Real Estate Trends
in Central Ohio
2015
Urban Land Institute
1025 Thomas Jefferson Street, NW
Suite 500 West
Washington, DC 20007-5201
www.uli.org
ULI Columbus
1196 Hope Avenue
Columbus, OH 43212
http://columbus.uli.org
Cover Image Source: The Ohio State University,
James Cancer Hospital and Solove Research Institute.
© 2014 Urban Land Institute
Real Estate Trends
in Central Ohio
A PUBLICATION FROM:
2015
TABLE OF CONTENTS
Background
Survey Respondent Characteristics
General Business Prospects
Key Issues for 2015
Real Estate Sectors
Capital Markets
Central Ohio Submarkets
How Does Central Ohio Compare?
Building Healthy Places
1
1
2
4
5
8
10
12
14
BACKGROUND
Real Estate Trends in Central Ohio takes a pulse of the region's real estate market, including capital markets, various sectors, and
area submarkets. This survey complements the national Urban Land Institute's Emerging Trends in Real Estate, adding an in -depth
local perspective to the national survey's insights on the U.S. economy and real estate markets.
In early October, ULI Columbus distributed a link to an online survey to its full e -mail list, from which 69 responses were collected
from October 2 to October 31. Additionally, 15 interviews were conducted throughout October with key local experts from the p rivate
and public sectors across a range of professional developments, in particular real estate development, management, finance, a nd
planning.
The information presented in this report comprise quantitative data from the survey and quotes from the interviews as well as the
comment sections in the survey.
SURVEY RESPONDENT CHARACTERISTICS
Professional service firms represent the largest share of
Respondents by field
survey respondents at 31 percent, followed by private
developers (15 percent) and government (13 percent).
More than a quarter (31 percent) of survey respondents
are at the director or manager level at their firms.
Generally, respondents range across different levels from
CEO to Associate.
Healthcare
2%
University
3%
Other
10%
Government
13%
This year's respondents were more skewed toward rental
housing and office than in the past, with 69 and 56
percent of respondents, respectively, active in those
Professional
Service Firm
31%
sectors.
Private
Developer
15%
REIT
3%
Lender
9%
Brokerage
6%
Property
Management
5%
Other responses: non-profit community development, non-profit developer
Respondents by sector (multiple selections allowed)
0%
20%
40%
Office
60%
47%
Residential - rental
Institutional/public
Niche/alternative
Other
14%
69%
Associate
12%
17%
Industrial/distribution
Hospitality
100%
56%
Retail
Residential - for sale
80%
Respondents by position
47%
19%
President/CEO
9%
EVP/COO/CFO
4%
17%
25%
Owner
20%
Director/Manager
31%
Vice President
10%
Other responses: business development, partner, professor.
1
GENERAL BUSINESS PROSPECTS
Expected and actual profitability of own business
Survey respondents expect their own business to do
slightly better in 2015 compared to 2014. These
Expectations
sentiments are similar to last year's survey, where
respondents expected a better 2014 compared to 2013.
Excellent
Some interviewees note historically high levels of activity.
Good
5.00
4.50
"We've probably been busier than in the past ten years."
4.00
3.40
3.50
"New projects seem to be presenting themselves at an
Fair
exponential pace as people are more optimistic about the
economy and real estate."
Abysmal
Business prospects for industry areas in Central Ohio
1.00
REITs
Real estate investment management
2.00
CMBS lenders/issuers
Insurance company real estate lenders
Real estate brokers
Fair
3.00
Good Excellent
4.00
2014
2.00
1.50
1.00
2015
In the survey, multifamily development
3.74
takes the top spot (average score of 4.33),
3.83
followed by real estate ownership (3.94).
On the development side, a number of
interviews highlighted construction in
3.79
4.33
3.66
healthy because rates are still low.
market is volatile."
3.47
Multifamily developers
lines of business, everything from
Investments will do well because the stock
3.79
3.53
outperformed because we have so many
management." "Finance will be pretty
3.94
Real estate consultants
"We would like to think we have
construction to brokerage to property
3.79
3.50
Homebuilders/residential land developers
5.00
3.62
Architects, designers
Commercial developers
2013
4.05
Prospects are high across industry areas.
Private local real estate owners
Commercial bank real estate lenders
4.023.91
3.00
2012
Poor
3.89
3.68
2.50
Poor
Abysmal
Actual
particular: "2014 will represent our largest
construction volume year in the history of
our company." "I see the strongest profits
in 2015 within the Central Ohio real estate
industry to be in construction." "If you're a
contractor, you'll do really well in the next
couple years."
.
2
Business prospects for real estate sectors in Central Ohio
Investment
A deeper dive into real estate sectors reveals
large industrial/distribution space to have the
Abysmal
best prospects in central Ohio, above the
various multifamily residential categories that
have dominated in previous years' surveys.
Medical office also scores strongly.
Prospects are generally higher for investment
than for development. "Everybody is out there
chasing yield" which, combined with low cap
rates, are creating opportunities for
investment. "There's more money for
refinancing than for new projects."
Development is expected to remain healthy in
2015. "Demand is there because the market is
strong and the financing sources for real
estate are currently there. There is more
demand than supply today."
However, a handful of interviewees express
greater caution. "There is a sense of urgency
as people aren’t sure how long this favorable
environment will last." "We see a little bit of a
plateau as people are nervous about the
absorption of everything that has recently
been built. 250 South High is a bellwether for
what’s to come."
1.00
Poor
2.00
Development
Fair
Good
3.00
Excellent
4.00
All industrial
5.00
4.14
3.64
4.36
4.23
Bulk/distribution space
General industrial
3.50
3.86
3.54
3.62
R&D industrial
3.38
3.46
Self-storage
3.06
3.11
All office
3.72
3.47
CBD office
2.89
2.84
Suburban office
4.06
4.00
Medical office
All retail
Regional malls
Power centers
Neighborhood/community
All apartments
Luxury apartments
3.21
2.50
3.57
3.00
3.31
3.15
3.79
3.71
3.95
3.80
4.00
4.05
Moderate apartments
3.95
3.85
Tax credit apartments
3.89
3.60
Student housing
4.05
3.84
3
KEY ISSUES FOR 2015
As central Ohio continues to grow and
develop, survey respondents rank
infrastructure funding and development as
Top real estate issues for Central Ohio in 2015
1.00
the top issue for 2015. With development
booming in areas such as the Short North,
"at what point does the current infrastructure
not support further residential development?"
Construction costs are also a significant
concern, both currently and going forward.
"We have seen a 20-30% jump in
construction costs over the last several
years." Labor availability, or lack thereof, is a
major driver of costs. "We lost a lot of the
construction workforce in the 2008-2009
decline." "The general contractors are telling
you that they don't have enough good subcontractors. That has driven construction
costs up."
Moderate
No
importance
2.00
3.00
4.00
Refinancing
Deleveraging
Great
importance
3.13
2.74
Vacancy rates
3.62
CMBS market recovery
3.23
Construction costs
3.69
Land costs
Green buildings
Wellness/health features in buildings
Risks from extreme weather
Future home prices
NIMBYism
Affordable/workforce housing
Transportation funding
Infrastructure funding/development
5.00
3.51
2.77
2.89
2.69
3.00
2.90
3.05
3.36
3.90
4
REAL ESTATE SECTORS
Industrial
Investment recommendation for 2015: INDUSTRIAL
The majority of survey respondents gives the
industrial sector a buy rating, with a strong
preference for larger bulk/distribution space.
"There was a shortage of supply that bigger
users could move into, so there have been larger
speculative projects in the Rickenbacker area."
"Rickenbacker is where you see a lot of the
industrial/ warehouse activity going on."
0%
20%
40%
60%
80%
100%
All industrial
Sell
Bulk/distribution space
Hold
General industrial
Buy
R&D industrial
Self-storage
General industrial space also scores highly
compared to office, retail or residential.
"Manufacturing is becoming more prevalent here
in America as opposed to overseas. This is a
consumer-driven phenomenon about speed to
market."
Office
Investment recommendation for 2015: OFFICE
The office sector contrasts strongly between
urban (33 percent buy rating for CBD) and
suburban (6 percent). "Office is strong in the
Arena District and at Grandview Yards."
"Anything urban-based will continue to be hot,
whether that is office or residential." "We are
seeing demand for office in more dense mixeduse environments."
0%
All office
20%
40%
60%
80%
100%
Sell
CBD office
Hold
Suburban office
Buy
Medical office
In contrast, the "suburban product is a bit slow in
terms of the velocity of tenants looking for
space," limiting opportunites for any spec
development.
Even with activity in the downtown/urban office
market, some interviewees are skeptical, noting a
game of "musical chairs" of office space and
tenants." "With Grandview Yards and
Nationwide's move there, they're not making
4,000 jobs, they're moving 4,000 jobs." "The
office market is tough, and net rental rates have
not kept up with inflation."
5
Investment recommendation for 2015: RETAIL
0%
Retail
Neighborhood shopping centers continue to outpace
20% 40% 60% 80% 100%
other forms of retail development. "Most of the
All retail
Sell
projects in the last few years have been grocery-
Regional malls
Hold
anchored centers."
Power centers
Buy
Regional malls continue to turn toward services,
Neighborhood/community
such as restaurants and entertainment. "People like
to go to the mall and get out of the house - the social
experience." "You have to be a deliverer of
experiences, not just goods. Otherwise you can be a
Hospitality
warehouse full of shelves."
Interviewees express concern about the hotel sector. "It seems
like everybody's back in the hotel game now. It will be
Opportunities exist, as "the overhang has been
interesting to see how long this remains strong." "There is a
absorbed and retailers are looking for new space
ceiling with hospitality. The question is when will we bump it."
again, despite e-commerce." However, the sector is
more difficult now. "The winners have great
locations. Twenty to 30 years ago, you could keep a
marginal location occupied with good tenants. It's a
lot tougher with big boxes, Amazon."
Rental housing
Investment recommendation for 2015: RESIDENTAL - RENTAL
0%
As survey respondents cool on rental housing
20% 40% 60% 80% 100%
compared to past years, interviewee perspectives
All apartments
Luxury apartments
Moderate apartments
Tax credit apartments
vary significantly. Some see continued growth, while
Sell
others see warning signs. For example: "the luxury
Hold
apartment sector in urban areas will continue for the
Buy
next 3-5 years" versus "the high-end new builds
Student housing
market is not that deep." Or: "existing student
housing that we have is 100% leased" versus "a
potential saturation of student housing."
Generally, interviewees agree that "there is some
For-sale housing
Interviewees are more sanguine about this sector than in years
past. "Now that the economy has stabilized, residential builders
overbuilding because the money is there."
"Suburban product will get hit harder than the more
urban product."
are starting to build again and people have buying power."
Demographics will be vital in sustaining rental
"Suburban sprawl is still happening. Hilliard and Dublin have
housing demand. "The younger workforce has
seen a lot of single-family homes permitted."
become a lot more mobile, and they will go where
Even with the millennials, "as time goes on and people start
getting married and having kids, the single-family market will be
there." On the other hand, effects of the last recession linger as
some "people have reached the conclusion that
homeownership can be a burden as well as an asset."
they can get jobs. Therefore, they may stay a renter
a little longer." "Young millennials don't want to have
anything to do with the burbs." That said,
apartments may "cool off unless we generate
population growth."
6
Capitalization rates
Capitalization rates for most sectors are considered to have remained stable over the past year. Average scores are slightly
below 3.00 (rates falling slightly) in commercial sectors and above 3.00 in rental housing. "Cap rates on the coasts are so
compressed right now that tertiary Midwestern markets are becoming more attractive." "Low cap rates have allowed us to
make a lot of money for our investors." However, all sectors are expected to see cap rates increase somewhat in the near
future, with rental housing trending faster in that direction.
Cap rate trends in 2014 vs. 2015: INDUSTRIAL
2014
2015
Fall
1.00
Cap rate trends in 2014 vs. 2015: OFFICE
Next three years
Stable
2.00
3.00
4.00
2014
Increase
Fall
5.00
1.00
2.91
3.17
3.17
All industrial
2.75
2.83
2.83
Bulk/distribution
space
2015
Next three years
Stable
2.00
Increase
3.00
4.00
All office
2.65
3.00
3.24
CBD office
2.94
3.00
3.24
General industrial
3.00
3.00
3.17
Suburban office
2.56
2.75
3.00
R&D industrial
2.80
3.00
3.18
Medical office
2.82
3.06
3.06
Cap rate trends in 2014 vs. 2015: RETAIL
Fall
1.00
All retail
Regional malls
Power centers
Neighborhood/community
Cap rate trends in 2014 vs. 2015: RESIDENTIAL - RENTAL
Stable
2.00
3.00
4.00
2.58
2.92
3.17
2.55
5.00
Increase
Fall
5.00
1.00
All apartments
Stable
2.00
Increase
3.00
4.00
3.19
3.25
3.25
3.25
3.31
3.44
3.00
3.25
Luxury apartments
2.67
3.00
3.25
Moderate apartments
3.19
3.19
3.19
2.73
2.82
2.83
Tax credit apartments
2.92
3.13
3.07
Student housing
5.00
3.20
3.40
3.27
7
CAPITAL MARKETS
Inflation and interest rates
As in previous years, survey respondents anticipate modest increases in inflation and interest rates in the near future. Interviews
agree: "We all expect interest rates to rise at some point. Personal prediction is that we have until mid to late 2015 until rates start
to tick up." "There will be no inflation in 2015, maybe a little in 2016. In talking to people close to the Fed, I understand that they
won’t do anything in 2015, but will wait until 2016." As a result, "people are trying to get long-term debt" and lock up current low
rates.
Several respondents and interviewees note that low rates have been good for real estate in recent years. However, "when
interest rates creep up, cap rates creep up and that will be a big concern."
Expected change in inflation and interest rates in 2015 and beyond
Fall
Substantially
Fall
Moderately
Remain
Stable
Increase
Moderately
Increase
Substantially
1.00
2.00
3.00
4.00
5.00
Inflation in 2015
3.43
Inflation over the next five years
3.83
Short term interest rates in 2015
3.45
Short term interest rates over the next five years
3.95
Long term interest rates in 2015
3.52
Long term interest rates over the next five years
4.02
Commercial mortgage rates in 2015
3.74
Commercial mortgage rates over the next five years
Underwriting standards
4.12
Expected change in underwriting standards in 2015
The majority of survey respondents believe that
underwriting standards will remain about the
0
5
10
15
20
same in 2015. As some sectors show signs of
overbuilding, "certain banks may require more
equity in a deal" and that "the fundamentals will
be increasingly important."
More survey respondents see underwriting
standards becoming less rigorous than more
rigorous. "The conservative side of me worries
about having too much capital and activity out
Much more rigorous
Somewhat more
rigorous
Remain the same
Somewhat less
rigorous
there. I hope there is some discipline because I
don’t want to go back to 2008 to 2011, which
general
underwriting
core investment
value-add
investment
opportunistic
investment
development and
redevelopment
Much less rigorous
wasn’t a very fun time."
8
Capital availability
As they did last year, survey respondents again expect to see both equity and debt capital more available in the upcoming yea r.
"There is more money chasing good real estate deals than I've ever seen in my career. If you have a well -leased, well-located
apartment building or retail, cap rates are low as I've ever seen."
The previous years' gap in scores between equity and debt has shrunk, as debt appears to be coming back. "There is a lot of
cash in the market as far as money that people want to lend." However, "lenders are more cautious with their sponsors and
borrowers. If you have really good sponsors and locations, you can get good financing." Another interviewee advises that whil e
"lenders are still looking to finance in central Ohio, around the country there are some concerns about oversupply. I think w e have
to watch that here."
Expected change in equity capital availability in 2015
Large
decline
Some
decline
1.00
2.00
No
change
Some
increase
Large
increase
4.00
5.00
3.00
Public companies and REITs
3.36
Private companies
3.52
Institutional investors
3.69
Private equity and opportunity/hedge funds
3.61
Private REITs
3.33
Syndicators/TICs/1031 Funds
2.96
Government enterprises
3.03
Foreign investors
3.64
Expected change in debt capital availability in 2015
Large
decline
Some
decline
No
change
Some
increase
Large
increase
1.00
2.00
3.00
4.00
5.00
Commercial banks
3.55
Securitized lenders/CMBS
3.55
Insurance companies
3.52
Non-bank financial institutions
3.48
Mortgage REITs
3.25
Government enterprises
3.20
Mezzanine lenders
3.48
9
CENTRAL OHIO SUBMARKETS
Best prospects for 2015 and beyond
Prospects for Central Ohio Submarkets in 2015 (vs. past years' prospects for 2014 and 2013)
Easton has overtaken New Albany as the
Abysmal
top area for development and investment
1.00
prospects, helped by "amenities that
modern office and apartment projects
need to have within walking distance."
The "northern-most cut of the outerbelt" New Albany, Dublin, Polaris - takes three
of the top five spots.
For the most frequent mentions in
interviews, the buzz is clearly in and
around downtown Columbus. "From a
downtown perspective, we are starting to
see an unprecedented level of activity."
"Absent a market downturn, the Short
Poor
Fair
2.00
remaining parcel in the Short North has
drawn interest".
At least a few interviewees note that the
current success of downtown has been
years in the making. "A lot of credit goes
to Mayor Coleman for, ten years ago,
understanding that the foundation for a
renaissance downtown was housing."
"We do well by embracing the mentality
5.00
4.37
4.27
New Albany
4.21
Downtown Columbus
4.00
Dublin
3.92
Polaris
3.88
UA/Grandview
3.82
Columbus -North
3.77
Powell
3.65
Westerville
3.59
Hilliard
3.44
Gahanna/ Airport
3.42
North Delaware
3.42
Worthington
3.28
Union
3.19
Grove City
that downtown is 'everyone’s
neighborhood.'"
Excellent
4.00
Easton
North and the Arena District will be
unstoppable during 2015." "Every
Good
3.00
3.19
Groveport/ Obetz
2.84
Fairfield
2.80
Madison
2.80
Pickaway
2.76
Licking
2.65
Reynoldsburg
2.64
Columbus -East
Columbus -West
Columbus -South
2.50
2.32
10
Prospects for Central Ohio Submarkets in 2014 (with change in score from 2013 prospects)
North Delaware
3.42 (-0.15)
Union
3.28 (+0.13)
Powell
3.77 (-0.11)
Dublin
4.00 (-0.28)
Worthington
3.42 (-0.10)
Westerville
3.65 (+0.11)
New Albany
4.27 (-0.12)
Cbus North
3.82 (+0.09)
Easton
4.37 (+0.14)
Gahanna/CMH
3.44 (-0.17)
UA/Grandview
3.88 (-0.10)
Hilliard
3.59 (-0.08)
Licking
2.76 (-0.09)
Polaris
3.92 (-0.28)
Cbus West
2.50 (-0.24)
Downtown
4.21 (+0.17)
Cbus East
2.64 (-0.08)
Cbus South
2.32 (-0.04)
Madison
2.80 (+0.19)
Grove City
3.19 (-0.11)
Groveport/Obetz
3.19 (+0.22)
Reynoldsburg
2.65 (-0.05)
Fairfield
2.84 (+0.02)
Pickaway
2.80 (+0.33)
Prospects elsewhere in Central Ohio
Beyond the top-ranked areas, the key will be a more urban form of redevelopment, including suburban downtowns "from Grove
City to Gahanna to Worthington." "Our firm’s repositioning has placed an emphasis on walkable locations." Despite the market
opportunity, not all communities "have the financial basis and the land to get that done" the way Dublin is currently planning with
the Bridge Street corridor. "That model is going to be a lot harder for other communities."
Within the city of Columbus, Franklinton is again noted for potential, now with pending redevelopment of the Veteran’s Memorial
site. However, one interviewee wonders whether it is even possible to replicate the success of the Short North elsewhere in the
city: "What other area is anchored by downtown on one end and the university on the other?" Meanwhile, "the east and west sides
are dead, with no activity taking place. It's interesting that the casino has elected not to build the hotel they had the option to
construct."
11
HOW DOES CENTRAL OHIO COMPARE?
Industry areas and sectors
Across real estate industries and property sectors, central Ohio ranges from "about the same" (3.00 rating) to "somewhat better"
(4.00) compared to other markets around the U.S. The development industry fares best in this measure: 3.54 for commercial
developers and 3.58 for multifamily developers. Among sectors, industrial is viewed as strongest relative to markets (3.67 for all
industrial). This marks a shift from previous years when multifamily rental housing had the highest scores.
Interviewees note that central Ohio is “steady Eddie,” "more stable and resilient than other markets." "We're competing pretty well
against the North Carolinas and Texases, but there's room for improvement." Interestingly, Pittsburgh is noted in multiple
interviews, "reinventing itself more rapidly than Columbus is" and in turn lowering its office vacancies.
Central Ohio compared to other U.S. markets by sector
Much
worse
Somewhat
worse
About the
same
Somewhat
better
Much
better
1.00
2.00
3.00
4.00
5.00
All industrial
3.67
Bulk/distribution space
4.00
General industrial
3.33
R&D industrial
3.50
Self-storage
3.38
All office
CBD office
Suburban office
3.25
3.17
2.92
Medical office
3.33
All retail
3.33
Regional malls
3.11
Power centers
3.56
Neighborhood/community
3.56
All apartments
Luxury apartments
3.40
3.27
Moderate apartments
Tax credit apartments
Student housing
3.47
3.27
3.14
12
Central Ohio compared to other U.S. markets by industry area
Much
worse
Somewhat
worse
About the
same
Somewhat
better
Much
better
1.00
2.00
3.00
4.00
5.00
REITs
Real estate investment management
3.09
3.29
Private local real estate owners
3.42
Commercial bank real estate lenders
3.23
CMBS lenders/issuers
3.27
Insurance company real estate lenders
Real estate brokers
Architects, designers
Real estate consultants
Commercial developers
Multifamily developers
Homebuilders/residential land developers
Land use and development needs
3.43
3.22
3.09
3.26
3.54
3.58
3.35
Central Ohio's biggest needs for land use and development
More economic growth and better public
transportation are the top priorities identified in the
survey. The emphasis on economic growth follows on
Low
priority
1.00
how survey respondents and interviewees compare
Columbus to other markets: "good, but not great."
"Raleigh is exploding with growth, driven by business
relocation and a favorable tax environment.
Columbus is flat by comparison."
Although many respondents and interviewees
express concerns about public transportation, "the
biggest problem with transit in Columbus is that we
don't really have a [traffic] problem." Interviewees
also mention other areas of infrastructure, including
"better parking in core urban areas" and "regional
technology upgrades for wifi and broadband."
Better building and zoning
regulations
High
priority
Moderate
2.00
3.00
4.00
3.24
More economic growth
4.14
More workforce for construction
and skilled trades
3.86
Better public transportation
4.14
Better parking in
downtown/Short North
Greater availability of sites for
development
5.00
3.62
3.17
Several interviewees have pointed comments about
the development approval process in central Ohio.
"Getting through the permitting process is pretty
tough here. We can do a better job of turning things
around faster." "Columbus is one of the more difficult
places to develop in the country. It takes a year or
two to get your approvals in order here in Ohio and a
lot can change in that amount of time."
13
BUILDING HEALTHY PLACES
In connection with ULI's Building Healthy Places initiative, survey respondents and interviewees were asked about how they
incorporate health and wellness features, if at all, into their real estate projects. Half the respondents note that such fea tures are
key or significant components of their work. "We see ourselves not as developers, but as redevelopers. We want to get people out
of their cars." Health/wellness features are "going to be a necessity in the future. You would be crazy not to do this becaus e you
will be obsolete if you don’t. It’s a deciding factor in where people want to live."
More barriers appear to exist in commercial real estate. "We talk about it, but haven’t seen it evolve into real space planni ng. It’s
just not a high enough priority for tenants." "For the most part, the market dictates something else, at least currently." Ho wever,
this situation may change with growing awareness of the connection between real estate and health. For commercial tenants,
savings could be generated indirectly: "the health insurance providers are talking to companies about insurance plans and tho se
that have health initiatives are being rewarded." A local government interviewee notes that "all of our incentives are tied t o
companies developing health plans." Among respondents that currently do not apply health/wellness features to a significant
extent, 57 percent intend to incorporate them in the future.
To what extent do you take into account wellness- and
health-related building or design features in your
business?
Not at all
7%
Wellness/
health is a key
component of
our business
11%
A little
18%
Somewhat
25%
Do you have plans to incorporate wellness- and health-related
building or design features in your work?
To a significant
extent
39%
No
43%
Yes
57%
14
REAL ESTATE TRENDS IN CENTRAL OHIO 2015 TEAM
Jung Kim *
Columbus 2020
Abigail Mack *
The Ohio State University
Clay Daney *
The Ohio State University
Liesel Schmader *
The Ohio State University
Bradley Dobson *
The Ohio State University
Allison Srail*
Cushman & Wakefield
Michael Douglas *
Glimcher Realty Trust
Ryan Skubic *
The Ohio State University
Derek Ehlers *
American Structurepoint
Ryan Sullivan *
Advoca Capital
Jana Hrdinova
Center for Real Estate
Fisher College of Business
Tom Vetter *
Vorys, Sater, Seymour and
Pease LLP
Tim Koob *
The Ohio State University
Don Casto, III *
Principal
CASTO
Jennifer Chrysler
Director of Community
Development
City of New Albany
Brian Ellis
President and COO
Nationwide Realty Investors
Terry Foegler *
Director of Strategic Initiatives/
Special Projects
City of Dublin
Brett Kaufman *
Owner
Kaufman Development
Marshall Loeb
President and COO
Glimcher Realty Trust
* ULI MEMBER
Joseph Reidy *
Chair
Terry Feogler *
Chair for Mission Advancement
Jonathan Barnes *
Governance Committee Chair
Michael Martin *
Treasurer
Cheryl Pentella *
Communications Chair
Jung Kim *
Programs Cochair
J. Jeffery McNealey *
Programs Cochair
INTERVIEWEES
Tom Caldwell
Executive Vice President of
Finance and Development
Continental Real Estate
Companies
MANAGEMENT COMMITTEE
Keith Myers *
Associate Vice President of
Physical Planning and Real Estate
at The Ohio State University
John Royer *
President
Kohr Royer Griffith
Jim Schimmer *
Director
Franklin County Economic
Development and Planning
Justin Metzler *
Membership Cochair
Kyle Rooney *
Sponsorship Chair
Allison Srail *
Young Leaders Group Chair
Jennifer Knittle *
Membership Cochair
Michael Simpson *
President
NAI Ohio Equities
Yaromir Steiner *
Founder and CEO
Steiner + Associates
ULI LEADERSHIP
Steven R. Schoeny *
Director
Department of Development, City
of Columbus
ULI DISTRICT COUNCIL LEADERSHIP
Bob White Jr.
President
Daimler
Nelson Yoder
Principal
Crawford Hoying Development
Peter Rummel
Chairman
Eric Swanson
Chair
District Councils
Patrick L. Phillips
Chief Executive Officer
Marilee Utter
Executive Vice President
District Councils
ULI COLUMBUS PROJECT STAFF
Alicia Gaston
District Council Coordinator
SPECIAL THANKS TO:
Jung Kim, Jana Hrdinova, and Bradley Dobson of The Ohio State University Fisher College of Business, for their advisory
and technical roles throughout the project. All the online survey respondents and individual interviewees. Members of the ULI
Columbus Young Leaders Group who conducted the interviews.
Urban Land Institute
1025 Thomas Jefferson Street, NW
Suite 500 West
Washington, DC 20007-5201
www.uli.org
ULI Columbus
1196 Hope Avenue
Columbus, OH 43212
http://columbus.uli.org