The document provides an overview of recent real estate, development, industrial, retail, and office news in central Ohio from January 2012. It discusses topics such as Sears receiving tax breaks to remain in the area, various commercial real estate sales and developments, expanding companies, and new restaurants and retailers opening locations. It also mentions community involvement by the local Colliers International office in supporting a homeless families foundation.
Cincinnati OH Knowledge That Sells Junecolliersohio
Medpace plans to expand its headquarters campus in Madisonville, adding 200,000 square feet of new buildings and employing 1,250 people by 2014. Several companies signed new leases or are relocating to the Greater Cincinnati area, bringing jobs and investment. Development projects completed in downtown Cincinnati last year totaled over $180 million while another $1.2 billion remain under construction, with the downtown population growing. Several industrial, office, retail, and residential real estate transactions also occurred across the region.
merger between disnep -PIXAR, Penn central transportation company, Kmart and Sears, Quaker and snapple,Siriusxm, Daimler benz and chrysler, Exonmobil, AOL -Time warner,
Este documento describe las necesidades de la industria petroquímica en Bolivia. Identifica áreas clave como la ingeniería, maquinaria, transporte y logística, ciencia y tecnología, y financiamiento que deben fortalecerse para apoyar el desarrollo de proyectos petroquímicos. También destaca la importancia de la transferencia de conocimiento, la investigación científica, y las asociaciones público-privadas para impulsar de manera sostenible la industrialización de los hidrocarburos en el país
Columbus OH Market News April 2011 Columbus Regioncolliersohio
- Bioscience employment in Central Ohio has grown 19.5% since 2000, adding over 10,000 jobs, while statewide employment declined 8.6%. Over 200 new biotech companies have started in Ohio.
- Arshot Investment Corp. received approval to purchase the former Cooper Stadium site for $3.4 million and will seek a 10-year, 75% property tax abatement.
- From 2000 to 2010, the number of young professionals within 3 miles of Broad and High in Columbus grew by 4,000 (45%), and Columbus was ranked 9th for gains in college-educated residents.
Steiner & Associates acquired land for a new development called Liberty Towne Center. Al. Neyer Inc. purchased a property to use as parking for an adjacent building. BW Partners Ltd. bought land to develop Austin Business Park. Plans are underway for a 120-room hotel in Evanston and Connor Group is building a new headquarters center in Miamisburg. The Christ Hospital will expand with a new orthopedic tower and parking garage.
The document provides a summary of economic and real estate development news in Central Ohio. Key points include:
1) Nationwide Realty Investors is moving forward with construction of a parking garage and office building in Columbus, with Columbia Gas expected to occupy the office building.
2) The Licking County Chamber of Commerce is forming a community improvement corporation to attract, retain, and grow local businesses.
3) Blackstone is acquiring 82 office properties from Duke Realty in several US markets including Columbus, involving 2.08 million square feet primarily in Tuttle Crossing and Dublin.
This document provides a summary of real estate and business news from the Greater Cincinnati area in February 2012. It includes over 50 brief updates on commercial real estate transactions, developments, leases, and other business activities across various sectors such as office, industrial, retail, and investment. Major developments include DHL's expansion adding over 180 jobs at CVG airport, DunnhumbyUSA building its new headquarters downtown, and Steiner & Associates planning a $300 million retail development in Liberty Township.
Columbus Knowledge thats Sells March 2012 colliersohio
1) The owners of the LeVeque Tower in downtown Columbus are investing up to $22 million to renovate the landmark skyscraper by adding a hotel and apartments.
2) Nationwide Children's Hospital opened a new $6.3 million sports medicine and orthopedic center in Dublin, Ohio, its second facility of this kind in the area.
3) Consumer confidence rose dramatically in February according to The Conference Board's Consumer Confidence Index, reaching its highest level since February 2011.
Cincinnati OH Knowledge That Sells Junecolliersohio
Medpace plans to expand its headquarters campus in Madisonville, adding 200,000 square feet of new buildings and employing 1,250 people by 2014. Several companies signed new leases or are relocating to the Greater Cincinnati area, bringing jobs and investment. Development projects completed in downtown Cincinnati last year totaled over $180 million while another $1.2 billion remain under construction, with the downtown population growing. Several industrial, office, retail, and residential real estate transactions also occurred across the region.
merger between disnep -PIXAR, Penn central transportation company, Kmart and Sears, Quaker and snapple,Siriusxm, Daimler benz and chrysler, Exonmobil, AOL -Time warner,
Este documento describe las necesidades de la industria petroquímica en Bolivia. Identifica áreas clave como la ingeniería, maquinaria, transporte y logística, ciencia y tecnología, y financiamiento que deben fortalecerse para apoyar el desarrollo de proyectos petroquímicos. También destaca la importancia de la transferencia de conocimiento, la investigación científica, y las asociaciones público-privadas para impulsar de manera sostenible la industrialización de los hidrocarburos en el país
Columbus OH Market News April 2011 Columbus Regioncolliersohio
- Bioscience employment in Central Ohio has grown 19.5% since 2000, adding over 10,000 jobs, while statewide employment declined 8.6%. Over 200 new biotech companies have started in Ohio.
- Arshot Investment Corp. received approval to purchase the former Cooper Stadium site for $3.4 million and will seek a 10-year, 75% property tax abatement.
- From 2000 to 2010, the number of young professionals within 3 miles of Broad and High in Columbus grew by 4,000 (45%), and Columbus was ranked 9th for gains in college-educated residents.
Steiner & Associates acquired land for a new development called Liberty Towne Center. Al. Neyer Inc. purchased a property to use as parking for an adjacent building. BW Partners Ltd. bought land to develop Austin Business Park. Plans are underway for a 120-room hotel in Evanston and Connor Group is building a new headquarters center in Miamisburg. The Christ Hospital will expand with a new orthopedic tower and parking garage.
The document provides a summary of economic and real estate development news in Central Ohio. Key points include:
1) Nationwide Realty Investors is moving forward with construction of a parking garage and office building in Columbus, with Columbia Gas expected to occupy the office building.
2) The Licking County Chamber of Commerce is forming a community improvement corporation to attract, retain, and grow local businesses.
3) Blackstone is acquiring 82 office properties from Duke Realty in several US markets including Columbus, involving 2.08 million square feet primarily in Tuttle Crossing and Dublin.
This document provides a summary of real estate and business news from the Greater Cincinnati area in February 2012. It includes over 50 brief updates on commercial real estate transactions, developments, leases, and other business activities across various sectors such as office, industrial, retail, and investment. Major developments include DHL's expansion adding over 180 jobs at CVG airport, DunnhumbyUSA building its new headquarters downtown, and Steiner & Associates planning a $300 million retail development in Liberty Township.
Columbus Knowledge thats Sells March 2012 colliersohio
1) The owners of the LeVeque Tower in downtown Columbus are investing up to $22 million to renovate the landmark skyscraper by adding a hotel and apartments.
2) Nationwide Children's Hospital opened a new $6.3 million sports medicine and orthopedic center in Dublin, Ohio, its second facility of this kind in the area.
3) Consumer confidence rose dramatically in February according to The Conference Board's Consumer Confidence Index, reaching its highest level since February 2011.
City of Cleveland Department of Economic Development: Report to Council 2013CleEconomicDevelopment
This yearly publication is presented by the City of Cleveland Department of Economic Development to the Cleveland City Council. It highlights projects and achievements of note that were completed by the Department in the previous calendar year.
Big Ideas for Small Business: 2013 Report to Cleveland City CouncilCleEconomicDevelopment
The document provides information on economic development initiatives in Cleveland in 2013. It discusses loans provided by the Cleveland Citywide Development Corporation to support historic building renovations. It also summarizes projects funded through the Vacant Property Initiative that renovated vacant buildings and returned them to productive use, creating over 3,500 jobs. Examples of successful projects funded include the Jay Lofts, Britton-Gallagher headquarters, and the Health Tech Corridor. Small business initiatives like the Grow America Fund and ECDI provided loans and support to local small businesses.
Advanced Concrete Tools is a manufacturer of concrete placement and finishing equipment. It has a strong brand and patented technologies. The company aims to rapidly expand globally through partnerships, new products, and manufacturing in Brazil and the US. It seeks initial capital of $650,000 for marketing, product development, and Brazil expansion, and additional future funding for acquisitions and manufacturing.
1) The City of Cincinnati is providing $540,000 in tax incentives to renovate an old building into upscale office and restaurant space.
2) A $50 million convention center and hotel is being built in Lawrenceburg, Indiana by the city and Hollywood Casino.
3) Several companies have expanded or relocated to new facilities throughout the Greater Cincinnati area, both for office and industrial space.
This document provides an overview of biotech industry statistics in Northern California and incentives available to attract and support biotech companies. It notes the large size and growth of the biotech cluster in the region. It then discusses various state, local, and utility incentives including tax credits, grants, workforce training programs, and energy efficiency programs. Key considerations for companies regarding workforce, financial decisions, and the incentives negotiation process are outlined.
This document summarizes an industrial property located in University Park, Illinois that is being offered for sale. The 43,290 square foot building is 100% leased to a single tenant, CA Acquisitions, at a below market rent of $3.00 per square foot through September 2019. The below market rent provides an opportunity for upside when the lease expires or is renewed. The property is in a growing industrial submarket with low vacancy that has attracted tenants seeking lower taxes and proximity to highways and rail. Competitive market rents are estimated to be $4.00 to $4.50 per square foot, 25-33% higher than the current rent. The offering price of $1,325,000 represents a 9
- Sears will remain in Chicago after receiving $125 million in tax breaks over 15 years.
- Steiner & Associates plans to break ground in 2014 on the first phase of a $300 million retail project in Liberty Township.
- The Jewish Hospital in Kenwood is planning a $100 million expansion project that will include a new wing and commence in 2013.
The Metropolitan Development Commission unanimously approved rezoning of 14 acres north of South Street in downtown Indianapolis to allow for the $155 million mixed-use North of South project led by Buckingham Companies. Some nearby businesses expressed concerns about access for trucks and parking during construction but were assured issues would be addressed. The project includes apartments, retail, a hotel and YMCA and will be partially financed through $86 million in bonds issued by the city.
This document summarizes government incentives that can help businesses grow. It discusses how Concerned Capital acts as a bridge between companies and the public sector to help businesses utilize incentives like loans, tax credits, and job training programs. Specific incentives are outlined at the federal, state, and local levels. Success stories are shared of companies that were able to expand operations, create jobs, and sell the business using various incentive programs.
Transforming Communities Through Infill Design - International Builders' Show...KEPHART
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a brief economic update on some highlights and on-going initiatives of our EDG partnership. The projects highlighted tonight are a tribute to the EDG partnership which played a significant role in bringing them to fruition.
The document discusses various topics related to crowdfunding, including types of crowdfunding according to Marty Zwilling, the JOBS Act which loosened regulations, challenges of crowdfunding discussed by Bill Clerico, tips for successful crowdfunding pitches by Mohana Ravindranath, Kickstarter success rates, geographic distribution of crowdfunded projects in the US, Kiva which connects lenders and borrowers, the Kiva loan process, Kiva trustees in the US including Lindsay Sims who provides loans and grants for businesses in Cleveland, and Farm Credit Mid-America which finances agricultural needs.
This document brings together a set of latest data points and publicly available information relevant for Business Services Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
An Introduction to Tale’awtxw Aboriginal Capital Corporation www.tacc.ca
An Aboriginal Affairs and Northern Development Canada (AANDC) program that is delivered in partnership with TACC. Non-repayable contributions issued on a project-by-project basis. Intended to improve ability of clients to obtain commercial financing at reasonable terms. From a lender’s point of view, makes a good loan better, as more security available to support loan.
The document is a program for the 2013 Orange Chatham Development Briefing. It includes an agenda with presentations on residential and commercial real estate market trends, economic development projects like Morinaga and Chatham Park, and downtown development in Hillsborough. Sponsors and community partners who supported the event are recognized. The event provided information and updates on development initiatives across Orange and Chatham counties.
The Launch Place provides business consulting services and entrepreneurship development programs to attract entrepreneurs and new businesses to the Danville, Virginia region. It was established in 2004 and recently rebranded and expanded its services through a $10 million grant. The Launch Place now offers entrepreneur recruitment and retention support, a seed fund, business consulting, mentoring, subsidized office and housing space, and partnerships with other organizations. It has invested over $250,000 each in three local tech startups through its seed fund and aims to continue supporting the growth of entrepreneurship in the Danville region.
EnergyFunders Presentation at OTC Conference Houston TXEnergyFunders.com
EnergyFunders is a financial technology platform that allows for online investing in the energy sector. It has raised millions of dollars for energy projects from thousands of accredited and non-accredited investors and has already invested millions into technology. EnergyFunders addresses issues such as high barriers to entry for investors and projects over $5-10M being underfunded due to burdensome regulations and compliance issues faced by private equity, banks, and limited capital markets.
Everything You Need to Know About Small Multifamily LendingIvan Kaufman
Ivan Kaufman shares with you everything you need to know about small multifamily lending. As a national direct lender that provides debt capital for the multifamily and commercial real estate industries, Arbor partnered with Fannie Mae to develop the first ever agency Small Balance Mortgage Loan program two decades ago. In this presentation you will what small multifamily loans are, how to find the right small balance loan to fit your needs, and more.
Cogent Bay Inc. plans to acquire interests in land for utility-scale facilities through transactions and purchase community facilities. It will also originate mortgages for renewable energy and real estate projects. Cogent Bay Inc. aims to bridge real estate ownership, finance, and renewable energy production by qualifying as a REIT to minimize taxes and investing in apartment and alternative energy businesses to achieve returns from income and capital appreciation exceeding comparable REITs.
The Columbus retail market saw positive absorption of 49,058 square feet in Q1 2013, continuing a trend of positive absorption over the past year. Vacancy decreased slightly to 10% as major leases were signed and new retailers entered the market. Construction activity remains high with over 170,000 square feet currently under development. The retail market is expected to continue slow, steady growth as new apartment construction brings additional retail demand.
The Columbus office market gained positive absorption for the fourth consecutive quarter. The vacancy rate is now 11.7%, and construction continues with several large projects starting. Rental rates have increased slightly for Class A and B spaces over the past quarter. The largest new leases were Cardinal Health expanding 61,128 sq ft and the FBI leasing 44,926 sq ft. The unemployment rate rose to 6.4% but remains lower than in previous years.
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City of Cleveland Department of Economic Development: Report to Council 2013CleEconomicDevelopment
This yearly publication is presented by the City of Cleveland Department of Economic Development to the Cleveland City Council. It highlights projects and achievements of note that were completed by the Department in the previous calendar year.
Big Ideas for Small Business: 2013 Report to Cleveland City CouncilCleEconomicDevelopment
The document provides information on economic development initiatives in Cleveland in 2013. It discusses loans provided by the Cleveland Citywide Development Corporation to support historic building renovations. It also summarizes projects funded through the Vacant Property Initiative that renovated vacant buildings and returned them to productive use, creating over 3,500 jobs. Examples of successful projects funded include the Jay Lofts, Britton-Gallagher headquarters, and the Health Tech Corridor. Small business initiatives like the Grow America Fund and ECDI provided loans and support to local small businesses.
Advanced Concrete Tools is a manufacturer of concrete placement and finishing equipment. It has a strong brand and patented technologies. The company aims to rapidly expand globally through partnerships, new products, and manufacturing in Brazil and the US. It seeks initial capital of $650,000 for marketing, product development, and Brazil expansion, and additional future funding for acquisitions and manufacturing.
1) The City of Cincinnati is providing $540,000 in tax incentives to renovate an old building into upscale office and restaurant space.
2) A $50 million convention center and hotel is being built in Lawrenceburg, Indiana by the city and Hollywood Casino.
3) Several companies have expanded or relocated to new facilities throughout the Greater Cincinnati area, both for office and industrial space.
This document provides an overview of biotech industry statistics in Northern California and incentives available to attract and support biotech companies. It notes the large size and growth of the biotech cluster in the region. It then discusses various state, local, and utility incentives including tax credits, grants, workforce training programs, and energy efficiency programs. Key considerations for companies regarding workforce, financial decisions, and the incentives negotiation process are outlined.
This document summarizes an industrial property located in University Park, Illinois that is being offered for sale. The 43,290 square foot building is 100% leased to a single tenant, CA Acquisitions, at a below market rent of $3.00 per square foot through September 2019. The below market rent provides an opportunity for upside when the lease expires or is renewed. The property is in a growing industrial submarket with low vacancy that has attracted tenants seeking lower taxes and proximity to highways and rail. Competitive market rents are estimated to be $4.00 to $4.50 per square foot, 25-33% higher than the current rent. The offering price of $1,325,000 represents a 9
- Sears will remain in Chicago after receiving $125 million in tax breaks over 15 years.
- Steiner & Associates plans to break ground in 2014 on the first phase of a $300 million retail project in Liberty Township.
- The Jewish Hospital in Kenwood is planning a $100 million expansion project that will include a new wing and commence in 2013.
The Metropolitan Development Commission unanimously approved rezoning of 14 acres north of South Street in downtown Indianapolis to allow for the $155 million mixed-use North of South project led by Buckingham Companies. Some nearby businesses expressed concerns about access for trucks and parking during construction but were assured issues would be addressed. The project includes apartments, retail, a hotel and YMCA and will be partially financed through $86 million in bonds issued by the city.
This document summarizes government incentives that can help businesses grow. It discusses how Concerned Capital acts as a bridge between companies and the public sector to help businesses utilize incentives like loans, tax credits, and job training programs. Specific incentives are outlined at the federal, state, and local levels. Success stories are shared of companies that were able to expand operations, create jobs, and sell the business using various incentive programs.
Transforming Communities Through Infill Design - International Builders' Show...KEPHART
This document summarizes a presentation on transforming communities through infill development. The presentation will be given by three speakers and will discuss how creative land planning and home designs can maximize small infill sites. It will provide examples of infill developments, including mixed-use and multi-family projects, and discuss strategies for evaluating infill opportunities, integrating new development, and driving sales. Continuing education credits will be offered to architects who attend.
a brief economic update on some highlights and on-going initiatives of our EDG partnership. The projects highlighted tonight are a tribute to the EDG partnership which played a significant role in bringing them to fruition.
The document discusses various topics related to crowdfunding, including types of crowdfunding according to Marty Zwilling, the JOBS Act which loosened regulations, challenges of crowdfunding discussed by Bill Clerico, tips for successful crowdfunding pitches by Mohana Ravindranath, Kickstarter success rates, geographic distribution of crowdfunded projects in the US, Kiva which connects lenders and borrowers, the Kiva loan process, Kiva trustees in the US including Lindsay Sims who provides loans and grants for businesses in Cleveland, and Farm Credit Mid-America which finances agricultural needs.
This document brings together a set of latest data points and publicly available information relevant for Business Services Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
An Introduction to Tale’awtxw Aboriginal Capital Corporation www.tacc.ca
An Aboriginal Affairs and Northern Development Canada (AANDC) program that is delivered in partnership with TACC. Non-repayable contributions issued on a project-by-project basis. Intended to improve ability of clients to obtain commercial financing at reasonable terms. From a lender’s point of view, makes a good loan better, as more security available to support loan.
The document is a program for the 2013 Orange Chatham Development Briefing. It includes an agenda with presentations on residential and commercial real estate market trends, economic development projects like Morinaga and Chatham Park, and downtown development in Hillsborough. Sponsors and community partners who supported the event are recognized. The event provided information and updates on development initiatives across Orange and Chatham counties.
The Launch Place provides business consulting services and entrepreneurship development programs to attract entrepreneurs and new businesses to the Danville, Virginia region. It was established in 2004 and recently rebranded and expanded its services through a $10 million grant. The Launch Place now offers entrepreneur recruitment and retention support, a seed fund, business consulting, mentoring, subsidized office and housing space, and partnerships with other organizations. It has invested over $250,000 each in three local tech startups through its seed fund and aims to continue supporting the growth of entrepreneurship in the Danville region.
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Ivan Kaufman shares with you everything you need to know about small multifamily lending. As a national direct lender that provides debt capital for the multifamily and commercial real estate industries, Arbor partnered with Fannie Mae to develop the first ever agency Small Balance Mortgage Loan program two decades ago. In this presentation you will what small multifamily loans are, how to find the right small balance loan to fit your needs, and more.
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Similar to Columbus Knowledge thats Sells January 2012 (20)
The Columbus retail market saw positive absorption of 49,058 square feet in Q1 2013, continuing a trend of positive absorption over the past year. Vacancy decreased slightly to 10% as major leases were signed and new retailers entered the market. Construction activity remains high with over 170,000 square feet currently under development. The retail market is expected to continue slow, steady growth as new apartment construction brings additional retail demand.
The Columbus office market gained positive absorption for the fourth consecutive quarter. The vacancy rate is now 11.7%, and construction continues with several large projects starting. Rental rates have increased slightly for Class A and B spaces over the past quarter. The largest new leases were Cardinal Health expanding 61,128 sq ft and the FBI leasing 44,926 sq ft. The unemployment rate rose to 6.4% but remains lower than in previous years.
The Columbus office market gained positive absorption for the third quarter in a row. Construction continues to pick up with new projects starting. Vacancy rates fell slightly to 11.3% as absorption outpaced new construction. Investment sales remained strong in the fourth quarter, with several large portfolio and building sales. Rental rates increased over the course of 2012 for Class A and B spaces. The market outlook remains optimistic as leasing activity was higher than the average of prior fourth quarters.
The Columbus industrial market recorded strong positive absorption of over 1.4 million square feet in the fourth quarter and nearly 5 million square feet for the year. Notable construction projects were completed including a 418,655 square foot expansion and a 30,000 square foot building. Significant leases were signed including 185,000 square feet to Great Lakes and 168,850 square feet to Rogue Fitness. Overall vacancy rates decreased and rental rates remained stable with a slight increase for warehouse/distribution spaces.
The Cincinnati retail market closed out 2012 on a respectable note. The vacancy rate improved to 10.41% in the fourth quarter from 12.5% at the beginning of the year. There was 525,355 square feet of positive absorption in the last three quarters of 2012. Major developments are projected to boost the market in 2013, including the opening of the Horseshoe Casino in March and continued construction at The Banks project.
The Greater Cincinnati office market continued slowing in Q4 2012, with net absorption of -320,686 sq ft and vacancy rising to 20.03%. The Central Business District saw a small increase in positive absorption but not enough to offset the year's negative total. Most negative absorption occurred in the suburbs, pushing the suburban vacancy rate to 21.01%. Developers are starting to market and plan new construction projects as uncertainty from the previous year dissipates.
The Greater Cincinnati industrial market finished 2012 strongly, with positive absorption of 856,364 square feet in Q4. For the full year, net absorption was 624,477 square feet. The overall vacancy rate declined to 9.2% from 9.5% in Q3. Northern Kentucky submarkets performed particularly well, with over 1 million square feet of positive absorption for the year. Rental rates varied by submarket but averaged $3.37 per square foot overall. Limited new construction occurred, with demand expected to drive more development in 2013.
The Columbus retail market recorded positive net absorption of 108,252 square feet in the third quarter of 2012. Vacancy rates decreased slightly to 10.1% from 10.2% in the previous quarter. Notable leases included Nordstrom Rack leasing 36,250 square feet and Star Lanes leasing 35,000 square feet. Construction activity also increased with over 170,000 square feet of new space breaking ground in the past 90 days. The retail market in Columbus continues its recovery with improving absorption, rental, and construction trends.
The document provides an overview of office market trends in the Columbus region for Q2 2012. It finds that while absorption was positive at 32,000 square feet, vacancy increased due to a large vacancy in the Easton submarket. Asking rental rates have steadily increased over the past year. Market activity picked up compared to Q1 2012, though leasing volume was still below past years. The unemployment rate in Columbus fell to 6.1% in May. Key employment sectors like education/health and finance saw growth. Overall, the report finds more activity in the office market but little gain in reducing vacancy rates.
This document provides an industrial market trends report for the Greater Columbus region for Q2 2012. It finds that the industrial market recorded its fifth consecutive quarter of strong positive absorption, with over 1.4 million square feet absorbed. Over 750,000 square feet of construction projects were completed this quarter and another 425,000 square feet began construction. Major leases were signed by Jacobson Warehouse and Closed Loop Refining & Recovery. The report also notes continued construction and leasing activity, stable rental rates, and a moderate pace of economic growth in the region according to the Federal Reserve Bank of Cleveland.
annually. All three sources point to a consumer
that is cautious but spending. The consumer
Europe/Middle East/Africa: 170
The Columbus retail market saw moderate confidence index rose in December to its highest Asia Pacific: 161
positive absorption of 108,000 square feet in Q4 level since July. Gallup’s weekly consumer
2011, with vacancy rates decreasing slightly. spending poll shows spending steady to up slightly.
Larger property sales included a 443,000- The Beige Book noted that consumer spending
square-foot power center for $80 million and a was flat to up modestly across most of the Federal
120,000-square-foot strip center for $
The Columbus office market gained 233,000 square feet of positive absorption in Q4 2011, with vacancy decreasing to 12.2%. Construction has remained slow. Duke Realty sold 19 class A and B office properties totaling over 2 million square feet to Blackstone for $1.08 billion. The unemployment rate in Columbus dipped to 6.6% in November, and information, financial activities, and professional/business services employment increased or remained steady.
The industrial market in the Greater Columbus region saw positive absorption of 52,000 square feet in Q4 2011, led by Zulily leasing over 737,000 square feet at 3051 Creekside Parkway. There were also several significant investment sales, including KTR Capital Partners purchasing five properties totaling over 2.5 million square feet from Allianz Life Insurance Co. for $62 million. Vacancy rates remained stable at 11.9% while rental rates also remained stable compared to previous quarters. Construction activity decreased compared to previous quarters.
The Columbus retail market saw a dip in the first quarter of 2012 with negative absorption of 123,632 square feet, primarily in the Southeast, Northwest, and Northeast submarkets. The vacancy rate increased to 11.1% while rental rates fell for big box, community, and anchored strip centers. Several retailers are closing stores including Sears, Kmart, Best Buy, and The Great Indoors, while Cabela's will be opening its first Ohio store in Polaris. Construction is underway on projects like the New Market Mall renovation and a 30,000 square foot community center in the Northwest submarket.
The industrial market in the Greater Columbus region continued to see strong leasing activity in Q1 2012, with over 1.2 million square feet of positive absorption. The vacancy rate dropped to 10.9%, the lowest since 2007. Several large leases were signed, including Innotrac taking 434,000 sq ft and Shasta Beverage taking 134,000 sq ft. Rental rates for warehouse/distribution space remained flat, while rates for R&D/Flex space increased for the third consecutive quarter. The regional industrial economy saw stable or moderately higher new orders and production among manufacturers.
The Columbus region office market saw slight negative absorption of 18,000 square feet in Q1 2012, leaving the vacancy rate at 12.1%. Westerville submarket gains absorption with 26,000 square feet absorbed, while Arlington/Grandview lost 36,000 square feet. Notable leases included Cott Systems taking 19,000 square feet in Westerville and ASK Chemicals leasing 16,000 square feet in Dublin. The employment and construction outlooks remain positive with several large projects underway or planned.
In Q4 2011, the Greater Cincinnati retail market saw strong demand and absorption. Net absorption for the quarter was 78,540 square feet, bringing yearly net absorption to 630,236 square feet and lowering the overall vacancy rate to 12.8%. Several major development and redevelopment projects were underway, including The Banks mixed-use project in downtown Cincinnati. Looking ahead to 2012, demand is expected to remain strong with vacancy rates projected to continue declining slightly.
The Greater Cincinnati office market finished the fourth quarter of 2011 relatively strong, with a modest amount of growth. The overall vacancy rate was 20.5% and net absorption for the quarter was 30,261 square feet, bringing year-to-date absorption to 50,163 square feet. Medical tenants were the most active, and this trend is expected to continue driving growth in 2012. Rental rates increased slightly to $18.03 per square foot. The Central Business District saw negative absorption of 33,758 square feet, and Chiquita's announced relocation out of Cincinnati will impact availability. Suburban submarkets saw over 64,000 square feet of net absorption led by the I-71 North Corridor with over 81
The Greater Cincinnati industrial market finished 2011 with over 1.1 million square feet of positive absorption in the fourth quarter, bringing the total year-to-date absorption to a positive 120,511 square feet. Vacancy ended the year at 9.3% with an average asking rate of $3.53 per square foot. Several significant leases and renewals were signed in the fourth quarter across various submarkets as construction remained focused on build-to-suit projects. The strong fourth quarter finish positions the market well entering 2012 despite some expected vacancy from large facility closings.
The Greater Cincinnati office market saw positive absorption of 449,759 square feet in Q1 2012, with the overall vacancy rate falling from 19.6% to 18.7%. The suburban submarkets saw the most activity, producing 458,355 square feet of absorption, while the CBD saw a net loss of 8,596 square feet. Construction activity is also picking up, with several new projects announced or underway, including dunnhumbyUSA's 250,000 square foot headquarters downtown. Overall, the first quarter results indicate the local office market is improving.
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1. Knowledge That Sells
January 2012
General News Development
• Sears Holding Corp. will remain in the Chicago area, after Illinois Governor • State Representative Nan Baker is pushing for passage of House Bill
Pat Quinn signed a tax-break package that will save Sears about $125 million 18, which would offer grants to expanding companies that move into
over the next 15 years. buildings empty more than a year and create jobs in the process. The
bill cleared the House in December and was heard by the Senate’s
• Germain Amphitheater was purchased by Polaris Centers of Commerce for Ways and Means and Economics Development Committee
$5.5 million and $1 million in taxes, consulting fees and other costs, from
Live Nation Inc. The 91-acre parcel was sold in 1993 for $4.15 million. • 4300 Cemetery Road in Hilliard is under contract for sale from First
Industrial Realty Trust to Continental Realty Construction for $5 million.
• The most recent data on mass-layoffs (a single employer who lays off The development site is estimated to have 360,000 square feet of
more than 50 employees) signalled trouble for some Ohio companies. 66 buildable space. In 1997 the property sold for $7.4 million.
employers laid off 6,017 workers in November, compared to 2,616 workers in
October from 29 employers. • The site of the Benchmark Retail Center will soon become home to 108
apartments. Zettler Properties secured a $8.97 million construction
• Home sales in Columbus rose in October 2011 compared to October 2010 by loan in December and will begin pouring concrete in February with the
8.6 percent with 1,719 single-family units. first units being completed in September.
• There were 13,233 foreclosures in Ohio in October. This is up 1 percent from • A Nationwide Realty Investors Ltd. affiliate purchased 7.3 acres at 834
September and 14 percent better than October 2009. West Third Avenue for $6.6 million. The firm now owns 15 acres in
which to expand the Grandview yard project. The acreage lies between
• The technology business incubator TechColumbus awarded grants recently EdgeHill Road Third Avenue and CSX Corp. tracks to the west.
to “fully vet their ideas and prove their viability to themselves, to first
customers and to early investors. Seven central Ohio companies were
awarded TechGenesis grants totaling $350,000:
Industrial
> Acceptd LLC of Columbus, which has developed a Web-based
pre-screening tool designed to streamline the admissions process for • A 2011 report by the Boston Consulting Group found production costs
fine-arts colleges and programs. in China and the U.S. are converging because Chinese wages and the
value of its currency are rising, making it more expensive to import
> Cell Gull Ltd. of Columbus, which has developed a first-of-its-kind goods and parts back to America.
mobile-technology application, DEELS, that helps retail advertising.
• Superior Logistics Ltd. has expanded outside of Chicago by leasing a
> DNA Concepts LLC of Bexley, which develops software that uses sound, 20,000-square-foot building at Rickenbacker International Airport.
graphics and 3-D objects to enhance consumer experiences.
• Double-stacked Norfolk Southern Corp. trains have begun moving
> Facio Inc. of New Albany, which develops software to help companies between Columbus and Cincinnati. The Heartland Corridor project
better assess and utilize their employees. focused on making way for stacked container trains between Columbus
and Norfolk, Virginia. The project cost $6.1 million. The State of Ohio
> Inmobly Inc. of Columbus, a spinoff from Ohio State University, which is received $3.6 million in federal grants that helped pay for the project.
commercializing a mobile content-distribution technology.
• The city of Dublin is considering incentives to try to keep more
> Moncaí LLC of New Albany, which is developing a way for companies to than 450 existing jobs and create more than 50 new ones. Pacer
rapidly install web applications without buying and managing the International Inc. is being courted by New York and Illinois for a
underlying hardware and software. possible move. Under a proposed agreement Pacer would receive a 10
percent credit on its withholding for reaching certain hiring milestones.
> Ripple Mobile LLC of Dublin, which is creating location-based mobile The Ohio Tax Credit Authority in December approved a seven-year,
technology for businesses and consumers. 45 percent tax credit for Pacer to consolidate 50 jobs at the Dublin
headquarters.
2. Office
paying a heavy entry fee. House Bill 243 passed both the Ohio House
of Representatives and Ohio Senate with unanimous support and was
signed into law by Gov. John Kasich in late December. It is scheduled
to take effect March 22.
• Vision Service Plan acquitted their Eastern Operations Center at 3400
Morse Crossing, from Farbman Group, for $6.1 Million. The 50,000
• Zauber Brewing Co., at 1300 Norton Avenue, is nearing completion
square foot building was constructed in 1997 for VSP. Vision Service Plan,
of its pilot brewery, after which the company will be on tap at a few
Headquartered in Rancho Cordova, California, viewed this as a strategic
select locations around the city. Zauber is the newest in a surge of
purchase, and as an opportunity to secure control of critical operational asset.
startup breweries around the area, including Four String Brewing
Co., which is a block away, and others in Reynoldsburg, Lancaster,
• A new business model for medical practitioners may affect the composition of
Buckeye Lake and Marengo.
medical leasing. HealthSpot Inc., the recent brainchild of CEO Steve Cashman,
leases kiosks to clinics and pharmacies. The kiosks give patients convenient
• The Clarmont’s doors have been shuttered after 65 years of service.
access to a medical appointment while requiring a do-it-yourself element
No word on what is next for the site at 684 South High Street.
as they operate stethoscopes and thermometers while talking to doctors on
videoconference. A 20-minute visit to a HealthSpot Inc. kiosk will cost about
Sources: Ohio Department of Development, Business First, The Columbus
$60 and can net patients a diagnosis and prescription right away.
Dispatch, The Daily Reporter, Middletown Journal, This Week Daily
Newspapers, Wall Street Journal, ColumbusUnderground.com and Costar.
• ASK Chemicals is being courted by other central Ohio municipalities. The
deal under consideration would give ASK 12 percent payment if it hits annual
withholding targets of more than $106,000 a year from 2012 to 2016. It would
also lease a new space in Dublin as well as create four new jobs, paying an
average of $85,000.
The 9-by-5-foot kiosks will allow regional and independent pharmacies to COMMUNITY INVOLVEMENT
complete with the in-store clinics of national chains, meaning this could affect
the retail market as well. In Columbus, the
• OhioHealth Corp. is planning its next health campus in Pickerington. The
office participated
firm has submitted an application with Pickerington to rezone 70 acres at in the Homeless
northwest corner of Refugee Road and Route 256 for office and institutional
use, including conditional approval for a future hospital. Families Foundation’s
“Holiday Store” drive.
Retail Employees shopped
for toys with company funds to donate as children’s holiday
• Columbus-based Bravo Brio Restaurant Group Inc. is renovating its first-ever
gifts. Parents residing at the Homeless Families Foundation’s
Brio at Easton, enclosing both the large patio and a small patio near the
entrance. The move will add an additional extra 2,000 square feet of space to shelter are able to choose the toys best suited for their children.
the 8,500 square feet of dining inside.
In 2010, the Homeless Families Foundation provided shelter for
• Powell Crossing Shopping Center at 4131 State Route 750 was sold by Powell 217 homeless families while the families prepared to acquire
Sawmill LLC to Cooper Commerical for $7.3 million, approximately $150 per
square foot. The 48,750 square foot facility is a 94-percent occupied strip/ permanent housing.
unanchored property.
• Corazon Club & Spa has been sold to a Michigan investment group at a drastic
discount more than three years after its developer shuttered the $24 million
resort-style fitness center in Dublin. The 58,000-square-foot, three-story “Knowledge That Sells” is a monthly publication compiled and
complex went up near the upscale Tartan and Muirfield neighborhoods. researched by the marketing and research team at Colliers
• Five Guys Burgers and Fries opened its eleventh restaurant in the Columbus International in Ohio. For more information, or to be added to the
region at 8607 Columbus Pike in Lewis Center. The Tampa, Fla.-based subscriber list, please contact Leslie Hobbs, Director of Marketing
franchisee TCH Restaurant Group Inc. arrived in the area three years ago and
| Ohio, at leslie.hobbs@colliers.com.
has plans to open five to 10 more restaurants.
• Medina-based Inferno Gourmet Burger Bar will open at 10503 Blacklick
Eastern Road in Pickerington, which had formerly housed Graffiti Burger.
• The 8,000-square-foot space at Nationwide and Marconi Boulevard, next to
BD’s Mongolian Grill will get its first tenant when Brazilian-style steakhouse
Rodizio Grill opens its 300-person restaurant. Another Brazilian-style
restaurant, the Dallas-based Texas de Brazil, plans to open at Easton this year
as well. COLLIERS INTERNATIONAL
Greater Columbus Region
• Kroger Inc. is in the process of selling 3700 Fishinger Road in Hilliard. The
8800 Lyra Drive, Suite 150
95,000-square-foot strip/grocery property currently houses Lifestyle Family
Fitness, Starbucks, Movie Tavern and Chipotle. The property was last sold in Columbus, OH 43240
2005 for $6.0 million. phone 614 410 5600
fax 614 436 9700
• Ohio brewing laws have loosened to allow for more breweries to open without
www.colliers.com