THE WEEKLY REVIEW | May 5, 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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“Google on Wednesday officially announced that it is building two more data centers in central Ohio, turning the state into one of the tech company's fastest-growing data center hubs that powers Google’s artificial intelligence innovations and tools such as search, Gmail and maps.”
“Two years ago, Google said it was investing an additional $1 billion by expanding its data center in New Albany while buying land in Columbus and Lancaster for future potential development for data centers. Now Google says it is building data centers on those sites − the old Hartman Farm site at 5076 S. High St. on the Far South Side in Columbus and 104 Whiley Rd. west of U.S. 33 in Lancaster.”
“Smith Lane Properties, a real estate investment and development firm headquartered in Dayton, New Jersey, is investing more than $26 million in a new industrial facility at 1800 U.S. 42 in London. The spec industrial facility will measure 292,500 square feet, and will have a multi-tenant configuration with individual suites ranging from 50,000 square feet to 60,000 square feet. Smith Lane has started construction on the building, and expects it to be completed at the end of 2023 or the first quarter of 2024.”
“’Central Ohio remains one of the most resilient markets in the country, and we’re proud to make our first investment into the region at an integral time for commercial real estate,’ Smith Lane Managing Partner Brian Getzler said in a press release. ‘We’re excited to come in and build a facility from the ground up that contributes to Madison County’s vibrant economy.’”
“Giant Eagle Inc. is boosting its investment in its Columbus stores and lowering prices as it competes for consumer dollars. ‘We’ve heard loud and clear (from customers) – they have a lot of options and new doors are opening every day,’ interim CEO Bill Artman told Columbus Business First.”
“Value and store loyalty that existed prior to the pandemic has been challenged as shoppers got used to visiting multiple shops to find not just what’s in stock but where the best deals are. Central Ohio is a competitive grocery market with $6.6 billion annual sales, according to trade publication Chain Store Guide. Local market share leader Kroger Co. continues to renovate older stores and add new amenities, discount competitor Aldi has opened several new stores a year, warehouse brand BJ’s Wholesale Club reentered the market, Lucky’s has its loyal customers and local-owned Littleton’s Market is coming and everyone always wants to land the next Trader Joe’s.”