Cleveland is a Midwestern United States city located on the south shore of Lake Erie, Ohio.
Nicknamed "the forest city", the city was founded in 1796 and quickly became an industrial center, thanks to its strategic position at the crossroads of the Great Lakes and a major canal leading to the Mississippi River.
Cleveland is the eighth largest economy in the United States in terms of Millennia jobs. It has created 85,000 jobs over the last seven years and has registered a 91% share of the number of residents with a bachelor degree.
Cleveland has experienced a spectacular resurgence in the last five years. Investments are made in the east and west of the city. Alongside this axis, the center is undergoing major renovations and massive projects are being completed totaling nearly $ 20 billion in the areas of healthcare, biotechnology and research.
It is, in fact, the largest center in the US healthcare market with a brand new Medical Congress Center dedicated to health and innovation.
Cleveland intentionally redevelops a number of industrial sites and contaminated sites to create multipurpose properties.
For example, the "Terminal Tower" is becoming a neighborhood for both business and entertainment. The Cleveland Gateway project will transform 25 hectares into a densely populated urban neighborhood, combining multi-family accommodations with walking trails, a marina and an urban park. "University Circle" is one of Cleveland's most popular neighborhoods. Condos and high-end apartments are numerous. The west shore of Cleveland has not been forgotten in the downtown redevelopment plan and the biotech corridor. The Cleveland housing market on the west side is expected to grow significantly as new businesses enter the market.
Cleveland is redeveloping its long waterfront neighborhood that includes bridges, canals and "developed lands". Newly opened areas such as those created by the demolition of the "First Energy” should be considered as an opportunity.
A new Life Lease for old buildings: The Cleveland real estate market is evolving so much that it is turning old commercial buildings into new residential spaces. The former Huntington Bank Building is a perfect example. It is currently known as "Building 925". The commercial building will be transformed into a mixed-use building including offices, a sales area, a Hilton hotel and 600 apartments.
Employment has been rising since 2011, which explains the high occupancy rate of residences. This creates a pool of potential tenants willing to make a quality real estate investment.
The rental market in Ohio is largely composed of employees in the health sector, biotechnology, but also in the manufacturing sector and large industries.
The market is also boosted by students attending high quality colleges and universities throughout the state.