HEARTLAND SNAPSHOT, MARCH 2011

Columbus Office Market

Harer

The office market has started to show signs of life as 2010 came to a close and 2011 is upon us. Although overall vacancy levels are just under 20 percent , at approximately 18.5 percent in the central business district (CBD) and suburban markets, companies are starting to hire again and look for opportunities to upgrade their facilities.

Certain sub-markets remain very active, including the Arena District (CBD) with 95 percent occupancy. Other active markets include Easton, Polaris and the new Grandview Yard just a mile out of downtown at State Route 315 and Goodale Boulevard in Grandview Heights.

The first phase of Grandview Yard is now complete with a 90,000 square-foot Class A office building, which is 50 percent leased, a Hyatt Place Hotel and an Urban Active with 5,000 members in 4 months. Nationwide Realty Investors, the developer of this 100-acre site, will continue to develop the same quality buildings that led to its success in the Arena District. The mixed-use development will feature 1 million square feet of Class A office, medical office, retail and residential space and other amenities, including plentiful parking, green space and walking streets.

Value-added purchases in the first quarter included 1600 Dublin Road, the 200,000-square-foot former NiSource/ Columbia Gas facility that will be redeveloped by a local partnership, and Leveque Tower, a historic 357,000-square-foot office tower also purchased by a local Columbus partnership. Look for more plans on these buildings as the year progresses.

All in all 2011 is shaping up to be a pretty good year after 2009 and 2010 were down due to the poor economic.

— Wayne Harer is an executive vice president with Columbus, Ohio-based Continental Realty, a Cushman & Wakefield Alliance Member.


©2011 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.




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