Less than 10% is service retail businesses & restaurants
Not a retail development
Smart technology
Parking
Demand for Premium Office Space
Currently, office space in Hudson is mostly filled, and there is a demand for more premium space. New office space downtown will help support the City's tax base by bringing new, high-paying jobs to Hudson and will support the existing stores and restaurants with new customers who live and work downtown.
Offices in blue. Click on image to enlarge.
Types of Businesses for Downtown Phase II
The project will attract companies that like the live, work, play environment of Hudson’s downtown. The City continues to be contacted by companies wanting to lease space when Downtown Phase II is built. The new development would attract future-friendly, high-tech firms, with high wages. These include cyber-security, financial forensics, medical technology and other companies with high-wages.
Office Park
Occupancy Rate
HUDSON CROSSINGS BUSINESS PARK
100% (only 2 lots left to build)
GEORGETOWN OFFICES
98%
FIRST & MAIN OFFICES
100%
Current Office Occupancy Rates
There is a demand for Class-A office space in Hudson. As an example, Binary Defense Systems in Hudson needed to expand, but there was no current premium office space available in Hudson so it is relocate the new jobs in Stow. Following are examples of current occupancy rates in Hudson.
Is There a Market for Office Space in Northeast Ohio?
As examples, two mixed-use developments are being built in Northeast Ohio: Shaker-Van Aken District and Pinecrest. Shaker-Van Aken is building 80,000 sq. ft. of office space and 76,000 sq. ft. of that space is leased before it opens. Pinecrest is building 150,000 sq. ft. of office space, and 80% is current leased, with 90% expected by next year when the construction is completed.
Proposed Office / Retail Space in Downtown Phase II
Use
Comprehensive Plan Jan. 2016
Preliminary Plan May 2018
Approved Preliminary Plan
Office / Commercial
135,750 sf
145,000 sf
138,043 sf *
Retail/Service (Flex)
N/A
12,300 sf
REMOVED
Hotel
N/A
60 rooms
REMOVED
TOTAL OFFICE /RETAIL SPACE
135,750 sf
157,300 sf
138,043 sf *
*Office/Commercial space of 138,043 sf is anticipated to include approximately 12,000 sf of first-floor business service/restaurant/personal services uses.
Is There More Retail?
The retail/restaurant space proposed in Phase II is very limited and will be primariy service retail businesses and restaurants that will serve the new offices. The intent is to support First and Main businesses, not compete with First and Main.