COLUMBUS—The latest national jobs report generated headlinesthat the US unemployment rate has sunk below 6.0%, but Central Ohiohas done even better, and vacancies in its industrial propertieshave also hit historic lows. According to CassidyTurley, a commercial real estate provider in the US, theColumbus and Central Ohio industrial real estate market absorbed1.7-million-square-feet in the third quarter. Furthermore,inventory in the industrial sector grew by 1.6-million-square-feet.Developers have another 2.5-million-square-feet of product underconstruction, and will deliver 1.6-million-square-feet before theend of the year.
“As the economy improves, the industrial market will only gainmore momentum as it continues producing record-breaking low vacancyrates and adding much needed speculative space,” says RobinMitchell, research analyst for Cassidy Turley's Columbusoffice.
The Central Ohio unemployment rate dropped to 4.4% in the thirdquarter. According to Frank Wojcik, senior vicepresident of Fifth Third Bank in Columbus, “withlow interest rates and continued support by the FederalReserve, we will continue to see steady improvement in thefourth quarter.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
