Columbus, Ohio/United States

(COLUMBUS, OH) Doug Falor of Colliers Turley Martin Tucker (CTMT) represented Medigistics (on the web at www.medigistics.net) in the lease of 17,000 square feet at 1111 Schrock Road from Busch Properties. The space formerly housed employees from Bank One before it was purchased by JP Morgan Chase. Randy Stephens and John Boll, also of CTMT, represented Busch Properties in the transaction.

This deal illustrates an emerging trend in the Columbus office market, in which tenants are trading up from class B and C space. Although Columbus maintains healthy vacancy rates, competitive opportunities exist that may lure those exploring real estate options away from their current location. Medigistics, who previously leased space at 4400 N. High Street, is one of the latest companies to take advantage of the opportunity.

Overall, vacancy rates are currently three percent lower than where they stood at this time last year (19.59% at close of first quarter 2007). In this regard, progress has been slow but steady. Despite this improvement, not all submarkets are sharing the benefits equally. For instance, the north submarket, which includes the building at 1111 Schrock, continues at above average vacancy (currently over 27%). In these pockets around the city where recovery is slower, however, lease rates are starting to catch the eye of prospective tenants such as Medigistics.

Comparatively speaking, the resurgence in the Northwest and Downtown submarkets during the first quarter of 2007 is much more evident. In the Northwest, vacancy declined by seven percent and asking full service rent for class B space increased by nearly one dollar per square foot. Likewise, downtown is also showing an upturn in activity, and as a result vacancy rates are now three percent lower (17.3% at close of first quarter). Despite this trend, downtown full service rental rates remained steady at about $19.55 compared to $19.34 this time last year.

Please see the the Columbus office market report   for complete details.

About Colliers Turley Martin Tucker

One of the nation’s largest privately held, full-service commercial real estate firms, Colliers Turley Martin Tucker (CTMT) handles more than $5 billion in annual real estate transactions and manages over 212 million square feet of industrial, office, and retail space. CTMT has approximately 1,200 associates of which 450 are licensed real estate professionals throughout its regional offices in Cincinnati, Columbus, and Dayton, OH: Indianapolis, IN; Kansas City, MO; Minneapolis/St. Paul, MN; Nashville, TN, and St. Louis MO.

For more information about Colliers Turley Martin Tucker, visit our website at www.ctmt.com.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 9,327 employees span the world in 241 offices in 54 countries. On a worldwide basis, Colliers manages 595,725,580 square feet, and has revenue of $US 1,442,478,223. For more information about Colliers International, visit our website at www.colliers.com.

Contact Information

Wayne Henry
Marketing Manager
whenry@ctmt.com
Office: (614) 827-1724

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