2018 Real Estate Market Overview
Cleveland is located on the south shore of lake Eire, the city proper has a population of 388,072, making Cleveland the 51st largest city in the United States. Since 2010, the downtown development planned cost estimates $19 billion. Occupancy rates are at 96% and home sales are up 12% year after year. Cleveland has the fastest growing healthcare economy in the Nation, Cleveland is hometown to three major sports teams that bring billions of dollars to the area every year, 10 Fortune 500 company headquarters in Cleveland, including: Goodyear Tire, Cliffs, Natural Resources, FirstEnergy, Sherwin Williams, Eaton Corporation, Travel Centers of America, Aleris, Parker Hannifin, Progressive Insurance, and KeyCorp.
AVERAGE HOME VALUES BY CITY
Creative Solutions for Rebuilding Cleveland
And then there are creative efforts to help launch new businesses. Local businessman Alan Glazen is holding a contest called “Cleveland Chain Reaction” to help entrepreneurs with start-up capital. He’s enlisted the help of five investors and is asking entrepreneurs to submit their business ideas for consideration. As many as 20 entrepreneurs will be chosen to pitch their business plans “live” to investors. Investors have committed to contributing a minimum of $130,000 each to help the five winners. Former Cleveland planning director, Norman Krumholz, told Crain’s: “The city has become a more desirable place. It is architecturally distinct and it’s not as violent as before.” It has also transitioned from a manufacturing-based economy to one that is driven by education and health services. In recent years, it’s become known as the “Medical Capital”.
According to the “Medical Capital” website, Cleveland’s biomedical industry has grown from 300 companies in 2002 to more than 700 companies today. It says that “Qmed” recently named Cleveland as one of the top 10 cities in the U.S. for medtech innovation. The website says that Cleveland is a prime location to build a biomedical career at any one of many life science companies or health institutions. It says that these companies have attracted more than $2.3 billion dollars in growth capital since 2001. According to Politico, AOL founder Steve Case, said ”A lot of the innovation in health care is going to be in the middle of the country, because some of the most important institutions in health care are in the middle of the country.” He added that the Cleveland Clinic will step to the forefront to drive innovation, because it has built an organizational arm to speed in-house ideas to market and established a center to lure more technology firms to Ohio. Case says he sees major opportunities for investors in cities like Cleveland, Nashville and Pittsburgh, where health care organisations anchor the local economy.