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
“Maroon Arts Group landed an Ohio Historic Tax Credit to upgrade the Pythian Temple in Columbus' Near East Side. The historic theater located at 867 Mount Vernon Ave. is the former home of the King Arts Complex, which had been a tenant of the building for decades. Maroon Arts Group bought the building last year and has been seeking tax credits since then to make cosmetic and technological upgrades. Gov. Mike DeWine announced the most recent round of Historic Tax Credits today at a press conference today in Cincinnati. A total of $56 million was awarded in this round to 37 projects across the state.”
2
“As the Central Ohio office market starts to rebound, one area in particular is seeing an increase in leasing activity. In the third quarter, the Polaris submarket saw positive net absorption, which calculates the change in occupied square footage from one quarter to the next. The Polaris submarket gained about 16,000 square feet, and the trend is likely to continue based on new leases at several of its office buildings. NP Limited Partnership recently signed seven new tenants and renewed a lease with an existing tenant at the office buildings in which it has an ownership stake. Those include Polaris Center and The Pointe at Polaris on Lyra Drive, as well as a medical office building on Polaris Parkway."
3
“2025 is shaping up to be a big year for BBI Brands. All of the company's business units – including BBI Transportation and BBI Real Estate – are almost completely moved into the company's new office building at Astor Park. And several plan to grow in the new year. BBI bought the office building this year and has been building it out since then. The design is a similar open concept layout to the firm's current offices at 80 on the Commons, but with double the square footage. The new office features more huddle rooms, phone booths and more options for employees to eat or take a break within the building. There will be "bodegas" with grab and go snack areas, seating and an outdoor terrace on each floor.”
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