Job Creation Incentives Fuel Real Estate Growth in Columbus
Job creation incentives in Columbus are being utilized as a means to hire more workers, leading to an expanded real estate presence for companies throughout the region.
Columbus, July 24, 2018 – Job creation incentives in Columbus are being utilized as a means to hire more workers, leading to an expanded real estate presence for companies throughout the region. 13 companies are new to Columbus, resulting in over five million square feet (60 percent) of total real estate activity from incentive recipients.
JLL’s latest report “The real estate impact of job creation incentives” covers how job creation incentives are impacting both the local industrial and office markets.
On the industrial side, incentive recipients were responsible for 35% of new product delivered in 2016 and 2017, in addition to 30 percent of total net absorption. The e-commerce presence is growing rapidly and companies are receiving workforce incentives to grow their presence in logistically advantageous markets in Ohio, and many are choosing Columbus. Over 50 percent of the 5,335 jobs promised by industrial-related companies are considered e-commerce operations.
In the office sector, real estate activity from incentive recipients aligns with the ‘tale of two markets’ theme: 71 percent of the square footage that incentive recipients invested in is considered premium, Class A space. JLL projects roughly 300,000 square feet of future activity is needed to accommodate promised jobs by companies that received workforce incentives in 2016 and 2017. Potential Class A options will be plentiful with over three million square feet of speculative space planned over the next five years.
For more information, please visit www.us.jll.com/en/locations/midwest.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.