I don't really know if I had an opinion before but at least Motorists Insurance implied that they provided insurance, likely auto insurance. I also agree that old fashioned here implies stability, you have to be around a long time to end up with a dated name, which is what you want from an insurer 

 

But Encova sounds like anything from a new prescription to a wellness shake. I get when you have a terrible reputation so you rebrand into something unknown and generic (e.g. Philip Morris into Altria or Blackwater became Xe), but here I don't get it. 

On 7/12/2019 at 2:33 PM, Columbo said:

North Market tower comes at critical time for downtown office market

By Tristan Navera – Staff reporter, Columbus Business First

July 11, 2019 - 8:17am EDT
 

A new tower by the North Market comes at a critical juncture for downtown Columbus as it competes with development in the suburbs.  Wood Cos., Schiff Capital Group and Rockbridge now plan to develop a $175 million mixed-use project on the 2.1-acre parking lot next to the North Market at 59 Spruce St.  Plans for the project include 90,000 square feet of Class A office space.  That's significant because downtown Columbus has been competing with nearly a dozen mixed-use developments underway in the suburbs promising new high-quality Class A space.  Existing vacant space in the city is largely older, prompting a rise in downtown tower vacancies and a renovation push along Capitol Square in particular.

 

Despite some losses, the city's central business district has had a strong year so far.  In its second-quarter office outlook, JLL noted 165,000 square feet of new office space opening in the market, including the 711 N. High St. building in the Short North, which opened almost fully leased.  Meanwhile, several projects are under construction – including Gravity in Franklinton, new phases at Easton and Polaris, and Hamilton Quarter in the far northeast corner of the city.

 

And downtown has scored a number of office wins recently, too.  Root Insurance expanded its office space to 19,000 square feet at 80 on the Commons, while Candid Care signed on as an anchor tenant leasing 33,300 square feet at the former Columbus Dispatch building.  Orix Real Estate Holdings, which cemented plans to expand, is consolidating at 10 W. Broad St., adding 34,000 square feet to bring it to 69,000 square feet in that newly renovated tower.  But Collin Wheeler, a JLL broker specializing in office real estate, said the downtown market has seen a clear trend – Class A space is almost fully leased out while older properties languish.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/07/11/north-market-tower-comes-at-critical-time-for.html

 

We need to build more office space. And build more in general. How is Millenial Tower struggling for a tenant omg

Sometime in my nearly 12 years of posting here at Urban Ohio, I posted something about a chemical company named Hexion that is headquartered in Downtown Columbus.  Hexion was notable because it was listed in the Fortune 500.  It was also notable because Hexion was formed through the merger of Borden Chemical and a number of other smaller companies in 2005.  Borden Chemical was the last vestige of the once-mighty Borden Company that was the largest U.S. producer of dairy and pasta products through its food division, Borden Foods, and was headquartered in 34-story Borden Building they built in 1973 in Downtown Columbus.

 

Hexion is still headquartered in that 34-story Borden Building at 180 E. Broad Street.  However, the job impact of Hexion in Columbus (and Ohio) is now limited to those downtown corporate offices, where the company employs about 325 people.  Worldwide, Hexion has about 50 sites with about 4,300 workers, making resins, adhesives and coatings used in housing, autos, wind turbines, aerospace, oil and gas and other industries. 

 

In April of this year, Hexion filed for Chapter 11 bankruptcy protection - https://www.dispatch.com/business/20190403/columbus-based-chemical-company-hexion-files-for-bankruptcy.  Although the day-to-day operations of the company were profitable, the hedge fund that acquired Hexion piled up a $3.8 billion debt load with annual interest costs of $321 million.  As part of this bankruptcy filing, that hedge fund - Apollo Global Management - gave up ownership of the company to the bondholders.

 

Now it is being reported that Hexion has emerged from bankruptcy on July 1 with a new board, new owners and $2 billion less in debt.  According to its new management, the debt has been cut to a more manageable $1.6 billion, which will cost about $100 million a year in interest expense - freeing up money that can be used to make investments in the business.  Emerging from bankruptcy isn’t expected to bring new jobs to Central Ohio initially, although it was announced that the new Hexion board of directors will begin meeting in Columbus in August instead New York City, as they have previously.  The new board also believes that they'll take the company public, likely sometime this fall.  Hexion is currently listed as the #649 company in its annual list of the largest United States corporations by total revenue.

 

https://www.dispatch.com/business/20190718/hexion-emerges-from-bankruptcy-protection-plans-to-go-public-this-year

On 6/24/2019 at 2:32 PM, Columbo said:

https://themetropreneur.com/columbus/4-new-coworking-spaces-opening-in-columbus/

• WeWork -- The largest co-working operator in the U.S. - with 674 open and coming soon locations in 117 cities across the world - looks like it will be coming to Columbus.  The company has a "coming soon" website up at https://www.wework.com/l/columbus.  However, no location or timetable has been announced yet.

 

The WeWork co-working offices have now chosen their Columbus location.  And its a heck of location.  WeWork announced it will occupy 46,000 square feet (all of floors 3, 4 and 5) at 800 N. High Street in the Short North.  This is the entire office space in the 10-story building that will also include a 116-room Marriott Moxy Hotel in floors 6 thru 9,  hotel amenity spaces on the second floor and the Cleveland-based Townhall restaurant at the ground floor and at the building's rooftop.

 

WeWork is the latest influx of co-working space in the Short North.  In addition to WeWork, Spaces recently opened its first Columbus location at 711 N. High Street.  Serendipity Labs brought its second Columbus location to 886 N. High Street in 2018.  And, after opening its initial location at The Joseph in 2015, Industrious will open a second, larger location at 875 N. High Street.

 

https://www.columbusunderground.com/office-tenant-announced-for-800-north-high-sp1

 

https://www.dispatch.com/business/20190718/co-working-company-takes-all-office-space-in-new-short-north-building

 

Columbus grants incentives for more than $500M in downtown development

 

Three major developments promising more than half a billion dollars in development around downtown have taken another step forward with approved incentive agreements from the city. Columbus City Council voted Monday night to approve deals for three projects that will bring additional housing and office space to the downtown area:

• $210 million expansion of Arena District, featuring offices, apartments and additional parking.
• $192 million North Market mixed-use tower that was reintroduced this month after a project redesign, including the addition of a boutique hotel.
• $120 million expansion of the Gravity project in Franklinton, with a second phase across West Broad Street.

Council also passed 18 ordinances related to different projects around town that promise over 1,000 new jobs and $59.8 million in payroll, with the jobs required to pay $15 an hour under the city's new incentives framework.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/07/23/columbus-grants-incentives-for-500m-in-downtown.html

Business First did a deep dive into the jobs and development generated by incentive deals granted by the City of Columbus.  This is the first of two articles on the subject - focusing on the development side:

 

Columbus incentives in 2019 have attracted $1.1B in development projects, 4,400 new jobs

 

Columbus City Council has approved 33 business attraction and retention deals so far this year that are expected to bring $1.15 billion in private investment to the city over the next seven years, the Department of Development said.  The cumulative impact comes not only from downtown blockbusters such as the North Market tower, but from dozens of smaller projects in the mix – ranging from a co-working space in a downtown historical rehab to a 550-person Brewery District operations center for a New York City business process outsourcing firm.

( . . . )

The deals result in $28 million of foregone taxes over 15 years for the city, Franklin County, schools, libraries and other taxing entities, according to an analysis by Columbus Business First of department fact sheets.  The projects still will pay $7.6 million in income and property taxes during their 5- to 15-year terms, based on Development Department estimates, with the full 15-year total higher as the shorter deals expire.  Overall the Department of Development has ushered 50 pieces of legislation through Columbus City Council since Jan. 1.  Here are the 2019 year-to-date deals:

• Retain 3,600 jobs with average annual pay of $71,000.
• Create 4,400 new jobs with average annual pay of $69,000.
• Add $276 million net new payroll, which after incentives expire will generate $6.9 million in annual income taxes for the city, not including property taxes.

Columbus has become more strategic about incentives to make its economic growth more inclusive, Mayor Andrew Ginther said.  Each residential project getting deals this year will set aside a portion of units to be affordable to those with moderate incomes, he said.  No incentives are offered on jobs that pay less than $15 hourly.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/07/24/columbus-incentives-in-2019-have-attracted-1-1b-in.html 

This is the second of the Business First articles about jobs and development generated by incentive deals granted by the City of Columbus.  This one focuses on the jobs side of the subject:

 

The worry behind the boom:  City seeing more people, development - but not enough good paying jobs

 

By all outward appearances, Columbus is on a roll.  More than $2 billion worth of development is under way or coming soon in downtown, the Arena District, Franklinton, Easton and Rickenbacker International Airport, to name a few.  The metropolitan population is expected to grow by 50% in the next three decades.  But government and nonprofit number-crunchers have spotted a troubling undercurrent in the type of jobs and population coming to the city, which depends on income taxes for 77% of its operating budget.

 

In the last recession, when income tax was 65% of the budget, collections dropped in both 2008 and 2009 – two of the five years that’s ever happened – and the city laid off workers and closed rec centers. ... Now it’s even more vulnerable if wages drop.  From 2000 to 2016, the city of Columbus added nearly 168,000 people, bringing the population to about 870,000, the fastest growth since the 1950s.  But 97% of those new residents earn less than twice the federal poverty level, or $50,000 a year in a four-person household, according to the Columbus Foundation.

 

A collective reduction in earning power is a warning sign for city coffers.  Because of wage stagnation, city revenue is not growing commensurate with the population, City Auditor Megan Kilgore said.  And this is happening when the city needs more resources to build the streets, sewers and utilities to pave the way for the incoming population.  Employers gave several reasons when Kilgore called to ask why.  Among them: globalization, automation, retirements and uncertainty leading to the delays in wage increases.  Outside those companies, more workers are stringing together part-time work.

 

Collections are strong so far this year, said Joe Lombardi, the city’s finance and management director.  But average hourly wages are stuck at about $12.  An aging population means more people are retiring – which means they stop paying income tax – and their replacements, if any, start at lower pay.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/07/25/the-worry-behind-the-boom-city-seeing-more-people.html

https://www.bizjournals.com/columbus/news/2019/07/25/the-worry-behind-the-boom-city-seeing-more-people.html

 

Here are a couple of charts from the article in the previous post (also linked above):

 

 

 

 

WIN SOME:  https://www.dispatch.com/business/20190719/williams-lea-picks-columbus-for-project-expected-to-create-550-jobs

 

LOSE SOME:  https://www.dispatch.com/business/20190718/arrow-electronics-to-close-gahanna-operation-304-workers-losing-jobs

Major CRE brokerage moving to Arena District

 

Central Ohio's second-largest commercial real estate brokerage is moving its main Columbus office to the Arena District.  JLL will relocate its downtown office from a Capitol Square space at 65 E. State St. to a large block of space at 375 N. Front St. (office space attached to Nationwide Arena). ... "We've been growing substantially over the past few years and it got to the point we were looking," said Dan Wendorf, managing director for JLL in Columbus. "This space gives us the retail amenities, the vibe walking around there and accessibility for our clients and employees."

 

JLL has 275 employees in the Columbus market, including 52 brokers and sales agents.  Many of the company's employees work remotely and about 45 people will work in this new office.  The first-floor space in the building will span about 10,000 square feet and host JLL's brokerage operation, consolidating its multifamily brokerage, project managers and capital markets staff who previously hadn't had space to be in the downtown office.

 

The brokerage is following a wave of growth, as the Arena District is seeing a billion-dollar boom alongside much of downtown's northern arc.  Major developments headed to the area include developer Nationwide Realty Investors Ltd.'s plans for a $210 million expansion of the Arena District, a move that's slated to bring 500,000 square feet of new office space.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/08/05/exclusive-major-cre-brokerage-moving-to-arena.html

 

Columbus advertising agency headed to the Short North

 

Treetree, an ad agency with an emphasis on special projects, is leaving its "treehouse" home in the Battleship Building at 444 N. Front Street.  The firm will soon occupy about 4,400 square feet 939 N. High St., a building that's also home to Short North developer Wood Cos.

 

Treetree CEO Becca Apfelstadt said the new space will mean more flexibility for the company's 18 employees.  "We recognize that growing and evolving also means planting ourselves in a space that can do the same," Apfelstadt said in a statement.  "We're building a new treehouse that will be exactly what our clients and the trees need to take us into the next decade.”

 

Construction on the new space will begin this fall with move-in slated for spring 2020.  Andrew Rosenthal of Columbus-based GRA+D, who designed the company's current space, will design the new space as well.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/08/05/columbusadvertising-agency-headed-to-the-short.html

On 7/29/2019 at 3:01 PM, Columbo said:

https://www.bizjournals.com/columbus/news/2019/07/25/the-worry-behind-the-boom-city-seeing-more-people.html

 

Here are a couple of charts from the article in the previous post (also linked above):

 

 

 

 

 

So 77% of Columbus' budget comes from income taxes, yet nationwide the number is 8%.  From where is most of a city's money coming from in other cities--corporate tax? property tax? the State?  Also---how does Columbus' 8% compare to--if this is a state issue--Cleveland and Cincinnati?

Most cities' property taxes are of a lower millage than Columbus, so it's probably not that. I do know that more money was coming from the State to all Ohio cities before 2014 or so.

3 hours ago, Pugu said:

 

So 77% of Columbus' budget comes from income taxes, yet nationwide the number is 8%.  From where is most of a city's money coming from in other cities--corporate tax? property tax? the State?  Also---how does Columbus' 8% compare to--if this is a state issue--Cleveland and Cincinnati?

 

So...is this some sort of effort to have the municipal earnings tax reduced?  Columbus and Cleveland are each 2.5%.  Cincinnati is 1.8% + .3% for metro.  

 

Many if not most states don't permit a municipal earnings tax and they make up for it with higher property taxes, sales taxes, and/or some sort of pass-through in state taxes.  

4 hours ago, Pugu said:

 

So 77% of Columbus' budget comes from income taxes, yet nationwide the number is 8%.  From where is most of a city's money coming from in other cities--corporate tax? property tax? the State?  Also---how does Columbus' % compare to--if this is a state issue--Cleveland and Cincinnati?

 

The nationwide number of 8% is likely because there are many states that don't allow cities to levy income taxes - unlike a home-rule state like Ohio.

 

As for why Columbus' % of municipal revenue from city income tax is higher than the other two C's (this is the assumption - if someone has the actual numbers - please share them) just look at each municipalities city vs. metro population (2018 est):

 

COLUMBUS -- 892K (city) of 2.078 mil (metro) = 43% of the metro population is within the city limits

CLEVELAND -- 384K (city) of 2.057 mil (metro) = 19% of the metro population is within the city limits

CINCINNATI -- 302K (city) of 2.137 mil (metro) = 14% of the metro population is within the city limits

 

When the City of Columbus needs to raise municipal revenue - as they did in 2009 during the Great Recession - they can ask city voters for a rate increase.  And because the central city is so dominant within the metro context, it will generate a lot of revenue - both from people within the city and also from people who work inside the city but live outside the city.  There is less of a need to go to the county and cobble together some revenue sharing arrangement because the city can generate its own income tax base.  Hence the high income revenue percentage for the Columbus budget.

Delete

Edited August 12, 20195 yr by DarkandStormy

I'm assuming they are going to be taking an L? ?

Ohio's state income taxes are aggressively progressive, whereas in other states they might be more flat. How much are some other states funding their cities, especially ones that collect a lot of state income taxes. NOT Florida!

36 Columbus-area companies made the 2019 Inc. 5000 list

 

-- Full list of the 36 Columbus-area companies:  https://www.bizjournals.com/columbus/news/2019/08/14/these-36-columbus-area-companies-made-the-2019-inc.html

 

-- Full Inc. 5000 list:  https://www.inc.com/inc5000/2019/top-private-companies-2019-inc5000.html

25 Columbus Companies Make VentureOhio Watchlist

 

VentureOhio has released its annual list of the 50 seed- and growth-stage companies across the state most primed for success in 2019 and beyond.  Columbus-based companies comprise half of 2019’s list.  A couple of the names are already fairly well-known - Root Insurance and Beam Dental.

 

Root Insurance helped lift Columbus on the national stage for venture capital, raising $151 million in 2018 and earning a $1 billion valuation.  Earlier this year, Root and Beam Dental also made commitments to increase hiring in Columbus, expecting to bring on 400 and 140 new employees respectively.

 

Full list of the 25 Venture-Ohio listed companies:  https://themetropreneur.com/columbus/25-columbus-companies-make-ventureohio-watchlist/

 

Donatos founder Jim Grote opens Edge Innovation Hub in Gahanna

 

The Donatos Pizza founder has launched a new food technology innovation center in Gahanna.  Edge Innovation Hub at 1140 Gahanna Parkway will host industry events, support start-up businesses and provide a collaborative working space.

 

Edge Innovation Hub shares a 17,000-square-foot space with BeeHex, a Columbus-based startup, and a demo space for Grote Company, a food-processing equipment maker founded by Jim Grote in 1972.

 

BeeHex raised $1 million to fund the development of a commercial prototype of its Chef 3D — a 3-D “printer” that can build pizzas with dough, sauce and cheese in about a minute.  Grote was the lead investor for the 3-D printer.  BeeHex got its start in California in 2016 and relocated to Columbus in 2017.

 

MORE:  https://www.dispatch.com/business/20190430/donatos-founder-jim-grote-opens-edge-innovation-hub-in-gahanna

 

I like discovering under-the-radar companies that are actually pretty big.  Here's another one that made some news today.  T. Marzetti, a Central Ohio-based maker of salad dressings, dips, breads and rolls.  T. Marzetti operates under its parent company Lancaster Colony Corp. - which despite its name is headquartered in Westerville.

 

The company's customer base is a 50/50 split.  One half are retail product lines, such as Marzetti salad dressings, New York Bakery garlic bread and Sister Schuberts rolls.  The other half are restaurants, such as Olive Garden and Buffalo Wild Wings, and food service companies who use Marzetti sauces and dressings in their menus.  According to the latest Columbus Business First listing of publicly traded companies, Lancaster Colony is 16th in Central Ohio for annual company revenue at $1.2 billion.  That's just below Wendy's at $1.22 billion annual company revenue!  That's a lot of salad dressing(!)

 

T. Marzetti opened a new 45,000 sq. ft. research, development and testing lab in Lewis Center (which is located in southern Delaware County not far from the Lancaster Colony HQ in Westerville).  Below are two Business First articles about this new facility:

 

https://www.bizjournals.com/columbus/news/2019/03/13/exclusive-marzetti-setting-up-new-r-d-facility-in.html

 

https://www.bizjournals.com/columbus/news/2019/08/27/photos-inside-columbus-new-secret-sauce-factory.html

Mmmmm...Sister Schuberts rolls...

Cleveland broadband provider starts 580-mile Columbus network for business connections, backbone for 5G

 

Cleveland-based Everstream has started construction of a 580-mile fiber-optic network in Central Ohio as part of a $300 million broadband expansion spanning seven Midwest states.  It's built the first 80 miles along I-270 in Columbus, one of the first two markets for the expansion financed by AMP Capital, an Australian private equity firm that acquired Everstream last year.  The up to $25 million network eventually will extend to Delaware, Marysville, Newark and Grove City, and more will be added with demand.  Everstream has opened a sales and engineering office on North 5th Street in downtown that will create more than 20 jobs.

( . . . )

In practical terms, Central Ohio gets teed up first because one of the big-three cellular carriers signed a lease on the network to increase bandwidth to towers that will be the backbone of future 5G service.  The next step is side connections to thousands of smaller antennae that make 5G possible.

( . . . )

The 100-gigabyte high-speed network will have capacity for several corporate clients.  The network links to three large Central Ohio data centers: Cologix in north Columbus and Expedient locations in Upper Arlington and Dublin.  “The bandwidth consumption in Columbus is growing very significantly so there’s plenty of need in the market,” CEO Brett Lindsey said.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/08/28/cleveland-broadband-provider-starts-580-mile.html

 

MAP FROM THE ARTICLE:

One of Central Ohio's largest employers announces layoffs

 

One of Central Ohio's largest employers is downsizing a workforce that's already seen a significant reduction in the past year or so.

In a letter to the state, Vertiv Group Corp. announced it was reducing the headcount at its Columbus manufacturing facility at 1050 Dearborn Dr., cutting 120 hourly and 10 salaried employees in phases from Oct. 14 through next April.

 

https://www.bizjournals.com/columbus/news/2019/08/20/one-of-central-ohios-largest-employers-announces.html

^ Well, 76th largest employer in Central Ohio.  But it is slightly larger (921 vs 892) than the Lancaster Colony Corp./T. Marzetti business that I posted about two days ago.

^ and they were the 42nd largest just a year ago.

For Hire: The Growth of Software Development, Tech Jobs in Columbus

 

In the fall of 2018, when a California-based software company held a grand opening of its second North American headquarters in Dublin, it wasn’t a surprise.  There are smart, talented people in Columbus, especially when it comes to the tech industry.

 

Whether the emergence of innovative new startups or large, multinational companies, there is a surge happening in Columbus, and job seekers are getting in on it.  Developers and tech professionals understand where the jobs are, simply based on the sheer amount of tech companies and startups that call Columbus home.  And those companies know where the talent is, given the city’s reputation as a great place to live, buy a home and raise a family.

 

The unemployment rate is also comparatively low, especially in the tech sector, which has led Columbus to be named the number one city for U.S. tech workers.  Workers are so in demand, in fact, Central Ohio tech companies are in need of more employees.

 

MORE:  https://www.columbusunderground.com/for-hire-the-growth-of-software-development-tech-jobs-in-columbus-tm1

Eddie Bauer parent shedding 111 employees in Central Ohio

 

https://www.bizjournals.com/columbus/news/2019/08/14/eddie-bauer-parent-shedding-111-employees-in.html

OhioHealth to raise its minimum wage to $15 per hour

 

More than 9,600 OhioHealth employees will see a bump in their paychecks starting in November.  The Columbus-based nonprofit health system, which has 30,000 employees and 12 hospitals, is raising its minimum wage from $12 to $15 per hour in what it says is an attempt to pay employees fairly.

 

The change comes on the heels of Nationwide Children’s Hospital announcement in April that it was raising its minimum wage, taking about one third of its employees from $10 to $15 an hour.  Mount Carmel Health System increased its minimum wage to $12 per hour last year, will take it to $13 by December, and plans to raise it to $15 in the next few years.

 

MORE:  https://www.dispatch.com/news/20190807/ohiohealth-to-raise-its-minimum-wage-to-15-per-hour

Ohio State raising minimum wage to $15 per hour in 2020

 

Ohio State University will raise the minimum wage for non-union and Wexner Medical Center employees to $15 per hour next year.  About 3,800 employees will benefit from the pay raise to $15 per hour in 2020.  An additional 1,000 employees now making $15 per hour will get a $1-an-hour boost to $16 per hour.

 

President Michael V. Drake announced the pay increases Friday in a prepared release stating that they will be implemented in connection with Ohio State’s annual merit-compensation process in 2020.

 

MORE:  https://www.dispatch.com/news/20190830/ohio-state-raising-minimum-wage-to-15-per-hour-in-2020

19 hours ago, Clefan98 said:

One of Central Ohio's largest employers announces layoffs

 

One of Central Ohio's largest employers is downsizing a workforce that's already seen a significant reduction in the past year or so.

In a letter to the state, Vertiv Group Corp. announced it was reducing the headcount at its Columbus manufacturing facility at 1050 Dearborn Dr., cutting 120 hourly and 10 salaried employees in phases from Oct. 14 through next April.

 

https://www.bizjournals.com/columbus/news/2019/08/20/one-of-central-ohios-largest-employers-announces.html

 

 

19 hours ago, Clefan98 said:

Eddie Bauer parent shedding 111 employees in Central Ohio

 

https://www.bizjournals.com/columbus/news/2019/08/14/eddie-bauer-parent-shedding-111-employees-in.html

 

 

Oh no.....two posts like this within 24 hrs. Are these simply indicative of things at these two companies, reactions to fears of recession, or are things really already slowing down? Hopefully the first one....

 

On 6/18/2019 at 1:40 PM, Columbo said:

With tasks mostly complete, Columbus economic development group looks ahead

 

With its goals basically complete, Columbus 2020 is determining what’s next for the economic development group, including a name change.  When Columbus 2020 launched in 2010 to lead economic development throughout 11 central Ohio counties, the region was hemorrhaging jobs and people were losing their homes to foreclosure during the worst recession since the Great Depression.

 

The group set seemingly ambitious goals back then: 150,000 new jobs, $8 billion in new capital investment and a 30% increase in per-person income by 2020.  The jobs and capital investment goals already have been hit, and per-person income is up 28.5% through 2017, the most recent data available.

 

For the past year, 2020 executives have been meeting with hundreds of interested parties, including CEOs, chambers of commerce and other leaders about the direction of the group going forward.  The group likely will release its next set of goals this summer.

 

MORE:  https://www.dispatch.com/business/20190603/with-tasks-mostly-complete-columbus-economic-development-group-looks-ahead

 

UPDATE:

 

Columbus 2020 no more; renamed economic group wants region to be the most prosperous in the U.S.

 

One Columbus has replaced Columbus 2020, the name of the economic development group that was created in 2010, when the country was emerging from the worst downturn since the Great Depression.  Back in 2010 when Columbus 2020 started, the region, like many other parts of the country, was hemorrhaging jobs, and homeowners were losing their homes to foreclosure.

 

Since then, the region has added nearly 200,000 jobs, and its job-growth rate has been the best among 10 large Midwestern cities.  Also, the region has led the Midwest in population and economic growth over that period.  Since 2011, Columbus 2020, which includes 11 central Ohio counties, has been involved in projects that have created 47,838 jobs with an annual payroll of $2.1 billion and total investment of $8.6 billion.  Now the region is starting the next decade with a low unemployment rate of 3.9% in July and record-high home prices.

 

Although prosperity is a term that can mean different things to different people, it can’t be achieved without economic growth, Kenny McDonald, One Columbus’ chief economic officer said.  “You can’t achieve your growth potential unless you deal with some of the other issues that are eating at our true prosperity — education, transportation, housing,” he said.  The One Columbus name is meant to symbolize a region that has come together over the years in pursuit of economic development.  “We just think economic development is a big tent. It’s a big place, a table where a lot of people can come together for a common purpose,” he said.

 

As part of the effort, One Columbus has created a monitor that will show how the region stacks up with 34 other metro areas in the U.S. that have 1 million to 3 million residents.  The report, to be updated monthly, will focus on the most current measurements, based on three categories: growth, prosperity and innovation.  McDonald and his staff have been talking to groups about the new strategy, and the response has been consistent.  “We’re really proud of this region,” he said people tell him. “We take great pride in it. We want it to grow, and yet we can do better.”

 

MORE:  https://www.dispatch.com/business/20190903/columbus-2020-no-more-renamed-economic-group-wants-region-to-be-most-prosperous-in-us

Columbus 2020 changes name, sets goals for second decade

 

Ahead of next year's obviation of its name, Columbus 2020 is rebranding – and setting the goals and metrics for its second decade of economic development in Central Ohio.

 

Leaving behind a temporal deadline, the nonprofit economic development organization has renamed itself One Columbus.  The organization's new logo takes advantage of negative space in the typeface to make a nod to the 11 Central Ohio counties it represents.

 

Growth alone is not enough, CEO Kenny McDonald said.  The group recognizes that true prosperity also addresses affordable housing and disparities in wealth and income.  For example, the former 2020 is among several regional groups in the Rise Together initiative to combat poverty.

 

Columbus 2020 was formed in 2010 in the aftermath of the recession to attract and retain job-creating businesses.  It met its three broad 10-year goals early: add 150,000 new jobs to the region, attract $8 billion in capital investment and increase per-capita income by 30%.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/09/03/columbus-2020-changes-name-sets-goals-for-second.html

Video games.  Video game tournaments.  eSports.

Whatever it's called, it's becoming big business.  According to a 2019 esports report from market research firm Newzoo, professional esports revenue totaled $875 million in 2018.  And it’s projected to surpass the billion-dollar mark this year.  The global audience for esports was about 395 million people in 2018 and is expected to grow to nearly 454 million in 2019.

 

Columbus has been a part of this eSports growth.  In 2014, I posted this eSports news in this thread:

On 9/25/2014 at 11:08 AM, Columbo said:

Major League Gaming is opening its second arena in the U.S. dedicated to video game tournaments in Columbus.  MLG announced it would locating to a 14,000 sq. ft. venue south of Easton and north of the airport at 2188 Citygate Drive.  The location, to be called MLG.tv Arena, will have bleacher seating, soundproof booths for players and the ability to host live commentary.  Officials said it will host year-round events geared towards livesteaming on MLG.tv.

 

http://www.bizjournals.com/columbus/news/2014/09/23/major-league-gaming-setting-up-e-sports-arena-in.html

 

http://www.columbusunderground.com/major-league-gaming-opening-columbus-arena

 

And in 2016 -  in the Columbus Events thread - there was this news:

On 3/31/2016 at 1:35 PM, Columbo said:

 

The above quote from 2014 in the Columbus General Business thread talked about the video-game/eSports company Major League Gaming installing a video gaming arena in Columbus.  Now, MLG is hosting a big video gaming tournament in Nationwide Arena this weekend:  http://www.majorleaguegaming.com/CSMajor?utm_source=EventSection&utm_medium=Button

 

According to https://reddit.com/r/Columbus?utm_content=subreddit&utm_medium=post_embed&utm_name=d2403eab14b24622a78b365eb1512d4d&utm_source=embedly&utm_term=4cq1mn this three-day event (April 1-3) is completely sold out.

 

Now, Ohio State is getting involved with eSports:

 

 

Ohio State embraces esports with passion

 

Announced last year, Ohio State’s esports program is moving forward this school year with the opening of its esports “arena” in Lincoln Tower.  It’s just one part of a program that involves an esports curriculum, research and student life — all around competitive video gaming.

 

The arena holds an esports facility with more than 80 seats mixed among gaming computers, gaming consoles and virtual-reality systems.  It also will feature a broadcast booth for students interested in streaming or covering esports events.  The facility is open to all enrolled students.

 

The arena also will include spaces for Ohio State’s new esports teams, run through the Office of Student Life.  Brandon Smith, esports director in Ohio State’s Office of Student Life, said the university expects to start three to four teams this school year — most likely for Overwatch, League of Legends, Rocket League and Hearthstone games, which are some of the more popular in collegiate esports.

 

Ohio State’s esports program also will include an undergraduate major in game studies and esports.  The curriculum is still undergoing an approval process, with official enrollment for the major planned for fall 2020.  Becky Bradshaw, program manager in the Office of Business Advancement, who has been helping to launch the esports program said that Ohio State is working with partners in the gaming industry to create the curriculum, which will have three specialization tracks: esports and game creation, esports management and the application of games in health and medicine.

 

MORE:  https://www.dispatch.com/news/20190818/ohio-state-embraces-esports-with-passion

This is all about getting kids to go to OSU's video game design school. These schools graduate 10X as many students as there are job openings in the field -- a field that can move overseas at any time just as it did after the Video Game Crash of 1983. When game design moved back to the States in the early 2000s, schools went nuts with these programs since it was a field with growth that wasn't healthcare or trucking.

 

eSports is a bubble. Luckily, OSU will have no trouble when it bursts since they are diversified and well-funded.

500 new jobs coming to Central Ohio:

 

https://columbusregion.com/news-events/press-releases/hims-inc-expands-to-the-columbus-region-creating-500-new-jobs/

I'm a bit surprised that a Central Ohioan didn't post this before I did....

 

JPMorgan Weighs Shifting Thousands of Jobs Out of New York Area
Company is reining in costs ahead of possible economic slump
Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, TX; Columbus, OH; and Wilmington, DE.

 

https://www.bloomberg.com/news/articles/2019-10-28/jpmorgan-weighs-shifting-thousands-of-jobs-out-of-new-york-area

Edited October 28, 20195 yr by KJP

11 minutes ago, KJP said:

I feel a bit surprised that you Central Ohioans aren't jumping all over this....

 

I just came here to "jump all over it" but you beat me by a few minutes. 

 

I'm wondering how many thousands of jobs they could be moving, and how many of those could we land in Columbus. We've been talking a lot about how the CDDC thinks they will fill 2 million sq ft of office space on the Scioto Peninsula. Perhaps this could assist in filling that, although they could also spread out some of this positions in their preexisting locations here in Columbus. Regardless, the jobs would be great for the area!

19 minutes ago, cbussoccer said:

 

I just came here to "jump all over it" but you beat me by a few minutes. 

 

I'm wondering how many thousands of jobs they could be moving, and how many of those could we land in Columbus. We've been talking a lot about how the CDDC thinks they will fill 2 million sq ft of office space on the Scioto Peninsula. Perhaps this could assist in filling that, although they could also spread out some of this positions in their preexisting locations here in Columbus. Regardless, the jobs would be great for the area!

Right now Chase has ~2 million square feet in Columbus with ~18,400 jobs. It would take a huge number to make even a dent in 2 million square feet on the Peninsula. As I said in the Capitol Square thread, perhaps Chase is interested in that development like Bank One originally.

4 minutes ago, aderwent said:

Right now Chase has ~2 million square feet in Columbus with ~18,400 jobs. It would take a huge number to make even a dent in 2 million square feet on the Peninsula. As I said in the Capitol Square thread, perhaps Chase is interested in that development like Bank One originally.

 

Chase is in a skyscraper mood right now it seems with them looking at building a supertall in NYC. *crosses fingers*

Here's the CBF take on the potential Chase job relocation to Columbus.

 

https://www.bizjournals.com/columbus/news/2019/10/29/jpmorgan-chase-considering-shifting-jobs-out-of.html?iana=hpmvp_colum_news_headline

Columbus' humming economy poised for growth, Federal Reserve predicts

 

 

Columbus' unemployment rate notably hit an 18-year low of 3.3% in June and has been below 4% for more than two years even as its workforce has grown. The city's per capita GDP is almost $6,000 higher today than it was in 2007, the researchers found, and it's seen faster GDP growth than the national average since the Great Recession.

 

"The Columbus metro area’s unemployment rate is low and falling even as the labor force expands," the researchers said. "The labor force in the Columbus metro area has grown by about 10,000 people this year, as people continue to be attracted to the area by the strong job prospects, driven by growth in the government, construction and transportation sectors."

Steady growth brought 12,400 jobs to the region in the 12 months through March, on par with the national growth rate, with construction surging 5.3% and government and financial services offsetting slower numbers in education and health services.

 

The Fed researchers highlighted the region's housing market too. The median home value, at $195,400, rose 6.9% year-over-year in August and has outpaced both state and national averages. Home prices here, the Fed economists noted, are affordable relative to the national average, but expensive for Ohio.

 

https://www.bizjournals.com/columbus/news/2019/11/04/columbus-humming-economy-poised-for-growth-federal.html?iana=hpmvp_colum_news_headline

WeWork opens in the Short North

 

 

Even as the company's financial woes continue, coworking giant WeWork's first Ohio location is now open for business.

 

More below:

https://www.bizjournals.com/columbus/news/2019/12/03/photos-wework-opens-in-the-short-north.html

Here's a pretty cool article about Upstart(California tech company that moved their second HQ here and is in the Lincoln building for anybody that wasn't aware).  It talks about how they plan on growing this office bigger than the San Mateo one and that the CEO is also scouting for more office space.  It also mentions that Columbus has a ton of talent here(one of the other developers on my team actually just took a position with them) and that they also haven't had any trouble convincing people to come here from places like NYC.  There are also some cool pictures of the office and the views they have of downtown and the Short North.

 

CBF Cool Offices: Upstart's Columbus HQ2 could grow bigger than Silicon Valley home base

Upstart Network Inc. picked Columbus for its second headquarters 13 months ago and set a stretch goal of 100 employees by the end of 2019.

 

It's already hired 120, including data scientists, software engineers and customer support staff.

 

The Columbus office realistically could grow larger than the San Francisco-area headquarters within a year, CEO Dave Girouard said. The e-lending company has 220 employees in the San Mateo, California, home office today. Columbus could top 500, he said.

 

"We're incredibly confident the talent is here," Girouard said. "Our business is really strong right now, and there's no reason to think it won't be in the future."

Girouard was in Columbus Tuesday for an open house for vendors, fellow tech companies and public officials. He's also scouting Central Ohio real estate just months after moving into 15,000 square feet at 711 N. High St. in the Short North.

 

...

 

Columbus also has proven to be "an amazing place" for recruiting out-of-towners to move, he said. The office has hires who moved from New York City and Albuquerque.

 

More here: https://www.bizjournals.com/columbus/news/2019/12/04/cbf-cool-offices-upstarts-columbus-hq2-could-grow.html?iana=hpmvp_colum_news_headline

 

 

Edited December 4, 20195 yr by TH3BUDDHA

Central Ohio to add another publicly traded company after $5.3B deal

Vertiv Holdings LLC, the data center and IT infrastructure spinout from Emerson Electric Co., will go public after a merger that values the company at $5.3. billion.

 

An affiliate of Goldman Sachs Group Inc. and David Cote, former CEO and executive chairman of Honeywell, created a holding company that Vertiv has agreed to join. Once the transaction closes in early 2020, the new company, renamed Vertiv Holdings Co., will trade on the New York Stock Exchange under the ticker VRT.

 

Rob Johnson remains CEO and the operations aren't affected at the company's 1050 Dearborn Dr. office. Cote will become executive chairman.

 

"We've built a great foundation over the past three years and I truly believe now is the right time to bring this company to the public market," Johnson said Tuesday in a call with investors.

 

More below:

https://www.bizjournals.com/columbus/news/2019/12/10/central-ohio-to-add-another-publicly-traded.html

Catching up on some older articles/news:

 

---

https://www.dispatch.com/news/20190727/columbus-to-study-ways-to-boost-economic-vitality-of-route-161-corridor

 

Columbus city officials are taking a closer look at the Northland area in an effort to attract more businesses and customers to boost the neighborhood’s economy.  City Council voted to enter into a  Monday to enter into a contract with Arch City Development to provide a market analysis of a roughly four-mile stretch of the Route 161 corridor, from the I-71 exits on the west to the I-270 exits on the east.

 

Officials say the study will review current and expansion opportunities for businesses, evaluate land-use patterns and make recommendations that address market constraints, real estate development opportunities and potential programming to help businesses in the area thrive.

 

Brian Higgins, the principal for Arch City Development, said he will be analyzing the conditions along the corridor and talking to landowners, merchants and residents.  “It’s declined from its heyday, but that’s created opportunities for small ethnic businesses,” Higgins said.  Higgins said he’ll also be looking at housing needs.

Columbus-Cincinnati-Louisville corridor becoming 'the heart of e-commerce' – how that's heating up the city's real estate market

 

Joe Kimener can hardly start a tour of a new warehouse site when the phone rings again.  This afternoon, he's trying to tour the gargantuan, 1.2-million-square-foot warehouse now framed off I-70 in Etna that is coming together quickly as acres of concrete are poured and tons of dirt smoothed out.  When it's done, Kohl's Department Stores will ramp up an e-commerce distribution hub slated to employ 700.

 

It's part of the 155-acre The Cubes at Etna 70 development, where Kimener and Jeff Lyons of CBRE have been retained as listing agent for what will be 4 million square feet of new warehouses in eight buildings.  Kohl's immediately took one of the largest available plots, and brokers have been scrambling to make deals happen even in spaces of this scale.  "E-commerce is really driving things," Kimener said.

 

Columbus has seen 14 million square feet of activity for e-commerce operations since 2014 – 38% of all warehouse leasing activity.  In a recent research report, JLL dubbed the Columbus-Cincinnati-Louisville I-71 corridor as "the heart of e-commerce," noting 44% of all warehouse leasing activity across the three cities' 439 million square feet of warehouse inventory was for e-commerce.  The corridor has grown in prominence at a time that e-commerce sales have jumped 49.2% since 2012 and now account for 9.8% of all retail sales - and is projected to grow to 17.4% of all retail sales by 2022.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/08/16/i-71-through-columbus-becoming-the-heart-of-e.html

Columbus Business First profiles the 2019 JLL Columbus Skyline Report - which looks at downtown office vacancy and lease rates - and includes a slideshow of 14 downtown properties.  Business First also included a slideshow of 13 announced downtown (and downtown adjacent) projects that will add to the existing office space inventory:

 

https://www.bizjournals.com/columbus/news/2019/08/25/skyline-report-these-columbus-towers-have-the.html

 

Photos: Inside the Short North's latest coworking addition

 

New York-based coworking company Industrious has officially opened its second Short North location, a significant expansion of the national brand's Columbus presence.

 

The 30,000-square-foot location includes 96 office suites and room for up to 381 members on the third and fourth floors of the newly constructed 875 N. High Street building.  The building is part of The Sutton, a multi-phase mixed-use project from Columbus-based Pizzuti Cos. that will also include a neighboring six-story apartment building.

 

Pizzuti is also Industrious' landlord at its first Short North location, a 30-office coworking space in the Offices at the Joseph at 629 N. High Street.  That site will remain open.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/09/03/photos-inside-the-short-norths-latest-coworking.html