THE WEEKLY REVIEW | SEPTEMBER 8, 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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“Industrial properties were perhaps the best performing through the pandemic, to its heights, and through 2022, because of expansions of e-commerce and increased inventories for many companies that wanted to avoid the supply chain problems of the previous two years.”
“That was then, this is now, as the economy shifts, supply chains return to normal, and the needs for industrial real estate are finally changing, at least in this smaller size category. Out of the 20 metros with the highest collective first half year sales, only seven were higher than the same period in 2022, according to a Green Street analysis.”
“Ohio has been ranked number one and Columbus Metro number two in the Global Groundwork Index by Site Selection magazine. The rankings are based on an analysis of job creation, capital expenditures, and strategic infrastructure development from 2019 through July 2023.”
"’It’s not surprising given all the economic activity we have here in Central Ohio and the infrastructure being put in place, President and CEO of the Columbus Partnership Kenny McDonald said. ‘Those big projects that we are becoming accustomed to having here, really are a big deal and the scale of them is different than just a normal economic development win.’”
“According to the Columbus Partnership, as of March 2023, of the active projects in the Region, 58% are in the manufacturing sector, 47% are international, 27% are semiconductor-related, and 18% would generate more than 500 jobs and/or $500 million investment. According to JobsOhio data, the state generated more than 102,000 new job commitments 2019 through 2023.”
“Columbus-based developer and property manager Borror plans to lease out at least part of its Short North office. The space, at 985 N. High St., is on the second floor of the building. 985 High's first-floor retail tenants include Penzone Salon, Vamp Official, Orangetheory Fitness and a future Mecha Noodle Bar. The building is also walkable to numerous restaurants, shops and amenities in the Short North and other near by neighborhoods.”
“Borror currently has about 20 employees in the space, President Jeff Fontaine said, but is considering moving from the space or shrinking its footprint if the right situation comes about. The firm plans to lease at least part of the floor where its offices are located and is open to leasing the entire floor.”