Cleveland has started to embrace the "foodie" culture especially that young millennials moved downtown enjoying the affordable sophistication in the area.
The downtown population of the city has jumped 70 percent to over 13,000, as reported by Downtown Cleveland Alliance. Apartment growth is evident with around planned 4,000 units while job growth in professional services and technology is also apparent which helps fill up the housing growth.
"We've got a dozen great-happening vibrant retail centers in Cleveland that are really part of the resurgence, and they seem to be over and over again led by the chefs," said Chris Ronayne, president of University Circle Inc.
Housing in Cleveland is considered as the most affordable in the nation, with an average sale price of $74,502 based on the Coldwell Banker's 2015 Home Listing Report. Because of this, young residents would move back home after college.
"The kids that left Cleveland to be educated somewhere else would stay in Chicago, they'd go to San Francisco, Los Angeles or New York. Now those people are coming back to Cleveland. That's the future," Cleveland's celebrity chefs, Zack Bruell said.
Bruell owns and operates 10 Cleveland-area restaurants that includes a French brasserie and an Asian fusion eatery. Recently, he expanded his staff from 250 to 470 for the past two years. He added that restaurants drive downtown development and employment.
Another thing that helped Cleveland for the boost is the new government program that has awarded more than $160 million tax credits to the development projects of the city, leveraging almost $1.5 billion in redevelopment, based on CBRE. Even abandoned office buildings are currently being converted to apartments and hotels.
What fuels the commercial property prices in downtown Cleveland is restaurant growth which leads to increased rental rates and lower office vacancy rates. Meanwhile, apartment occupancy has increased to 97 percent. Since 2010, Cleveland already has $5.5 billion new investment, CNBC reported.
The real estate future of Cleveland looks bright with a "unique balance between the private and public space," Cleveland.com wrote.
