Top Ten US Markets for Apartment Development – Columbus # 1
Top Ten US Markets
According to Zillow, the real estate database company, this “college town” is booming with regards to new apartment construction and fast lease up with rapidly rising rents. Some of us would consider Columbus a bit more than just a college town, given that there’s over 2 million folks in the metro. True though, that around 110,000 are college students.
It’s not just OSU undergrads that are driving this market. The outer ring suburbs of Dublin, Powell, Worthington, Westerville and New Albany are also doing well. The newest most expensive class-A units are doing the best with the downtown, which is almost all new, with a 96% occupancy rate.
The unfortunate factor for the Columbus commercial real estate agents is that there’s virtually nothing for sale. The acquisition costs are so low and rents so high that no one sells. The good is that the residential demand also bring more NNN triple net lease retail and restaurant demand. That just happens to be what I do. Net lease retail and restaurant leasing, and NNN triple net retail single tenant investment property for sale, mostly for 1031 exchange uplegs.
As always, if you have any questions, call your nnn, Columbus triple net retail specialist, Scott Harris, 614-905-6614.