and collaborative space — totals $264 per square foot this year. That's compared to $257 per square foot in 2023, $233 per square foot in 2022 and $190 per square foot in 2021.”


2

“ODW Logistics will soon open a second distribution center at its new campus near Rickenbacker International Airport. The third-party logistics provider – already one of the region's largest private companies and employers – will add a 930,000-square-foot facility to its local footprint. Located at 6920 Schieser Farms Rd. East in Lockbourne, the distribution center is set to open in mid-June. It will employ 75 to 100 people.”


“This marks the second building on ODW's growing distribution campus. With the new facility, the company will have 5 million square feet of warehouse space in Central Ohio. Nationally, ODW has 32 facilities and 9 million square feet of space. “The warehouse environment that ODW is creating is meant to provide a higher level of service to clients that are looking for a leading 3PL provider,” ODW CEO John Ness said. “This campus represents growth." In the fall, Ness told Columbus Business First that they were already planning a second distribution center on the Lockbourne campus when the company announced its first project. That 540,000-square-foot facility, located at 1533 Rohr Road, recently became operational.”


3

“The private venue at 6620 Mooney St. features eight golf simulators, a putting green and food and beverage service in a two-story building. The Dublin Intown Golf has a full-service cocktail bar on each level. The site showcases local artwork and has simulator bays that honor local athletes, including Jack Nicklaus and Archie Griffin.”


“Michael Williamson, co-founder and CEO of Intown Golf Club, said in a release that Columbus' golf history was a draw. “We provide a unique experience not only for golf enthusiasts, but also for people who appreciate interior design and elevated food and cocktail culture, which altogether, isn’t common among country clubs," he said in the release. "We couldn’t be more excited to bring Intown Golf to the Columbus community.” The club will be membership-based, with various tiers including social, individual and family.”





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