Ohio Commercial Real Estate News Brief: February 2018

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets, including Cincinnati, Cleveland and Columbus.

Cincinnati Ranks as a Top Visitor Hot Spot 

Cincinnati’s Over-the-Rhine neighborhood.

Rich with music and history, Cincinnati is cracking the top 5 list of visit-worthy cities in the US. Developing neighborhoods, such as Over-the-Rhine, attract visitors with must-try food, entertainment and craft brews.

The 140th Birthday of the Cincinnati Music Hall, 20th Annual Flying Pig races and Union Terminal’s renovations are a few of the historic and artsy attractions that make Cincinnati standout as city worth visiting now and for years to come. Cincinnatians already sing the praises of their city, and now an expected rise in visitors can experience the food and fun local residents enjoy.

Millennials Making the Move to Downtown Cleveland

A recent survey from Crain’s suggests that millennials have a different attitude toward urban living and are moving downtown. More people are moving to downtown Cleveland, giving the perception that is safer and livelier than ever before. With current updates, that perception is ringing true. East 4th St. and the Flats East Bank are drawing young professionals to be downtown for more than just work.

The downtown demand is met by new apartment construction, finally creating some vacancies in the area. Some of K&D Group’s recent purchases—like Terminal Tower—have been slated for office-to-residential conversion to accommodate the rising demand.

The Discovery District is Booming in Columbus  

While the High Street corridor is still considered king in Columbus, the Discovery District is ready to compete and provide for residents. Residential, retail and community space are expected to grow rapidly in the area, and space is needed. Grant Hospital’s continued success is one of the drivers for new development.

The Discovery District aims to house thousands of residents within the next few years, most structures with office or retail space at ground level and provide more parking garages to match the expected influx of residents. The city will offset new construction by adding more green space to the planning of a Social Justice Park.

Image Credit: OTR Blog