Good news, Bad news…In a report published today, the Northwest Columbus area is seeing a 14% vacancy rate on commercial office buildings. This level of vacancy is a strong indicator of economic growth in Dublin. Generally, when faced with only 14% left to fill, developers would look to begin development, construction and leasing activities for an increase in commercial office. However, Dublin is not seeing that trend. Developers understand that depressed lease rates at an average of $11/sq ft cannot make up for the cost of construction at $15/sq ft. Consequently, Dublin’s commercial office market will top out. Why is that important to you? The wage tax generated from those workers is the lifeblood of the Dublin economy. Kevin Walter understands that Dublin needs to do everything possible to encourage the create and retention of jobs within the city. Other communities in Central Ohio recognize that as well and offer enticing incentives including construction offsets they also offer property tax incentives. Dublin does not offer property tax incentives. Kevin Walter believes that adding property tax incentives to firms looking to build in Dublin would reduce the cost of new construction and would be another lure for developers to continue to build and market the Dublin community. And in the end, the wage tax generated by the employees and ongoing economic stimulus to surrounding service related business more than pays for the property tax offset.
Kevin Walter believes that offering property tax incentives to new builds helps to attract new jobs to Dublin.