Report: Many More Apartments Needed in and Around Columbus
Jim Weiker and Megan Henry share details of a new report that calls for thousands of new housing units in central Ohio.
"About 15,000 new apartments — 3,000 a year — have been added in central Ohio over the past five years, from New Albany to Grove City, Dublin to Downtown," according to the article. "If that seems like a lot, consider this: During the same period, central Ohio added 139,475 residents."
In response to the demographic and real estate market conditions of the region, commercial real estate firm CBRE and real estate information service CoStar recently released a report estimating that the region must increase the pace of apartment construction to meet demand.
Weiker and Henry also take a tour of ongoing apartment construction projects in the region, noticing a trend toward suburban projects. "Despite the eruption of new apartment buildings Downtown, far more apartments are being built in the suburbs and fringe of Columbus than in the urban core. Last year, seven apartment buildings opened Downtown, with a total of 455 apartments, fewer than the 599 apartments that the Highlands complex alone will include on the Northwest Side."