Economic Inclusion Plan: Attraction of Investment
The City of Cleveland has seen billions of dollars of new investment within the city’s boundaries over the past few years. Mayor Jackson made a decision to support local developers during the recession in 2008 and 2009, when banks were not lending. Cleveland had a strong coalition of public and private partners including Cuyahoga County, the Cleveland Cuyahoga County Port Authority, the State of Ohio, and many local and national New Market Tax Credit organizations. As a result of those incentives, Cleveland was able to emerge from the recession with multiple projects underway.
Today, Cleveland has seen incredible increases in occupancy rates for both residential and commercial buildings. There has been a great increase in individuals age 25- 34 who are moving into downtown Cleveland. Rent rates have moved from a high of $1.65 psf to well over $2.00 psf in less than 3 years and occupancy is over 97%. Companies are following the workforce and are moving into Downtown and University Circle, driving up commercial rent rates. Cleveland is still a cost efficient choice for your business, but the City is now also a great place to make an investment in real estate.
The City provides incentives based on a gap between available financing and total cost. With these incentives comes a requirement for economic inclusion and community benefits which insure that local residents and those who have been excluded have an opportunity to participate in our growth.
Cleveland also attracts investment through our incubators and coworking spaces. These spaces are operated by a number of different organizations who are looking for companies to invest in or who need a place to grow. Cleveland has outpaced the Midwest for medical venture capital. Jumpstart provides funds for start-up companies and small businesses. The area has a number of resources for entrepreneurs, which is probably why Cleveland has ranked in the top 50 cities for entrepreneurs in the world.
With resources for developers, investors, businesses and entrepreneurs, more individuals and companies are finding that making an investment in Cleveland is the right thing to do. This has helped our growth and has created more jobs in the City and region.