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
Columbus’ metropolitan area has been ranked ninth for industrial buildings being completed from 2010 to 2021. Almost 55 million square feet have been added to the Columbus metro area in between those years. Columbus ranks behind New York-Newark-Jersey City, New York, New Jersey, Pennsylvania in eighth place with 64.2 million square feet. Our metro area ranks ahead of Kansas City, Missouri in tenth place with 51 million square feet.
John Bush, Staff Reporter from Columbus Business First, stated, “Third quarter reports from real estate firms JLL, CBRE and Colliers also provide insight on how the Columbus industrial market is faring more recently. All of the reports indicate the Columbus industrial market continues to hum despite effects from inflation, and that low vacancy rates will necessitate continued construction to keep pace with market demand.”
2
Flavor 91 Bistro in eastern Columbus is planning to add an apartment building behind the restaurant. Freweini Abraha, co-owner of Flavor 91 Bistro is a part of Emerging Developers Accelerator Program (EDAP). The building will be either three or four-stories composing of 36 apartments. This program allows smaller developers to come into the industry with knowledge and support to capital.
“The program, which started about three months ago, is funded by the city of Columbus, Franklin County and JPMorgan Chase and overseen by the Affordable Housing Trust for Columbus and Franklin County. After completing the program, participants can apply for loans from the trust to build affordable housing. They'll also be mentored by industry experts during the development process.”
3
New office and hotel projects improved commercial property planning by 9.6% last month. There were 15 projects with a value of over $100 million that came into planning in October. The Dodge Momentum Index (DMI) was 28% higher compared to a year ago with the commercial section ahead 29%.
Globe St. reported that “supply chain issues have driven up lead times for many essential materials. Glass, curtain wall, roofing, metals, resins, mineral wool and electronic components, such as electrical panels, air handling units, electrified door hardware and card readers, have all been mired in delays up to 10x the normal delivery time.”
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