Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania.
Columbus is Living the American Dream
According to the Burghard Group’s 2013 American Dream Cities Report, Columbus was ranked as the sixth American city enabling residents to achieve their American Dream. The study examined 52 cities across the country with a population of 1 million or more.
Columbus Underground reports that while the study highlights how local residents feel, it does not offer insight into why residents have those feelings.
Other cities mentioned in the report include:
- Cincinnati: Ranked 14th
- Detroit: Ranked 26th
- Cleveland: Ranked 36th
- Pittsburgh: Ranked 48th
For a full list of the findings, visit the Achieving The American Dream report.
Consistent Building Measurements Are Headed Your Way
Attention, office tenants: your wish is coming true.
A common grievance among many office tenants is the lack of consistency for measuring the dimensions of an office building. However, the Wall Street Journal reports The International Property Measurement Standards Coalition will disclose a solitary measurement system for the global office market in June.
As of right now, the measurement systems used by building owners around the world are “deviating as much as 24% from one another,” according to the Wall Street Journal. The unified measurement system will help ensure that both space sizing and rent rates are reliable and accurate.
Managing Director of JLL’s Pittsburgh Office Recognized for Contribution in Pennsylvania’s Energy Sector
Pittsburgh Business Times calls Adamski, “the energy industry’s go-to person for space needs in western Pennsylvania”—and for good reason too. Adamski works closely with prominent clientele in the energy sector, and is also a frequent author and guest speaker on the energy industry’s economic impact. If you see Adamski around town, be sure to give him a high-five.
News Wrap-Up in Our Region
- Unlimited Systems signed a seven-year contract to lease the 32,000-square-foot top floor of Kenwood Collection. The mixed-use center has more than 240,000 square feet of Class A office space.
- EBay Enterprise is expanding its operations in Cincinnati to include a 630,000-square-foot fulfillment center that will create 300 new jobs. The new facility is expected to open this summer.
- American Landmark Properties Inc. may be purchasing the office building located at 1111 Superior. The building, formerly known as The Eaton Center Building, has 28 floors and may only cost $20 million to purchase.
- Biynah Industrial Partners LLC and Alex. Brown Realty Inc. jointly purchased a nine-building industrial portfolio. The roughly $43 million transaction includes more than 766,000 square feet.
- The 117,464-square-foot Crosswoods Five building was purchased by Gladstone Commercial Corp. The company paid $11.8 million in cash for the space located at 7450 Huntington Park Drive.
- Construction on Building 8, the 484,216-square-foot industrial warehouse developed by The Opus Group, began this month. The project is slated for completion this November.
- Dan Gilbert, founder and chairman of Quicken Loans Inc. and Rock Ventures, purchased two buildings and a 4,000-square-foot vacant lot. The first building, located at 119 State Street, is 42,000 square feet, while the second building, located at 45 W. Grand River Avenue, totals 10,000 square feet.
- Nearly 800 new jobs will be coming to the state of Michigan after The Michigan Strategic Fund approved the grants for several projects. Grant recipients include Challenge Mfg. Co. LLC, Green Box NA Michigan LLC and Fairlife LLC.
- Market Street Real Estate Partners and JDI Realty jointly purchased seven office buildings at Parkway Center for $39.2 million.
- Cenveo Inc. will lease nearly 300,000 square feet of space at RIDC Westmoreland. The deal is likely to be one of the region’s largest leases in 2014.
Newspaper image via NS Newsflash