Northeast Ohio is a great place to live, work and play. Nestled along the edge of Lake Erie, the market — and its many business offerings and turnkey properties — boasts one of the largest metropolitan areas that the nation has to offer. Recently, Northeast Ohio has been named the 12th largest economic region in the United States, sustaining a $170 billion economy that will continue to grow and diversify due in large part to a highly educated and motivated workforce.
Since 2012, Northeast Ohio has experienced a 68 percent increase in the number of college graduates (ages 25-34). The area is central to 27 accredited colleges and universities — Case Western Reserve University, John Carroll University, and Cleveland State University to name a few — not to mention an array of businesses in top industries including biomedical, advanced energy and manufacturing and insurance and financial services. The big businesses headquartered in Northeast Ohio are adding reputable jobs, strengthening the economy and improving the community as a whole.
Today nearly 150 international companies call Northeast Ohio home, 27 of which have recently been featured on the Fortune 500 list of America’s largest corporations, ranked in order by annual revenue. Headquartered in the Cleveland area are companies such as Goodyear, FirstEnergy, KeyBank, Sherwin-Williams, Progressive, and many more. Cleveland is also home to the world-renowned medical facility and specialty center, the
Cleveland Clinic, which is consistently ranked among the best health care providers nationally in areas such as patient care, research, and medical education. Currently managing more than 39,000 employees, the Cleveland Clinic serves hundreds of thousands of patients from more than 100 nations worldwide. The advanced medical technologies facilitated by the Cleveland Clinic are simply unmatched by other hospitals in the United States. See what else Northeast Ohio has to offer by downloading this free e-book.
The Benefits of Turnkey Properties
With ample opportunity for expansion and prosperity, businesses in Northeast Ohio have experienced a considerable amount of success. A growing number of development projects within the downtown Cleveland area have not only made this the ideal economic destination for businesses of all scopes and sizes, but also for people of all ages and walks of life. Aside from professional sports teams and entertainment venues, Cleveland offers a prominent theater district that is second only to New York’s Broadway. It’s hard not to fit in — there’s literally something for everyone.
All this cultural diversity has led to an uptick in Northeast Ohio’s residential population. Downtown Cleveland’s population has recently reached an all-time high at upwards of 12,500 people, with 1,000 more residential units under construction, and another 1,100 apartments still in their planning stages. With Cleveland’s business and entertainment districts in full revival mode, so too is the market for real estate both downtown and in Cleveland’s suburban neighborhoods.
Not only are homebuyers turning to Northeast Ohio as a permanent place to settle, investors who have caught wind of the area’s future potential are also claiming their stake in the Cleveland market through purchases of commercial, multi-family and single family turnkey properties. The big city feel without the big city prices has significantly increased the number of investor-owned turnkey properties over the past five years. With the number of people who prefer to rent on the rise, finding and keeping quality tenants has proven to be a much simpler task than initially anticipated by investors, which makes investing in traditional and turnkey properties even more beneficial.
The growth potential for the Northeast Ohio market is undeniable, and as thriving businesses attract an increasing number of professionals and families, the demand for turnkey properties will rise tremendously among Cleveland’s surrounding communities.