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Market Spotlight: Cleveland, Ohio – Capitalizing on the Rustbelt Resurgence

January 10, 2019 | By: Betterturnkey | 1

Cleveland, Ohio market overview

With its prime location, Cleveland served as a transportation hub on the Great Lakes, which helped it develop as a major commercial center. It also became important in the American manufacturing industry at the beginning of the 20th century. Cleveland reached a population peak of 914,000 in 1950, but by the 1960s the economy had slowed and residents fled to the suburbs. After years of decline, Cleveland is today viewed as a great example of revitalization, and it now ranks as one of the most livable cities in the United States.

Between 2000 and 2010, Cleveland lost 17% of its population, and some neighborhoods — including Glenville and Hough — lost up to 38% of their population between 2000 and 2007, although downtown Cleveland has gained population. This puts Cleveland in the same category as Youngstown, Ohio and Detroit in terms of population decline. However, like Pittsburgh, Cleveland has finally seen stability in the population.

Despite the bleak picture, Cleveland has been revitalizing its downtown area since the 1990’s and more than $3.5 billion has been invested in redeveloping the area. Forbes recently ranked Cleveland as one of the top 15 emerging downtown cities in the country. In 2013, downtown Cleveland also saw record growth, both in terms of its economy and population. The city’s core daily population has reached 125,000, which is the highest ever for the city. A recent study, “The Fifth Migration: A Study of Cleveland Millennials,” reveals a 76% increase in college educated millennials (aged 25-34) between the years 2000 and 2012. As of 2012, 63% of Downtown Cleveland residents were millennials – compared to 20% in the Greater Cleveland metro area and 23% of the overall U.S. population.

 

Economic development

  • Cleveland Clinic is the one of the Nation’s largest health care provider and is the largest employer in Ohio with over 125,000 jobs and located in the heart of Cleveland. It is also ranked #2 in best hospitals in the United States. The campus is over 170 acres in size and expanding.

 Other Economic Metrics that Point to Recovery and Growth

Planned or Under Construction

  • 925 Building-$270M Renovation
  • Garfield Building-$40M Renovation
  • Lakefront Development Plan-$280M New Construction
  • Nucleus- $400M New Construction
  • One University Circle-$116M
  • University Hospitals Rainbow Center for Woman and Children –$15M
  • Link 59-$50M New Construction-
  • Centric-$70M New Construction
  • Innova- $175M New Construction
  • University Circle Central District -$280M Planned Construction

Completed Projects

  • Schofield Building-$50M Renovation
  • Ameritrust Complex-$170M
  • Public Square-$50M Renovation & New Construction
  • Hilton Hotel Cleveland-$272M New Construction
  • Flats East Bank (Phase II) -$419M New Construction
  • Uptown-$66M New Construction
  • Drury Hotel – $41M Renovation
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