![]() This explosive growth led Site Selection to put Columbus on their list of the top 10 metro areas for expansion projects. and Canadian markets, access to international freight shipments through Rickenbacker International Airport, and a solid decade of population and job growth.Ģ018 was a record year for industrial real estate in the Columbus market, with 4.53 million square feet of total net absorption from Q2 2018 to Q2 2019. ![]() Some such advantages include an ideal geographical location to quickly reach major U.S. Columbus, Ohio has become a major focal point for industrial and logistics real estate development, owing to several key advantages. If you’re considering Columbus, Ohio for your company’s headquarter relocation or opening a new location in the Midwest’s fastest-growing metro politan area and the premier test market, contact Lee & Associates - Columbus for market insight and additional information to ensure a seamless process. ![]() These large corporations along with innovative small businesses, powerhouse research groups, and thriving academic institutions, have allowed the r egion to experienced strong economic growth, ensuring a vibrant future for the people and companies of Central Ohio. In addition to being the state capital of Ohi o, Columbus is h ome of the some of the world’s most recognizable brand s such as Scotts Miracle- Gro, Express, Victoria’s Secret, Wen dy’s, DSW, Honda of America, JPMorgan Chase, Nationwide, and Abercrombie & Fitch. One of Columbus’ most distinctive attributes is how diversified their economy is, no one industry accounts for more than 18% of employment. When economic stability is in question, retailers become hesitant to expand in new markets. The Columbus Region boasts that the city offers greater access to the US population than any other major metro, with 46 % being within a 10-hour drive.Įconomic diversity allows for continued stability. Once a product has been deemed a success, the next step is getting the product out to other markets. If it is successful here, chances are it will be successful in other markets across the country ”.Ĭ ompanies looking to test new products are seeking a diverse consumer base willing and financially able to try new items, Columbus’ uniquely young and educated demographic p ro vides the ideal proving ground. The demographics her e are a good cross s ection of the United State s. According to Central Ohio ’s economic development organization, The Columbus Region, the city has the 8 th highest millennial concentration in the US.Īlex Kuniega, a n associate in our Lee & Associates - Columbus office and a recent alumnus o f The Ohio State University, said “ Columbus is the ideal place t o test new product s. W hile it’s widely known that Columbus is home to The Ohio State University, did you know that the city is a lso home to over 5 0 college and university campus es that are filled with 1 3 5 ,000 + students and graduate 20,000 annually ? Many o f these o ut of state and international graduates are st a ying in Columbus due to its r apidly growing economy, low cost of living and high quality of life. Three of the main reasons companies choose to test products in Columbus include:Ĭolumbus is comprised of a diverse set of young, well-educated people. It may not be widely known outside of Columbus, but maj or retailers and restaur ants have been test marketing new products here for years prior to going to the broader market. There are many different factors companies consider when testing products, two of the most important being where they test the product and who they test it on. Have you ever wondered how your favorite retailer or restaurant found the perfect new item for their store or menu? The truth is they probably released a handful of items in a test market before they ever rolled out that product to you. Written by Todd Spencer, Lee & Associates Columbus
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