Top 10 Office Projects Under Construction in Ohio
- May 22, 2018
Following an underperforming 2017, Ohio’s office market is set to recover this year, with 20 projects totaling roughly 1.8 million square feet of space scheduled for completion by year’s end, Yardi Matrix data shows. That is a whopping 106% increase from last year. The bulk of development activity is concentrated in Columbus, where completions are expected to reach 1.2 million square feet this year.
With only one building completed in the past two years, Cleveland is expected to bounce back. The market is set to add seven new office properties to its inventory in 2018. In Cincinnati, however, office deliveries have decreased in recent years. While 1.2 million square feet of office space was delivered in 2016, just a little more than 135,000 square feet is projected for to come online this year.
10. Hyland Software Headquarters – Expansion
Office development activity in Westlake, Ohio, is picking up. As we reported in March, Infinity Construction teamed up with architecture firm Vocon to develop a 100,000-square-foot office campus. In addition, Hyland Software is expanding its headquarters. The 70,000-square-foot expansion will almost double the building’s current footprint of 73,000 square feet. Located at 28500 Clemens Road, the development is scheduled for completion this month. The property will be situated roughly one mile from Interstate 90 and within walking distance of multiple public transportation options. The new office building will offer convenient access to various restaurants and hotels, including White Oaks Restaurant, TGI Fridays and Doubletree by Hilton.
9. Rumpke Headquarters
In Cincinnati, Rumpke, a waste hauling, recycling and landfill operations company, is working on a new, 74,000-square-foot headquarters at the intersection of Colerain Avenue and Struble Road. The property is subject to a 40-year unsubordinated net ground lease held by the Port of Greater Cincinnati Development Authority. The three-story building is slated for completion by the end of September. The company plans to relocate about 200 employees from its current location. The new office will be situated roughly one mile from Interstate 275 and next to Center Plaza Shopping Center.
8. Signature Square III
The third phase of the Signature Square office campus in Beachwood is set to add 78,000 square feet to the 245,000-square-foot property. Developed by Goldberg Cos., the upcoming building is expected to be completed this month and to feature 340 parking spaces. Situated on about six acres at the northwest corner of Chagrin Boulevard and Richmond Road, the four-story property will offer easy access to bus stations, Interstate 271, as well as multiple shopping options, including Pavilion Shopping Center and Village Square. The other two buildings in the Signature Square campus are owned by Forest City Realty Trust, while Goldberg Cos. will handle all property management and leasing duties.
7. 711 North High Street
The Wood Cos. and Schiff Capital Group are currently developing the 99,187-square-foot office building located at 711 N. High St., near Goodale Park and Interstate 670, with the help of a $30 million construction loan from Peoples Bank. The development, slated for completion this October, will include 8,500 square feet of retail space, 40 percent of which will be on the rooftop. The upcoming property will be situated in the vicinity of Hub Garage and Pizzuti Garage, which feature roughly 250 parking spaces, while the attached garage will have about 80 spaces. Additionally, the joint venture also plans two adjacent garage facilities that are expected to offer up to 250 parking spaces.
6. 555 West Nationwide Boulevard
Connect Realty and Schiff Capital Group’s 108,500-square-foot property in Columbus is expected to come online in October. The developers will transform the existing plant at 555 W. Nationwide Blvd. into a five-story office building. The project is part of the city’s plan to redevelop three facilities located at the western end of the boulevard. 555 West Nationwide Blvd. is located about one mile from Interstate 670, less than three miles from Interstate 71 and roughly four miles from Interstate 70. Additionally, the building will offer convenient access to the John Glenn Columbus International Airport.
5. The Offices at Pinecrest (Buildings 1 and 2)
Fairmount Properties is currently working on the two buildings at The Offices at Pinecrest in Orange, located at the northeast corner of Harvard Road and Interstate 271. The property is part of the Pinecrest project that will include a 160-key hotel, 90 residential units and more than 400,000 square feet of dining and retail space. The developer secured a $49 million construction loan last April and selected JLL to be responsible for leasing the upcoming buildings. The Offices at Pinecrest are designed to include roughly 1,000 parking spaces, according to JLL.
4. 80 on the Commons
The upcoming 390,000-square-foot building is developed by The Daimler Group to feature roughly 174,000 square feet of office space, 21,000 square feet of retail space and 195,000 square feet of residential space. Located at 80 E. Rich St. in Columbus, the 12-story property will offer easy access to various public transportation and dining options, such as Little Palace Restaurant and Plaza Restaurant and Lounge. Additionally, 80 on the Commons will be situated near Capitol Square and the Ohio Theatre, as well as less than two miles from interstates 70, 71 and 670.
3. The Pamela Morris Center
CareSourse plans to open its seven-story, 250,000 building in Dayton next April. The mid-rise is located at the southeast corner of North Jefferson and East First streets, on the site of the former Petterson Co-op High School. The nonprofit already owns two other office buildings in Dayton, the 150,000-square-foot at 220 E. Monument Ave., delivered in 2002, and the 325,000-square-foot at 230 N. Main St., completed in 2008. CareSourse selected Danis to develop the new property, which is expected to house about 800 workers.
2. OhioHealth – Office Campus
With three office buildings in the state, two of which are located in Dublin and one in Delaware, the healthcare not-for-profit company broke ground on a new, 270,000-square-foot campus in Columbus. The garden-style four- and five-story development, scheduled for completion by the end of the year, will be situated on at the southeast corner of West North Broadway and Olentangy River Road. The building is expected to include a 1,350-space garage, connected to the main building by an elevated and covered walkway.
1. Hamilton Quarter – Big Lots Headquarters
The Daimler Group currently has three projects under construction in the state, two of which are on this list, including the largest office development in Ohio. Located on 25 acres at 4976 E. Dublin Granville Road in Columbus, the 300,000-square-foot property is designed to meet LEED standards. The upcoming Big Lots headquarters is expected to feature more than 1,000 parking spaces and to house roughly 800 employees. Daimler plans to deliver the three-story building this July. The property will be situated roughly five miles from Interstate 270 and approximately 10 miles from John Glenn Columbus International Airport.
Data sourced from Yardi Matrix consists of office completions of over 25,000 square feet in the following markets: Cincinnati, Cleveland-Akron, Columbus, Dayton, Toledo and Youngstown.