Population Growth, Strategic Location Fuel Columbus Industrial Activity
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\n Apr 12, 2019\n
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Fueled by continued population growth that has made Columbus the 14th-largest city in America and its strategic location in the U.S. Interstate system, the Columbus industrial market has been on a multi-year run in terms of new inventory and positive net absorption. Given the fact that drivers are able to reach approximately 50 percent of American households and 30 percent of Canadians within a one-day drive of the city, we see no end in sight for these market trends.
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That one-day drive statistic has made Columbus one of the country’s leading e-commerce distribution markets. Also, according to a recent ranking by Realtor.com, the metropolitan area is the only large northern city to grow its population by more than 10 percent from 2010 to 2017. The company also reported that Columbus was the fourth-hottest housing market based on the number of hits each listing receives and time on the market. \n Further, the central Ohio region’s business-friendly environment encourages developers to build in designated areas, and it is working.
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At the close of the fourth quarter last year, 5.7 million square feet of new industrial product was under construction. The overall vacancy rate for the Columbus industrial market was 4.8 percent, which includes warehouse/distribution, manufacturing and flex space. CoStar Group is the source of all data referenced in this report.
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With industrial rents similar to other Midwest markets, companies locating in these tax-abated areas can realize savings of up to $1 per square foot on real estate taxes for a 15-year period. That is a substantial operating cost savings versus a fully assessed property. Almost all of the new speculative development is in tax abatement zones. \n \n
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Columbus companies
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Other drivers of the local economy and demand for industrial space include Columbus’ status as home to five Fortune 500 companies and 14 Fortune 1000 companies. There are approximately 50 colleges and universities in the region, led by The Ohio State University. The economy is diverse, with financial institutions, food, banking, fashion, aviation, logistics, steel, energy, medical research and healthcare.
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Prominent employers include Nationwide Insurance, Wendy’s, JP Morgan Chase, Limited Brands and Huntington Bancshares, among others. Honda has been a driver in the market with its plant northwest of Columbus. The car company manufactures its Honda Accord Sedan and Coupe, along with the Acura TLX and ILX there. The facility has spurred the presence of numerous parts suppliers, such as upholstery makers and plastic injection molders.
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Builder activity
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The amount of new construction is in line with previous years and should be absorbed. In 2018, 5.5 million square feet of industrial space was added to inventory that now exceeds 290 million square feet. In 2017, 3.5 million square feet of new product came on the market, while just under 6 million square feet was delivered in 2016, approximately 4 million square feet in 2015 and a little more than 5 million square feet of industrial inventory was added in 2014.
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The biggest industrial developers in the Columbus market are Duke Realty, Northpointe Development, Becknell Industrial, The Pizzuti Companies and VanTrust Real Estate LLC.
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Exeter Property Group is the largest owner of industrial property in the region. Singapore-based Mapletree Investments and New York-based Blackstone have also recently been active investors in the Columbus market.
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Clayco Real Estate Group out of St. Louis is jumping into the fray with the purchase of land at the southwest corner of I-70 and State Route 310. Shortly thereafter, Clayco landed Kohl’s in a build-to-suit of more than 1 million square feet that is expected to be delivered this year. The deal was noteworthy because that submarket has not been considered Columbus’ main warehousing corridor.
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Who’s leasing where
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As no market report is complete these days without a mention of Amazon activity locally, here it is: Duke is developing an 850,000-square-foot build-to-suit for the online retail giant. The project is located between Springfield and Columbus on I-70 in West Jefferson, a village in Madison County. The new fulfillment center is scheduled for delivery this year. It is Amazon’s third bulk distribution facility in the Columbus market.
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The largest buildings under construction at the end of the fourth quarter of 2018 were all build-to-suit projects. This includes 1.2 million square feet for Kohl’s, 972,000 square feet for FedEx, 855,000 square feet for Amazon and 855,000 square feet for Medline.
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In 2018, absorption was net positive at 3.8 million square feet, with only the third quarter posting negative numbers during the four quarters. The average quoted asking rental rate for available industrial space was $4.11 per square foot per year at the end of the fourth quarter in the Columbus market.
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Other large lease signings from 2018 include Goodyear’s 1.2 million square feet and Quaker Oats Co. with 802,000 square feet. This speaks to a trend in the Columbus industrial market that we expect to continue in 2019 — larger industrial spaces of 400,000 feet or more have done well, while there is still a lot of competition with spaces between 100,000 to 200,000 square feet.
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Total industrial building sales activity in the first three quarters of 2018 was up compared with the previous year. In the first nine months of 2018, the market saw 60 industrial sales transactions with a total volume of $618.5 million. The price per square foot averaged $52.19 last year. In the first nine months of 2017, the market posted 56 transactions with a total volume of $361 million. The price per square foot averaged $40.82.
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Based upon these numbers, we expect a significant amount of speculative development in 2019. There has been over 6 million square feet of speculative buildings announced for delivery this year. However, with that amount of space planned, it will be interesting to see if all of them come to fruition. Either way, we expect another banner year for industrial development in central Ohio.
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Given the fact that drivers are able to reach approximately 50 percent of American households and 30 percent of Canadians within a one-day drive of the city, we see no end in sight for these market trends.\nThat one-day drive statistic has made Columbus one of the country’s leading e-commerce distribution markets. Also, according to a recent ranking by Realtor.com, the metropolitan area is the only large northern city to grow its population by more than 10 percent from 2010 to 2017. The company also reported that Columbus was the fourth-hottest housing market based on the number of hits each listing receives and time on the market.\nFurther, the central Ohio region’s business-friendly environment encourages developers to build in designated areas, and it is working.\nAt the close of the fourth quarter last year, 5.7 million square feet of new industrial product was under construction. The overall vacancy rate for the Columbus industrial market was 4.8 percent, which includes warehouse/distribution, manufacturing and flex space. CoStar Group is the source of all data referenced in this report.\nWith industrial rents similar to other Midwest markets, companies locating in these tax-abated areas can realize savings of up to $1 per square foot on real estate taxes for a 15-year period. That is a substantial operating cost savings versus a fully assessed property. Almost all of the new speculative development is in tax abatement zones.\n\nOther drivers of the local economy and demand for industrial space include Columbus’ status as home to five Fortune 500 companies and 14 Fortune 1000 companies. There are approximately 50 colleges and universities in the region, led by The Ohio State University. The economy is diverse, with financial institutions, food, banking, fashion, aviation, logistics, steel, energy, medical research and healthcare.\nProminent employers include Nationwide Insurance, Wendy’s, JP Morgan Chase, Limited Brands and Huntington Bancshares, among others. Honda has been a driver in the market with its plant northwest of Columbus. The car company manufactures its Honda Accord Sedan and Coupe, along with the Acura TLX and ILX there. The facility has spurred the presence of numerous parts suppliers, such as upholstery makers and plastic injection molders.\nThe amount of new construction is in line with previous years and should be absorbed. In 2018, 5.5 million square feet of industrial space was added to inventory that now exceeds 290 million square feet. In 2017, 3.5 million square feet of new product came on the market, while just under 6 million square feet was delivered in 2016, approximately 4 million square feet in 2015 and a little more than 5 million square feet of industrial inventory was added in 2014.\nThe biggest industrial developers in the Columbus market are Duke Realty, Northpointe Development, Becknell Industrial, The Pizzuti Companies and VanTrust Real Estate LLC.\nExeter Property Group is the largest owner of industrial property in the region. Singapore-based Mapletree Investments and New York-based Blackstone have also recently been active investors in the Columbus market.\nClayco Real Estate Group out of St. Louis is jumping into the fray with the purchase of land at the southwest corner of I-70 and State Route 310. Shortly thereafter, Clayco landed Kohl’s in a build-to-suit of more than 1 million square feet that is expected to be delivered this year. The deal was noteworthy because that submarket has not been considered Columbus’ main warehousing corridor.\nAs no market report is complete these days without a mention of Amazon activity locally, here it is: Duke is developing an 850,000-square-foot build-to-suit for the online retail giant. The project is located between Springfield and Columbus on I-70 in West Jefferson, a village in Madison County. The new fulfillment center is scheduled for delivery this year. It is Amazon’s third bulk distribution facility in the Columbus market.\nThe largest buildings under construction at the end of the fourth quarter of 2018 were all build-to-suit projects. This includes 1.2 million square feet for Kohl’s, 972,000 square feet for FedEx, 855,000 square feet for Amazon and 855,000 square feet for Medline.\nIn 2018, absorption was net positive at 3.8 million square feet, with only the third quarter posting negative numbers during the four quarters. The average quoted asking rental rate for available industrial space was $4.11 per square foot per year at the end of the fourth quarter in the Columbus market.\nOther large lease signings from 2018 include Goodyear’s 1.2 million square feet and Quaker Oats Co. with 802,000 square feet. This speaks to a trend in the Columbus industrial market that we expect to continue in 2019 — larger industrial spaces of 400,000 feet or more have done well, while there is still a lot of competition with spaces between 100,000 to 200,000 square feet.\nTotal industrial building sales activity in the first three quarters of 2018 was up compared with the previous year. In the first nine months of 2018, the market saw 60 industrial sales transactions with a total volume of $618.5 million. The price per square foot averaged $52.19 last year. In the first nine months of 2017, the market posted 56 transactions with a total volume of $361 million. The price per square foot averaged $40.82.\nBased upon these numbers, we expect a significant amount of speculative development in 2019. There has been over 6 million square feet of speculative buildings announced for delivery this year. However, with that amount of space planned, it will be interesting to see if all of them come to fruition. Either way, we expect another banner year for industrial development in central Ohio.\nArchives\nView 2019 Archive\nView 2018 Archive\nView 2017 Archive\nView 2016 Archive\nView 2015 Archive\nView 2014 Archive\nView 2013 Archive\n[if lt IE 9]> \n\t
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Given the fact that drivers are able to reach approximately 50 percent of American households and 30 percent of Canadians within a one-day drive of the city, we see no end in sight for these market trends.\n","marker":"p"},{"char_end_idx":1114,"char_start_idx":545,"key":"paragraph","type":"local","value":"That one-day drive statistic has made Columbus one of the country’s leading e-commerce distribution markets. Also, according to a recent ranking by Realtor.com, the metropolitan area is the only large northern city to grow its population by more than 10 percent from 2010 to 2017. The company also reported that Columbus was the fourth-hottest housing market based on the number of hits each listing receives and time on the market.\nFurther, the central Ohio region’s business-friendly environment encourages developers to build in designated areas, and it is working.\n","marker":"p"},{"char_end_idx":1446,"char_start_idx":1114,"key":"paragraph","type":"local","value":"At the close of the fourth quarter last year, 5.7 million square feet of new industrial product was under construction. The overall vacancy rate for the Columbus industrial market was 4.8 percent, which includes warehouse/distribution, manufacturing and flex space. CoStar Group is the source of all data referenced in this report.\n","marker":"p"},{"char_end_idx":1791,"char_start_idx":1446,"key":"paragraph","type":"local","value":"With industrial rents similar to other Midwest markets, companies locating in these tax-abated areas can realize savings of up to $1 per square foot on real estate taxes for a 15-year period. That is a substantial operating cost savings versus a fully assessed property. Almost all of the new speculative development is in tax abatement zones.\n\n","marker":"p+lf"},{"char_end_idx":1792,"char_start_idx":1791,"key":"paragraph","type":"local","value":"O","marker":"p+lf"},{"char_end_idx":2200,"char_start_idx":1792,"key":"paragraph","type":"local","value":"ther drivers of the local economy and demand for industrial space include Columbus’ status as home to five Fortune 500 companies and 14 Fortune 1000 companies. There are approximately 50 colleges and universities in the region, led by The Ohio State University. The economy is diverse, with financial institutions, food, banking, fashion, aviation, logistics, steel, energy, medical research and healthcare.\n","marker":"p"},{"char_end_idx":2635,"char_start_idx":2200,"key":"paragraph","type":"local","value":"Prominent employers include Nationwide Insurance, Wendy’s, JP Morgan Chase, Limited Brands and Huntington Bancshares, among others. Honda has been a driver in the market with its plant northwest of Columbus. The car company manufactures its Honda Accord Sedan and Coupe, along with the Acura TLX and ILX there. The facility has spurred the presence of numerous parts suppliers, such as upholstery makers and plastic injection molders.\n","marker":"p"},{"char_end_idx":3101,"char_start_idx":2635,"key":"paragraph","type":"local","value":"The amount of new construction is in line with previous years and should be absorbed. In 2018, 5.5 million square feet of industrial space was added to inventory that now exceeds 290 million square feet. In 2017, 3.5 million square feet of new product came on the market, while just under 6 million square feet was delivered in 2016, approximately 4 million square feet in 2015 and a little more than 5 million square feet of industrial inventory was added in 2014.\n","marker":"p"},{"char_end_idx":3273,"char_start_idx":3101,"key":"paragraph","type":"local","value":"The biggest industrial developers in the Columbus market are Duke Realty, Northpointe Development, Becknell Industrial, The Pizzuti Companies and VanTrust Real Estate LLC.\n","marker":"p"},{"char_end_idx":3487,"char_start_idx":3273,"key":"paragraph","type":"local","value":"Exeter Property Group is the largest owner of industrial property in the region. Singapore-based Mapletree Investments and New York-based Blackstone have also recently been active investors in the Columbus market.\n","marker":"p"},{"char_end_idx":3880,"char_start_idx":3487,"key":"paragraph","type":"local","value":"Clayco Real Estate Group out of St. Louis is jumping into the fray with the purchase of land at the southwest corner of I-70 and State Route 310. Shortly thereafter, Clayco landed Kohl’s in a build-to-suit of more than 1 million square feet that is expected to be delivered this year. The deal was noteworthy because that submarket has not been considered Columbus’ main warehousing corridor.\n","marker":"p"},{"char_end_idx":4314,"char_start_idx":3880,"key":"paragraph","type":"local","value":"As no market report is complete these days without a mention of Amazon activity locally, here it is: Duke is developing an 850,000-square-foot build-to-suit for the online retail giant. The project is located between Springfield and Columbus on I-70 in West Jefferson, a village in Madison County. The new fulfillment center is scheduled for delivery this year. It is Amazon’s third bulk distribution facility in the Columbus market.\n","marker":"p"},{"char_end_idx":4578,"char_start_idx":4314,"key":"paragraph","type":"local","value":"The largest buildings under construction at the end of the fourth quarter of 2018 were all build-to-suit projects. This includes 1.2 million square feet for Kohl’s, 972,000 square feet for FedEx, 855,000 square feet for Amazon and 855,000 square feet for Medline.\n","marker":"p"},{"char_end_idx":4883,"char_start_idx":4578,"key":"paragraph","type":"local","value":"In 2018, absorption was net positive at 3.8 million square feet, with only the third quarter posting negative numbers during the four quarters. The average quoted asking rental rate for available industrial space was $4.11 per square foot per year at the end of the fourth quarter in the Columbus market.\n","marker":"p"},{"char_end_idx":5262,"char_start_idx":4883,"key":"paragraph","type":"local","value":"Other large lease signings from 2018 include Goodyear’s 1.2 million square feet and Quaker Oats Co. with 802,000 square feet. This speaks to a trend in the Columbus industrial market that we expect to continue in 2019 — larger industrial spaces of 400,000 feet or more have done well, while there is still a lot of competition with spaces between 100,000 to 200,000 square feet.\n","marker":"p"},{"char_end_idx":5701,"char_start_idx":5262,"key":"paragraph","type":"local","value":"Total industrial building sales activity in the first three quarters of 2018 was up compared with the previous year. In the first nine months of 2018, the market saw 60 industrial sales transactions with a total volume of $618.5 million. The price per square foot averaged $52.19 last year. In the first nine months of 2017, the market posted 56 transactions with a total volume of $361 million. The price per square foot averaged $40.82.\n","marker":"p"},{"char_end_idx":6088,"char_start_idx":5701,"key":"paragraph","type":"local","value":"Based upon these numbers, we expect a significant amount of speculative development in 2019. There has been over 6 million square feet of speculative buildings announced for delivery this year. However, with that amount of space planned, it will be interesting to see if all of them come to fruition. Either way, we expect another banner year for industrial development in central Ohio.\n","marker":"p"},{"char_end_idx":6096,"char_start_idx":6088,"key":"paragraph","type":"local","value":"Archives","marker":"h3"},{"char_end_idx":6223,"char_start_idx":6096,"key":"paragraph","type":"local","value":"\nView 2019 Archive\nView 2018 Archive\nView 2017 Archive\nView 2016 Archive\nView 2015 Archive\nView 2014 Archive\nView 2013 Archive\n","marker":"div"},{"char_end_idx":6368,"char_start_idx":6223,"key":"paragraph","type":"local","value":"[if lt IE 9]> \n\n\n\nGartner’s 2018 Market Guide for Marketing Dashboards | Beckon\n\n\n \n \n\n\n\n\t\t\n\t\t\n\t\n\n\n\n\n\n\n\n\n\n\t\t\n\t\t\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t
Marketers are not only charged with perfecting the customer experience across all campaigns and channels, but also with doing more with every marketing dollar they spend in the process. Enter marketing dashboards. Unlike traditional BI solutions, marketing dashboards address requirements specific to the marketing function—data integration and management for increasingly complex marketing data, streamlined implementation, ease of collaboration across the organization, and much more. But with a growing selection of dashboarding tools to help understand marketing performance, and Gartner’s findings that 77% of marketers are currently using or in the process of deploying them with limited support from IT, finding the right marketing dashboard solution is as daunting—and critical—as ever.
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Gartner’s recently released report aims to helping marketers identify what solution is best for their organizational needs. The “2018 Market Guide for Marketing Dashboards” breaks down the categories of marketing dashboard solutions, differences in capabilities among them, and considerations for marketers currently searching for a partner.
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Some of the recommendations Gartner offers marketers looking for a dashboard solution include:
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Determine the number and type of data sources you need to integrate, and use that as a list of requirements when you evaluate providers.
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Assess your marketing dashboard provider’s cloud-based data storage, and flexibility in adding data streams, preparing the data and creating visualizations on demand.
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Automate manual data preparation by taking advantage of offerings that streamlined data integration.
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Understand how your dashboard provider will facilitate collaboration and workflow, and whether it will integrate into your existing project management and communication tools.
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Evaluate the level of service and support you’ll need for initial deployment and day-to-day maintenance.
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If you’re a Gartner client you can check out the full report here. And don’t miss Beckon’s dashboard examples on pages nine through twelve!
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\n\t\t\t\tSlickrock staff – many of us are Garifuna\n
Today is Garifuna Settlement Day. This date is celebrated as the anniversary that the Garifuna people landed in Dangriga, Belize for the first time.
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The Garifuna people of Belize have an interesting history, having arrived and settled in Belize as free people and not former slaves. Garifuna peoples can be found in many coastal towns in southern Belize. Their primary settlements are in the towns of Dangriga and Hopkins, but also in Monkey River, Punta Gorda and others.
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The Garifuna people have retained their own language and culture they brought with them to this region, which has its roots in Africa from where they originally were brought to the Caribbean. The Garifuna’s ancestors were slaves brought to the Antilles islands in the eastern Caribbean in the 1500’s and 1600’s. Several groups of these people escaped, and other groups were freed during shipwrecks, and they gathered on the island of St. Vincent which was unoccupied by Europeans at that time. They inter-married with the local population, the Carib Indians from whose name the Caribbean Sea originated. After more than a century of living on this isolated island the population grew to a considerable size, and their culture was thus preserved for these many years without interruption. The language that developed from the melding of these 2 cultures is unique, it cannot be understood in Africa, or in other parts of the Caribbean today.
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In the mid 1700s the British won one of their interminable wars against the Dutch, who had laid claim to the island of St. Vincent by establishing a small colony there that was successfully co-existing with the Garifuna people on the other side of the island. As part of the peace treaty, the Dutch agreed to hand over control of the island to the British, who began a much more aggressive colonization of the island in order expand their booming sugar industry. In short order they ended up in a conflict with the local Garifuna people and a war resulted. The Garifuna held out for four years and were quite difficult to defeat, but in the end the British prevailed and won the conflict.
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The British decided not to enslave the Garifuna, but instead exiled them to the far reaches of the Caribbean to the new colony of British Honduras, which they had recently wrested from Spanish control. Basically, they forced them onto ships and dropped them off on Roatan Island off the coast of Honduras, where they were left to survive by their own means, but were left by the British authorities. As they thrived and the population grew, they then spread out along the sea coasts and established new settlements, one of which was in Belize (Dangriga), which was part of British Honduras at that time.
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Today the Garifuna constitute an intact society sharing a unique language, culture, customs, and history. Many of our staff have been of Garifuna heritage, as are several currently. All Garifuna also speak English or Spanish or both, as Garifuna is not spoken or understood outside of their tight-knit communities.
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