HEARTLAND SNAPSHOT, MARCH 2011

Columbus Retail Market

Smith

The Columbus retail market has seen a significant improvement in the past year. According to CoStar vacancy peaked in November of 2009 at just under 10 percent but as of the end of 2010 was down to 8.5 percent. Market rental rates now average $12.20 triple net, up from the bottom of $11.50 triple net. Neighborhood centers have enjoyed a steady increase in rental activity as necessity-based retail and services have taken favor after the economic troubles caused by the recession. Activity is expected to increase through 2011.

The most notable new development in the area is Grandview Yard on the former Big Bear warehouse site between Third Avenue and Goodale Boulevard in the Grandview Heights suburb. Developed by Nationwide Realty Investors, the more than 100- acre site will eventually include retail, residential and office space in a master-planned format. The first phase opened in September 2010 and is anchored by a 40,000-square-foot Urban Active Fitness, a 138-room Hyatt Place Hotel, Jason’s Deli and Buckeye Hall of Fame Grill. Talks are in place with several box and neighborhood tenants for deals in early 2012.

Upper Arlington found the addition of Ohio’s first Market District by Giant Eagle at Kingsdale Shopping Center between Northwest Boulevard and Tremont Road. Opened in October of last year and developed by Continental Real Estate Companies, the 130,000-square-foot grocery store anchors the redevelopment of the 50-year-old shopping center, which will include many new retail and restaurant tenants joining an existing mix.

Hobby Lobby opened a new 55,000-square-foot store in February on Gemini Parkway in the Polaris area and the company is planning another location of the same size in the fourth quarter on Buckeye Parkway in Grove City. Rave Motion Pictures is also opening a new 14-screen theater in the same area in November.

— Mark Smith is senior 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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