COLUMBUS—Columbus has been a bit slower to come around than some of the other industrial markets in the Midwest like Chicago and Indianapolis, but so far, it's had a solid year. And with Pier 1 Imports deciding to sign up for a major expansion in new warehouse and distribution space, there is every sign that the momentum of the first quarter will continue.
The retailer will occupy 190,400-square-feet of space at Transpacific Development Company's 5701 N. Meadows Dr., in suburban Grove City. Terms of the transaction were not disclosed.
“We are happy to have Pier 1 Imports as our tenant in this property,” said Thomas Irish, president of TDC. “Pier 1 Imports is one of the most diverse retailers in the US, importing products from around the world to its retail locations. We are very pleased that they selected our property to expand their distribution capabilities.”
TDC owns two properties in the Columbus distribution market, totaling 537,000-square-feet. With this new lease, tenants now occupy 100% of the properties. Pier 1 Imports was represented in the transaction by Bill Pellington and Mike Mullady of CBRE. TDC was represented by Mike Spencer of Ruscilli Real Estate Services.
According to a recent report by Cassidy Turley, the overall industrial vacancy rate in the metro area dropped to 7.32% in the first quarter, with net absorption totaling more than 2-million-square-feet. Bulk market buildings were the most popular with users, and accounted for about 1-million-square-feet. The Southeast submarket led the area with 859,530-square-feet of absorption; Out of County, 404,331; Northwest, 301,690; and Southwest, 289,670.
“The time is right for speculative construction in Columbus as tenant demand remains strong and vacancy rates continue to fall,” the researchers found. “However, existing warehouses will have the advantage to meet demand when space is vacated as many tenants are working with short timelines and cannot wait for new builds.”
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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.
