There is no doubt that housing development is booming in the greater Columbus area. Everywhere you turn, new projects are underway. The excitement and momentum that the current real estate trend is creating is infectious, and has many residents, business owners and investors excited to see what the future holds for our area. At The Redirections Group, we stand ready to serve the needs of our growing community and offer a variety of professional signs and other graphics products. We would like to share the following thoughts on why Columbus is going through this most recent wave of development.
What is Driving Current Housing Demand?
People who already live here are well aware of the attraction that the greater Columbus area has to offer. A college town with a heavy dose of city amenities cover all the bases, and there are also plenty of quiet rural areas that offer country living. Good schools, affordable homes and a healthy local economy also factor in. Perhaps the most important influence behind the recent housing boom is the strong job market in the area. Since 2010, employment rates have increased every month, and The Columbus Metropolitan Statistical Area saw the addition of nearly 19,000 new jobs in 2016 alone.
The local apartment market is another factor that is drawing people to the area. Knowing that you can find a great job is one thing, but finding affordable housing that is also attractive and comfortable is equally important. Columbus delivers on that front, with plenty of apartments available to suit every taste and budget. New apartment construction is also going strong, suggesting that the area will be able to keep up with increasing rental demand.
What About New Home Building?
Demand is also high for newly constructed homes. In fact, demand is so strong that Columbus has been a seller's market for some time now. Listings of existing homes are down, and when a seller does place a home on the market, they can expect to receive multiple offers in a very short window of time, often within days of the listing hitting the market. That has driven home prices up and increased the demand for newly constructed homes. Developers are taking advantage of the current market and building out new communities throughout the area.
What are Some of the Most Exciting New Developments?
The Schottenstein Development Group has announced plans for a new mixed-use development in the northwest portion of Downtown Columbus. The project will be called Grand Central and will be comprised of a mix of condos, apartments, hotels, retail and parking. Nearby, Grandview Yard is already up and running, offering a blend of retail, restaurant and residential options. Over in Dublin, Bridge Park is receiving a lot of buzz and is expected to offer a walkable neighborhood with retail, boutique, grocery and restaurant options in Downtown Dublin along the Scioto River. One of the most exciting projects in the area is the revitalization of Franklinton. New projects are underway to draw in new residents, and efforts are being made to balance gentrification with maintaining affordable living in an area that is certainly up-and-coming.
At The Redirections Group, we are proud to serve the needs of those who work in housing development and sales. We offer a wide range of sign and graphic services to suit virtually any size project or budget, and we would love to speak with you about how we can partner with your team to share the news about the many reasons to make Columbus, Ohio the place to call home.