Columbus, Ohio
The city of Columbus, located in central Ohio, has a population of over 860,000, making it the 14th largest city in the US and 2nd largest in the Midwest, behind Chicago. Franklin County, home of the subject property, has a population of almost 1,300,000. The Columbus region, consisting of 11 counties, is home to over 2,185,000. According to the US Census Bureau, the Columbus region grew 7.3% from April 2010 to July 2016, adding approximately 428 new residents every week. March 2018 unemployment for Columbus was 3.23% vs the overall US at 4.07%. Columbus is the headquarters for fourteen Fortune 1000 companies, five of which are in the Fortune 500. There are 52 college and university campuses in the region. Columbus has the 8th highest millennial concentration in the US. No industry accounts for more than 18% of employment.
After hundreds of civic-minded private and public-sector leaders came together to share bold aspirations for the future, the Columbus 2020 Regional Growth Strategy was created. The plan setout ambitious goals back in 2010: add 150,000 net new jobs (146K as of February 2018), generate $8B of capital investment ($8.9B as of March 2018), raise personal per capita income by 30% (24.4% as of 2016). The Columbus Region has ranked as a top 10 metro for new and expanded facilities for the last six consecutive years. Through these accomplishments, Columbus has earned recognition as a leader in economic development.
Columbus is within a 10-hour drive of over 150M people (46% of US residents), higher than any other major metro in the country.
The Columbus Region has a distinct edge for the efficient movement of goods as road, rail, sea, and air routes all intersect at the Rickenbacker Inland Port. Columbus is crossed by eight major interstate highways. The Heartland Corridor allows double-stacked freight trains to travel between Rickenbacker and Virginia sea ports. Cargo capacity at the Rickenbacker International Airport could increase tenfold over the next 20 years under recommendations from its recent master plan. A record 255 million pounds of cargo went through the airport last year, 27% higher than 2016, with international shipments largely responsible for the increase. The logistics industry accounts for over 83,000 employees in the Columbus region.
The city of Columbus, located in central Ohio, has a population of over 860,000, making it the 14th largest city in the US and 2nd largest in the Midwest, behind Chicago. Franklin County, home of the subject property, has a population of almost 1,300,000. The Columbus region, consisting of 11 counties, is home to over 2,185,000. According to the US Census Bureau, the Columbus region grew 7.3% from April 2010 to July 2016, adding approximately 428 new residents every week. March 2018 unemployment for Columbus was 3.23% vs the overall US at 4.07%. Columbus is the headquarters for fourteen Fortune 1000 companies, five of which are in the Fortune 500. There are 52 college and university campuses in the region. Columbus has the 8th highest millennial concentration in the US. No industry accounts for more than 18% of employment.
Below is a snapshot taken from recent reports on the Columbus industrial market:
- “The bulk of demand for industrial space is ultimately driven by consumer spending, and that is expected to remain strong. eCommerce also continues to be an intensive user of industrial space, with high-velocity distribution centers increasingly considered strategic assets of a retailer’s business. Consequently, the need for warehousing and distribution space will only increase over the forecast horizon. That said, there is almost 7M SF under construction in Columbus, of which 4.8M SF is speculative, which should supply the forecasted demand in the market.” – Columbus Industrial Marketbeat Q1 2018 by Cushman & Wakefield
- “Logistics and e-commerce companies remain the major forces on the Columbus industrial market, showing interest in prime industrial space…Economists forecast success for Columbus as investors and companies look to participate in this developing logistics epicenter…With greater access to the American market than most US cities, Central Ohio is a certified logistics hub, attracting many distribution companies and speculative developments to the area. Warehouse space is a hot commodity in the commercial real estate world and does not seem to be cooling down anytime soon.” – Columbus Industrial Research & Forecast Report Q1 2018 by Colliers International
- “As with many of our Mideast cities, infrastructure and connectivity within the US, cost of living, favorable labor rates and relatively inexpensive real estate or development options benefit the Columbus market. Intermodal and inland port capabilities like Norfolk Southern’s Rickenbacker terminal, closely combined with air cargo facilities, also continue to help make Columbus an important US distribution location…Columbus also supports an important base of Class A logistics product at rents that could continue to attract occupier attention.” – The Leaderboard: The Top 18 Distribution Markets in the United States Summer 2016 by JLL
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