Downtown Columbus' housing options are on the rise
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Huntington's recently announced plan to sell three historic downtown skyscrapers for housing and retail redevelopment is the latest update in an ongoing push to make downtown more livable.
Why it matters: Converting underused office space into residential units is a key part of many big cities' efforts to adapt to post-pandemic realities and create much-needed housing, Axios' Kate Marino reports.
Driving the news: Columbus' pipeline for turning old office buildings into new apartments is among the nation's hottest, per RentCafe's latest annual report on the topic, based on Yardi Matrix data.
- About 1,000 new units are expected this year, a 35% increase from last year.
Zoom in: The three biggest projects are:
- Continental Centre, 150 E. Gay St., 409 units
- Chase Tower, 100 E. Broad St., 253 units
- Preston Centre (former PNC Tower), 155 E. Broad St., 120 units
The latest: Huntington is in the early stages of working with the Columbus Downtown Development Corp. to identify potential buyers for its three buildings "to suit modern needs."
By the numbers: City Council's goal is to reach 40,000 downtown residents by 2040.
- Downtown's population was about 11,650 in 2022 and has been steadily rising over the past two decades, per the most recent State of Downtown report.
- Office vacancies have also been rising, doubling from about 10% in 2016 to over 21% in 2022.
The big picture: The number of new units expected nationally from office-to-apartment flips in 2024 — roughly 55,300 — is more than quadruple what it was in 2021, according to RentCafe.
Yes, but: Completing such projects is often easier said than done. RentCafe's analysis included those that are under conversion, as well as planned and prospective redevelopment.
💠My thought bubble: As a former Capitol Square worker who now works from home, I'm hopeful these plans will help revive and reimagine a part of our city that once felt bustling every day.
- I still visit downtown occasionally. While the situation has improved, the impact of flexible working arrangements is still clear, based on the foot traffic I see and my former lunch staples that have disappeared.