5 Things To Know Before Buying Columbus OH Commercial Real Estate
Thinking about relocating your business? Buying Columbus OH commercial real estate is a great investment. Why is that, you ask?
Columbus OH is one of the fastest-growing major metropolitan areas in the U.S. And it’s celebrated as the second strongest metro in the U.S. for job creation. Below are several quick facts about Columbus, Ohio:
- The unemployment rate is a very low 3.3% (0.3% lower than the state of Ohio and 0.4% lower than the national average).
- Our city is one of the top ten youngest cities in the U.S. The average age of Columbus OH residents has been between 30-33 years old for roughly a decade.
- Columbus OH is ranked as one of the coolest cities in the Midwest.
- The Columbus Region tops the list of places where your dollar stretches further; the cost of living is 10% lower than the national average.
- Columbus OH schools are ranked among the top in the U.S.
- Columbus is home to the number one zoo, public library, science center, and ice cream!
- While the Ohio slogan says our state is the “heart of it all,” Columbus is practically the heart of the country, at least population-wise. roughly 50% of the U.S. population lives within a 500-mile radius of Columbus.
Why Buy Columbus Ohio Real Estate?
Where else can you see those kinds of statistics? Nowhere but in Columbus, Ohio!
Whether you are moving the whole family or looking to make a business investment, it’s essential to understand the ins and outs of where you are purchasing Columbus, Ohio real estate. At The Robert Weiler Company, we are not only a recognized commercial realtor in Columbus, Ohio, but also lifers here in our great city. And we understand that you want to learn more than just statistics – although the points above are pretty stellar!
We think that makes us your go-to experts in finding what you need to know before investing in commercial real estate in Columbus Ohio. We also can help you avoid 7 mistakes when investing in Ohio real estate.
Below is our list of the top 5 things you need to know about Columbus, Ohio, before buying real estate or relocating your business:
1- You Can Make Your Mark if You Buy Columbus OH Commercial Real Estate
Did you hear that Forbes named Columbus the best city to make your mark? Everything from home sales to job opportunities makes it the ideal place for people to settle down.
- A report from Realtor.com listed Columbus OH as the third-hottest market in the U.S.
- Realtor.com says the median listing home price is $187 per square foot. The median price of homes sold price is $259.9K. This means homeownership is reachable for many. (Realtor.com predicts that home sold prices will increase by 2.2% over the next year. If you’re serious, don’t wait too long.)
- The median household income in Columbus OH is approximately $62,994.
- 907,971 Residents do not mean you cannot get the hometown feel; this goes for families, college students, and young professionals.
- Columbus, OH, is ranked one of the top ten best suburbs in the U.S. concerning job access.
In Columbus, getting your feet on the ground and running is easy. Young professionals are moving here rapidly because they know it’s a great place to start their lives. And as someone considering to buy Columbus commercial OH real estate – whether it’s a commercial property for sale or rent – that means you’ll have a stable economy and a great population giving back.
2- College Town = Profitability
The Columbus Region is home to over 50 colleges and universities! In fact, Ohio State University is one of the largest universities in the U.S. (Go, Buckeyes!) There is a total enrollment of nearly 103,000 college and graduate students and more than 22,000 annual graduates. What does this mean?
- Columbus OH is a thriving city with constant new faces exploring, learning, and growing with us.
- The Columbus Region is a destination for many.
- Our great city has a large pool of job seekers!
3- Cost of Living: It’s More Than Dollars and Cents
Columbus OH tops the list of places where your buck can stretch the farthest. The cost of living in the Columbus Region is lower than the national average; it’s also lower than the state of Ohio. There’s more than just that to consider…
- Forbes rates Columbus as among the best metro areas to invest in housing.
- Columbus, Ohio’s housing price index is currently at a level of 390.79. This amount increased from 386.58 last quarter ( 1.09%) and from 365.04 (7.05%) one year ago.
- Costs for healthcare, transportation, and utilities are near the national average.
- The Columbus OH real estate market is competitive. This year, the Columbus City Council invested over $21 million in affordable housing, with plans to invest even more in 2024.
4- Working in Columbus, Ohio: The Ideal Situation
In Columbus, Ohio, there are over 1 million workforce contributors. But don’t feel like you’ll compete for scarce jobs when you buy Columbus OH real estate; the region is one of the fastest-growing areas in the Midwest.
- The median age of Columbus workers is 32.4 – approximately six years younger than the national average.
- In Columbus, the population growth outpaces the national average (1.24% in Columbus, OH vs 0.1% in the U.S.). This equates to more workers, increased jobs, and greater opportunities.
- Workforce development is a priority in Columbus – dozens of vocational and technical schools, colleges and universities, grants, and workforce development programs are available.
- The government is on board with making an ideal workforce in Columbus – the JobsOhio Workforce Grant was created to promote economic development, business expansion, and job creation by providing funding to improve worker skills and abilities.
5- Doing Business in Columbus OH: A No Brainer
According to data from venture capital firm M25, Columbus, Ohio ranks one of the top cities for startup business activity. Why? Because the business climate in Columbus is ideal for workers and employers alike.
In Ohio, there are tax incentives for business owners that make the cost of business a no-brainer. If you are ready to purchase Columbus OH real estate and own a business, you should note that businesses in the Columbus Region benefit from the following:
- No personal property tax;
- Zero inventory tax;
- And no state corporate income tax.
But that’s just the tip of the iceberg! Owning and operating a business in Ohio comes with tax savings and incentives from local governments as well as resources, credits, grants, and loans for new, small, and expanding companies. Some of these include the job creation tax credit and community reinvestment tax credits.
The jury says buy Columbus, OH commercial real estate and move your business here!
Resources:
- https://www.bls.gov/eag/eag.oh_columbus_msa.htm
- https://www.payscale.com/cost-of-living-calculator/Ohio-Columbus
- https://www.columbusrealtors.com/news/2023/03/06/1homepage/columbus-rises-to-no.-3-on-hottest-markets-list/
- https://www.realtor.com/realestateandhomes-search/Columbus_OH/overview
- https://www.prnewswire.com/news-releases/realtorcom-2024-housing-forecast-housing-affordability-finally-begins-to-turnaround-302000133.html
- https://www.census.gov/quickfacts/fact/table/columbuscityohio/PST040222
- https://www.collegetuitioncompare.com/compare/tables/?state=OH&city=columbus&factor=student-population
- https://columbusregion.com/talent/education/
- https://ycharts.com/indicators/columbus_oh_house_price_purchase_only_index
- https://www.10tv.com/article/news/local/city-council-votes-invest-another-45-million-for-affordable-housing-in-columbus/530-30036ec3-2aba-4163-850d-613f382f5b6b
- https://www.bizjournals.com/columbus/inno/stories/news/2023/08/10/columbus-startups-m25-ranking.html
What Are You Waiting For? Consult with a Premiere Columbus, Ohio Commercial Real Estate Company:
So, now that you’re convinced, who is your first call? How about The Robert Weiler Company for all your commercial real estate needs? Whether you want to invest in commercial land for sale, an office building or office space, apartment buildings, or commercial rental properties for sale, Columbus, Ohio is a smart choice. Call us at 614-221-4286 to speak with one of our Columbus OH commercial real estate brokers.
