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
“Hyperion, a California fuel-cell company, has delayed plans to move to Columbus and hire up to 700 workers.
The company announced in February 2022 that it would invest nearly $300 million to convert the former Columbus Dispatch printing plant on the Far West Side into a facility to manufacture hydrogen fuel cell stacks, which would be used to power a line of products including Hyperion's XP-1 sports car, theoretically capable of traveling 1,000 miles without a charge.”
“A company spokesperson this week said the company remains committed to its Columbus plans but will not open this year, as originally scheduled. ‘For the last 18 months Hyperion’s Columbus campus has undergone significant renovations and construction,’ Hyperion Vice President Monique Loustaunau wrote in an email.”
2
“Columbus-area office tenants are most interested in moving to Dublin and downtown, according to a new report from Colliers. The Tenant Migration Report shows that the submarkets that the most tenants moved into were the downtown area, Dublin, Worthington and Polaris.”
"’Most of the activity is in new buildings, or new construction,’ said Collin Fitzgerald, research manager for Colliers. The majority of available sublease space is in Dublin, Easton and New Albany, according to the data from Colliers. The largest block of space is the former Cardinal Health space at Rings Road. Nearly 460,000 square feet is available. Fitzgerald said the amount of sublease space shouldn't continue to rise, but that we'll see sublease space turn into directly available space or companies slowly chip away at that space.”
3
Retail - Kroger Building $38 Million Marketplace Store in Jerome Village Development in Union County
“Kroger Co. is building its first net-new store in Central Ohio in 14 years. The Cincinnati-based grocer will hold a groundbreaking event Nov. 9 at the Jerome Village development where it plans to construct a new $38 million Kroger Marketplace store.”
“Jerome Village is a 1,900-acre, multi-community development near Plain City and Glacier Ridge Metro Park in Union County. Nationwide Realty Investors is the project's lead developer. Kroger (NYSE: KR) said it will release further details about the new store next week. The grocer has built new stores to replace old stores and has remodeled several older groceries, but this will be the first net-new Kroger in the Columbus market since it opened its Lewis Center store in 2009.”
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