COLUMBUS—Bolstered by robust leasing and a hot investment climate, PCCP, LLC recently formed a joint venture with The Pizzuti Cos. for the speculative development of Rickenbacker West I, an 802,390-square-foot, expandable class A industrial building in the Columbus metro area. The cross-dock distribution center will include 36' clear height and is within the Rickenbacker Global Logistics Park, where Pizzuti has developed over ten million square feet of industrial product. The partners have begun construction and plan to complete the structure by next summer.

“The Columbus market has had strong leasing activity and a shortage of new bulk industrial product,” says Rob Stofer, vice president with PCCP. Between 2010 and 2016, the vacancy rate among industrial property dropped from more than 12% to just 6%.

That's a reflection of the region's growing importance as a logistics hub. According to a recent study by JLL, 47% of the US population, and 33% of the Canadian, lies within a 10-hour drive of Columbus. Although that is comparable to Indianapolis, another giant in the distribution business, Columbus-area facilities can service the East Coast and the Southeast more efficiently.