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COLUMBUS, OH-Opus North Corp. has plans in place to close its local development office today. The Minneapolis-based Opus Corp. has had an office in Columbus for more than 15 years. The move, according to a report in Business First of Columbus, is a result of the decreased demand for office and industrial properties in the area.

Opus North initially entered the market with the development of a distribution center for Whirlpool. In the past 15 years, the firm has built two office properties and 11 industrial properties.

Lately, the area around the Rickenbacker International Airport has seen new product come online and a tapering in leasing activity; leaving a large vacancy rate and little development potential.

In April, Opus South filed for Chapter 11 bankruptcy protection. As reported by GlobeSt.com, company officials blamed the tanking condo market for the need to restructure.

Opus West, as reported by GlobeSt.com, appears to be nearing a bankruptcy filing. Although, company executives say they are doing everything in their power to restructure the company in order to avoid court involvement.

To read the article in Business First of Columbus click here.

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