Downtown Columbus Ranked as #1 Submarket for Real Estate Prospects
The Columbus chapter of the Urban Land Institute (ULI) conducts an annual survey of local real estate developers, construction company operators, architectural firms and other related experts to make their predictions for the future of the local real estate market in the coming year. This year’s report was revealed during a presentation on Thursday, and the findings showed several interesting changes from the responses in previous years.
When evaluating submarkets in the region, local experts pointed to Downtown Columbus as the best location for development and investment prospects in 2016, which has overtaken the top spot from Easton and New Albany. The Upper Arlington and Grandview Heights submarket also moved ahead to the number two spot, with respondents indicating that a stronger desire for urban living and working environments are continuing to grow more prominent in the inner-ring suburbs.
ULI’s report also revealed that the local Real Estate economy is healthier than ever, with respondents rating their 2016 business prospects with an average score of 4.27 (out of maximum of 5), which is the highest recorded score since the survey launched in 2010. The report shows that several of the respondents stated that 2015 has been one of the best years for their industries on record, and they expect the growth to continue into next year.
Meanwhile, the construction side of the local market is experiencing major shortages across all skilled-trade categories. The construction workforce shortage will continue to lead to delays, project limitations and an increase in labor costs for developers in 2016.
To view the full 2016 report, CLICK HERE (PDF).
For more information, visit columbus.uli.org.