Ohio Markets Commercial Real Estate News Brief: September 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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Columbus Radiates Tech Talent with Planned Addition of Facebook Data Center

The city of Columbus is boasting its plethora of tech talent again with the announcement of Facebook’s new $750 million data center coming to one of its most successful neighborhoods—New Albany. The new data center will be one of the biggest development project that Central Ohio has seen with 900,000 square feet of space between two buildings.

The data center is expected to bring nearly 100 jobs to the Columbus region—an area already rich with valuable tech talent. Columbus ranked in the top five markets for tech employment with rivaling numbers of computer programmers when compared to Sacramento or Austin. And, the city was recently named the top U.S. city for tech talent by a SmartAsset study.

Related: Download the Q2 Columbus Office Report or Q2 Industrial Report

Cincinnati Reaffirms Position as BioHealth Leader with New Neurological Institute

Cincinnati is not solely known for its footprint in the manufacturing industry. The city has worked to evolve and position itself as a leader at the intersection of healthcare and technology. The latest result? A new neurological institute building within the city’s Uptown development.

The University of Cincinnati’s plans for the Gardner Neuroscience Institute will move forward with new market tax credits. The building will be located within the Innovation Corridor as a key anchor around the Interstate 71 and Martin Luther King interchange.

The institute’s Director, Dr. Joseph Broderick, said he envisions the new building as a one-stop-shop for patients combining advanced technology and convenience for patience.

Related: Download the Q2 Cincinnati Office Report or Q2 Industrial Report

Cleveland Continues to Strive for Downtown All-in-One Transformation

Photo Credit: Erik Drost

All eyes are on Cleveland as the city continues to transform its downtown landscape with renovated entertainment spaces (think: the recommitment to the Quicken Loans Arena renovation), new upscale residential spaces and more. New, updated spaces added to the city’s core will ultimately help accommodate the demand for living space, as well as continue to draw businesses downtown.

 

The recommitment to the Quicken Loans Arena renovation puts Cleveland in a position to potentially host more large-scale conventions and events. Similarly, much of the revenue the arena generates as a result is then given back to the city to cover costs for public services, or infrastructure needs.

Related: Download the Q2 Cleveland Office Report or Q2 Industrial Report

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