Tag Archive: economy

Best Performing U.S. Cities of 2013

Brought to you by the Milken Institute, which is a nonprofit, nonpartisan economic think tank, the Milken Institute works to improve lives around the world by advancing innovative economic and policy solutions that create jobs, widen access to capital, and enhance health. The MIlken Institute examines which U.S. metros are thriving and which are only…

Columbus and Central Ohio Employment Forecast for 2014

Columbus and Central Ohio can expect job growth far above the average in Ohio and above the national average.   The region is expected to add 18,200 jobs this year, which is a gain of 1.9 percent according to Bill LaFayette, owner of the Regionomics consulting firm.   He also says that this is his strongest forecast…

Columbus Ohio Job Growth Ranks high

Columbus ranked 10th best in the country of the 50 largest metropolitan areas according to a recent report by Wells Fargo Bank. Columbus also outranked every other major metropolitan area in the Midwest including Pittsburgh and Indianapolis . Texas cities took four of the top six positions with Austin leading. Columbus added a net 20,000…

Update on Dublin, Ohio’s Bridge Street Corridor Redevelopment Project.

The city of Dublin, Ohio has embarked on a grand project with this one so here’s an update on the progress.   The project is moving along and the city is offering a quick look at what it could be. http://vimeo.com/61395284 The Bridge Street Corridor run along State Route 161 (Bridge Street) from Sawmill Road through…

Commercial Real Estate posted solid gains in 2012 as recovery spreads to more markets.

According to CoStar News, sales of commercial real estate in the United States reached $64 billion last year, which is the highest since 2004 and increased 22 percent from 2011. The price gains spread beyond multifamily into industrial, office and retail.  Even commercial land showed signs of awakening mostly due to demand for multifamily with…

Commercial Construction Rebound Due to New Multifamily Construction

New data show major rebound in both commercial and residential construction led almost entirely by multifamily and single family development. Developers and builders started construction on the highest number of single family homes and apartments since July 2008.  Multifamily rose 10% in October 2012 to an annualized rate of 285,000 units. Single family building application…

Uncertainty Weighs Heavily Over Economy and Commercial Real Estate

If it’s one thing that markets hate, especially commercial real estate, that’s uncertainty.  Also, election really matter and this one made the situation more uncertain. In fact, it’s going to be worse than it has been in the prelude to the election given that Obama still holds the Whitehouse and the Democrats the senate and…

Unemployment Rate in Columbus and Central Down in a Big Way

The Columbus and Central Ohio unemployment rate has fallen to 5.7 percent from 7.4 percent in September 2011.  Obviously, that’s a huge improvement and it’s not because of folks who have given up looking for work.  The seven county Central Ohio area has returned 48,000 of the 53,000 jobs lost during the downturn. The regions’…

Columbus and Central Ohio September 2012 Homes Sales Report

Prices are still trending upward.  Homes prices in the Columbus and Central Ohio area are up from same month last year with an average price of $169,413.  That’s up 8.1 percent over September 2011. 1,859 homes in Columbus and Central Ohio sold during September 2012, which is 2.5 percent increase over August 2012.  Year to…

Columbus and Central Ohio March 2012 Residential Homes Sales Report

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A strengthening residential market seems to be the rule around central Ohio over the last year and its getting stronger.  First quarter 2012 homes sales for Central Ohio were up 7.1 percent over first quarter 2011 with 4,045 this year versus 3.776 last year. The average price for March 2012 was $153,557, which is up…

Investor Focus Moving to Select Secondary Markets

As primary markets get ridiculously overpriced and the much preferred single tenant, triple net or absolute net corporate leased retail properties more and more unavailable, investor focus is shifting to secondary markets such as this one, Columbus, and Seattle Dallas, Phoenix and even Detroit.  Solid deals are around in these markets and with interest rates…

Columbus and Central Ohio February 2012 Residential Homes Sales Report

Slow steady improvement was the name of the game in Columbus and Central Ohio for February 2012 residential real estate as 1,215 sales closed last month, which is a 5% increase over February 2011. Better yet is that the average sales price of $151,072 was 7.3% higher than same month last year. In addition, contracts…

Northeast Ohio Jobs and Utica Shale

The Utica shale gas resources are forecasted to bring an addition 65,000 at an average $50k per year to the long suffering Northeast sector of Ohio.  The area has been Ohio’s highest chronic unemployment since the steel industry shut down in the late 70s and early 80s. According to the study Ohio’s gross domestic product…

Columbus and Central Ohio January 2012 Residential Homes Sales Report

Better times continue to get better for Columbus and Central Ohio residential real estate as 1,125 sales closed last month, a 6% increase over January 2011. Better yet is that 1,845 residential homes and condos went into contract last month which is a 40% increase over same month last year according to the Columbus Board…

Southern California Home Sales for January 2012

DQ News reported that 14,523 new and resale homes sold last month.  That was way down from December by 24.5% but up .4% from January 2011.  Normally, sales are down from December to January because investors frequently want to close before year end and traditional residential buyers hold off until March or so to get back…

Retail Rents Begin to Rise in 2012

Randyl Drummer from CoStar news writes, and I agree, that retail rents will begin to rise this year. It’s not so much a huge increase in demand as much as there is virtually no increase in supply.   The supply / demand balance is tipping in favor of the landlord.  Construction financing is still a pain…

Columbus and Central Ohio December 2011 Residential Homes Sales Report

Columbus and Central Ohio had 19,956 single family and condo home sales during the year 2011. There were 19,700 residential home sales in 2010.  2011 was only 1.3 percent behind 2010 according to the Columbus Board of REALTORS®.  Remember that we had the Home Buyer Tax Credit in affect for the first six months of…

Monthly Commercial Real Estate Property Closed Sales Results

November 2011 sales index

CoStar’s monthly National Composite Index of Commercial Real Estate increased for the seventh consecutive month in November 2011.  I know its January 19, 2012, but it takes them around 45 days to get the numbers out to us.  Leading the price recovery again has been investment grade property.  There’s nothing new there as I’ve been writing…

National Retail Federation – Forecasts 3.4% Growth for 2012

America’s largest retail trade organization forecasts a healthy 3.4% growth for 2012.  That’s below the 4.7% of 2011, but the rate of growth for 2012 is sustainable at least until the next bust and there will be one in seven or eight years.  Nothing is going to make the boom bust cycles go away. The…

Columbus and Central Ohio Office Absorption Positive in 4th Quarter 2011

Even the the office market is picking up around Columbus and Central Ohio with a positive absorption of 303,207 square feet for the fourth quarter of 2011.  Major tenants leasing space last year were Alcatel – Lucent moving into 128,541 square feet at Atrium II North Tower; JP Morgan Chase moving into 72,588 square feet…