The central Ohio commercial real estate market continues to heat up, with both office and industrial vacancy rates remaining relatively flat. Although counterintuitive, we don’t expect to see significant reductions in vacancy even as demand increases. The reason: much of the currently available space is the same space that has been undesired by tenants for years due to lack of amenities and functional obsolescence.
So if the vacancy is not falling, what indicators do we have to show the market is truly “hot”? Looking at sale prices per square foot for office properties this year gives a good reflection of the market:
- 1st Quarter
- 2nd Quarter
- 3rd Quarter
Sellers of office buildings are seeing record high prices for their properties.
If you have been curious as to the value of your CRE asset, please let me know, we are happy to provide an Opinion of Value.
We hope you enjoy the rest that the autumn of 2017 has to offer and look forward to connecting soon.
Take a look at our Third Quarter Market Report Here