Silicon Valley companies are leaving in herds from Northern California to Columbus, Ohio. Columbus is currently being dubbed the ‘Silicon Valley’ of the Midwest. The cost of living has drawn in tech companies at a record pace and the salaries of Columbus tech companies have grown faster than the rate of salaries in California’s Silicon Valley, pushing tech companies to relocate. This flood of these companies has caused a boom in real estate development in Columbus.
Tech giant, Intel Corp., announced plans to invest $20 Billion in building computer chip-making plants in the metro Columbus area. This decision reinforced Columbus’ growing metro area, raising the number of planned and completed projects in the pipeline. By the end of 2021, 21 metro Columbus construction projects, totaling more than $540 million, were completed. The city continues to grow, tech companies continue to flock, and the market continues to grow.
Washington D.C.-based real estate investment firm, DBT-Data, who develops data centers, plans to construct a multi-building complex for a confidential end user at New Albany International Business Park. The $1 billion project could span up to 1 million square feet. The site is close to the future home of Intel Corp.’s $20 billion semiconductor fabrication complex. The DBT development may span across three separate buildings, but the plans have not been finalized.
As tech companies flock to Columbus, multi-family and mixed-use developments are surging. Crawford Hoying plans to add new housing and amenities at Dublin’s Bridge Park. Announcing the construction of dozens of condo units, along with commercial, office, and green space. The massive mixed-use development plans to bring 86 high-end condo flats to the area. The project is expected to be completed by the end of summer 2023.
Future developments in Bridge Park will include new residential buildings, restaurants/retail, offices, and potentially a third hotel. These projects will come online by the end of summer 2023 and will be completed by 2024 and 2025.