Underlying survey reveals confidence in local economy and companies, but corporate leaders also express concerns and a desire for change
To measure perceptions of the state of the Columbus economy, business landscape, and commercial real estate market, Thompson Hine partnered with Columbus Business First to survey local business owners and executives. More than 200 subscribers shared their views. Thompson Hine compiled the survey results and takeaways into a newly released report, “Columbus Is Going Places: How Do We Get There?”
“Central Ohio has experienced tremendous growth over the last decade, and that is only expected to accelerate,” said Michael V. Wible, Thompson Hine’s Columbus office partner in charge. “As a firm, we regularly help companies balance a number of different factors when considering locations for developing their new manufacturing facilities, distribution centers, corporate headquarters, and other projects. These factors include available incentives, relationships with state and local agencies, zoning and real estate issues, and healthy labor and construction markets, almost all of which were reflected in the survey responses we received.”
Here are just a few of the numerous corporate perceptions the report explores (see report for more information and specific percentages):
- Local business leaders report feeling optimistic and confident, both about Columbus’ local economy and future local employment conditions and their own companies.
- In 2023 businesses plan to focus on sales/products/services and growth, recruiting and retaining talent, partnering with other businesses, and continuing to recover from losses incurred because of the pandemic.
- Central Ohio corporate leaders also shared concerns, including rising business costs, the national and global economies, finding and keeping sufficient talent, supply chain disruptions, potentially harmful tax changes, and the inability to attract new customers.
- Specific wish-list items include better public transportation; more mixed-use buildings where they and their employees can live, work, play, and shop; pedestrian-friendly streets; and improved public safety.
- Despite prices and some lingering vacancies, the commercial real estate market is still generally characterized as good.
- When considering relocating their businesses, companies already in Columbus are looking for acceptable travel time for employees, an available workforce, friendly tax policies/incentives, available capital, proximity to customers/suppliers, and community/government support.
- Top factors for new site selection in the Columbus area include financial feasibility, tax credit strategies and applications, building lease terms, government funding strategies, and economic impact analysis or development planning, among others.
“Thompson Hine has been in downtown Columbus since 1991, so we didn’t need this survey to verify the energy and excitement here,” said Wible. “As evidenced by the pending arrivals of Honda, Intel, and others, it is clear that other companies and their people want to come to Columbus—and stay here—too. But these survey responses reflect one main theme: the desire for a revitalized Columbus downtown in 2023. We take pride in our work with companies based and doing business in Columbus.”
Industries represented in the Thompson Hine/Columbus Business First survey include professional services, manufacturing, construction, technology, residential real estate, banking and other financial services, health care, commercial real estate, and logistics. Company revenues ranged from less than $500,000 to $100 million or more.
Thompson Hine is committed to staying on top of significant business trends and continuously innovating to meet clients’ evolving needs.
