Ohio Markets Commercial Real Estate News Brief: April 2017

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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 to keep you in-the-know.

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Cleveland Among Top Cities to Watch for Tech Growth

Courtesy of JLL

Cleveland was recently ranked among the top five cities to watch for tech growth and development. A number of big-name tech companies have recently relocated into the city for its broad talent pool of young professionals and competitive office rental rates.

Tech companies like BrightEdge, originally out of Silicon Valley, and Dakota Software, originally out of New York, opened downtown offices for these reasons.

The city is also in the process of investing in and attracting eligible businesses to its Health-Tech Corridor on the East side. Throughout the corridor are leading biomedical and technology companies, like the Cleveland Clinic and Parker Hannifin. This corridor continues to expand, position Cleveland as a leader in technology.

Cincinnati Positioned as Up-and-Coming Data Center Hub

Cincinnati continues to make headlines in the data center industry. The growth of key players including CryrusOne and H5 Data Centers has positioned the city as a potential hub within the industry.

Because Cincinnati is home to large enterprise and Fortune 500 companies, data centers have a reliable flow of customers who consistently have increasing data needs. The city is also conveniently located between Chicago and New York, which offers clients easy access to connectivity. Data centers are expected to remain a hot commodity for both private and public investors, as the industry is expected to grow to more than $76 billion by 2021.

Related Read: 4 Trends Driving the Data Center Industry (and What It Means for Commercial Real Estate)

New Construction Proposed by Ohio State University in Columbus

Trustees at the Ohio State University will be asked to approve five planning studies for potential building projects on the university’s campus. This follows the trend of universities reinvesting in the importance of research and learning environments conducive to students’ learning.

Related Read: Higher Education Mandate 2017: Universities to Put Emphasis on Students, Faculty and Research

The proposed studies include a research building designed to enable better student-faculty interaction, an arts district, upgraded health-sciences facilities, updates to the Wexner Medical Center and more. Once planning studies are complete, the university can better narrow down where and when to begin building.

Photo Credit: Marada