Colliers | Columbus
TRENDS IN OFFICE DEVELOPMENT
Written by: Jake Nolan
Jake Nolan attended the University of Denver where he received his Bachelor’s degree in Finance and minored in Real Estate. Now, as a brokerage associate at Colliers | Columbus, Jake specializes in office leasing and sales, providing thorough market knowledge and insight to owners, investors and tenants. His background in finance allows him to offer more creative and effective real estate solutions. Keep reading to get Jake’s take on what’s going on in office development around Columbus.
What trends are you noticing within new office development in Columbus?
New office development is straying away from downtown, with what seems to be a new focus on the surrounding submarkets. They continue to try and repurpose some of the larger office buildings downtown into residential, which could help support the office market downtown in the future. New office developments are putting a huge focus on community and the amenities that are offered either in their new development or close by. It’s less common to see just an office building being constructed by itself, but more likely to see a community development that includes, retail, residential, office and green space.
What submarkets are attracting the newest office development? Do you think this will continue?
The outside radius of downtown is seeing more and more new office development. Some examples include Italian Village with the Jeffery Park Office development, Grandview with the Grandview Crossing development and the new office development at Front and Fulton, which used to be occupied by Hoster Brewing. Franklinton is also home to the Scioto Peninsula development. All of these developments have quick easy access to downtown, but offer competitive rental rates as well as a much better parking ratio and access to other amenities in the area.
What building amenities are you seeing being incorporated most?
Grab and go options that are self-automated rather than a café operated by staff are becoming more popular. Outside of that, fitness rooms as well as a large shared conference rooms and outside meeting areas like gazebos are top on tenants’ lists too.