Columbus, Ohio/USA

(July 12, 2007) – As went the last century, so did the days that companies flock to an area without any inducement. Today, not only are valuable incentives and amenity packages commonplace, they are expected by companies seeking to relocate or expand operations. As a result, Columbus and surrounding municipalities are creating a high stakes game of cat and mouse in attempt to lure potential employers to locate within their borders.

In each case there are three broad forces in play: the city, the tenant, and the building owner/developer. Each has distinct objectives at stake. Cities, for instance, seek to add jobs and stability to the region. The tenant is in search for space that meets business needs, lowers real estate related expenses, and provides amenities and benefits that make the company an attractive place to work for employees. Lastly and certainly not least is the property owner, whose primary concern is typically return on investment.

Finding the point where each of these roads cross is an arduous task, but add to that competition from surrounding municipalities and the wagers are raised even higher. As each jockey for position, cities are forced to offer grants, tax abatements and incentives, low-interest construction loans, and in some cases remediation of brownfields. Of course this is all in the name of stimulating development, but at what cost does growth come.

Quite often, incentives and abatements are available only to newly developed property, which can leave existing building owners on an uneven playing field. In these cases there are few options to help even the score. The addition of new amenities like covered parking, rent concessions, and prominent exterior exposure are among the options available to maintain their competitive edge.

But the enticements are not all bad. Attracting increased daytime population brings with it community benefits perhaps not otherwise available. New employers provide fiscal growth, a more diverse employer population and more stable market flux. Additionally, development tends to spur other development, which can lead to the addition of retail and residential opportunities. All of which support a better standard of living for residents and employees served by the region.

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About Colliers Turley Martin Tucker

One of the nation’s largest privately held, full-service commercial real estate firms, Colliers Turley Martin Tucker (CTMT) handles more than $5 billion in annual real estate transactions and manages over 212 million square feet of industrial, office, and retail space. CTMT has approximately 1,200 associates of which 450 are licensed real estate professionals throughout its regional offices in Cincinnati, Columbus, and Dayton, OH: Indianapolis, IN; Kansas City, MO; Minneapolis/St. Paul, MN; Nashville, TN, and St. Louis MO.

For more information about Colliers Turley Martin Tucker, visit our website at www.ctmt.com.

Contact Information

Wayne Henry
Marketing Manager, Columbus
614-827-1724

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