The alignment of a region’s commercial real estate community and economic development plan is critical. In order for an economic base to expand, development-ready sites and marketable buildings are a necessity. Communities can be overlooked for projects that they are well suited to win simply because the available site or building inventory is too low. Available properties must be marketed aggressively by both the developer and the community to achieve absorption, development and economic growth.
The development of real estate is a game of risk, and good information is key to making sound decisions. Communities must work in partnership with private developers to encourage the development of business parks, commercial office buildings and industrial buildings. This requires an open and constant dialogue, transparency about competitive forces and a willingness to work together on economic development strategy.
The Columbus Region is fortunate to have a very active and involved real estate community. Organizations like Columbus REALTORS, the National Association of Industrial and Office Properties and the Urban Land Institute have terrific leadership and are active both locally and statewide. Their events bring the community together to have candid dialogue about the area’s future, and to bring national and international best practices to the local market.
One Columbus Update
- Last week, Columbus Castings and CoverMyMeds announced expansions that are set to create a combined 650 new jobs in Columbus. Days later, Stanley Electric announced an $82 million expansion in London, Ohio, that will create 150 new jobs. Congratulations to all three companies, and thank you for your commitment to the Columbus Region.
- This week, the One Columbus team will travel to New York City for the Consultant Connect Summit Series.
- Back at home, our team will present the scope of our current project pipeline at the October Pipeline Report. We’ll also share insights about how the Region is perceived as a business location.
- Congratulations to One Columbus investor David Robinson of The Montrose Group, who has published Economic Development from the State & Local Perspective.