GHC Thematic Report: Northeast Ohio - The World’s Next Healthcare Hotspot
Northeast Ohio is quickly becoming a healthcare hotspot led by the Cleveland Clinic, but also equally matched with other growing regional institutions. Recently Newsweek ranked the Cleveland Clinic system as number two in the world, with the Fairview and Akron General branch campuses also ranking in the top 100. Cleveland Clinic has proven their ability to provide the highest quality care and make strides in medical research despite a tumultuous year of combatting the COVID-19 pandemic. Cleveland Clinic’s success is now making way for new investments that will support future medical breakthroughs and bring new jobs and world class talent to Northeast Ohio. Strong quality of life, a growing healthcare fueled economy, and strong affordably are combining to create an influx of talent in the region. This requires a need for affordable and technologically connected multi family housing. Green Harvest Capital is focused on acquiring and improving multi family assets in Northeast Ohio that will support healthcare workers of today and the future.
Investments of $1.3BN+ Driving NEO Growth
In 2021, Cleveland Clinic had its best financial year to date with annual revenue of $12.4 billion. Following this achievement, they announced investments of $1.3 billion in capital projects at their State of the Clinic address. These investments include the construction of their first integrated neurological hospital, an expansion of the Cole Eye Institute, renovations at Fairview Hospital, and preparations for the opening of a new hospital in Mentor, Ohio in 2023.
In addition, Cleveland Clinic has partnered with the state of Ohio on a $500 million investment to form the Global Center for Pathogen Research & Human Health. This will mark Northeast Ohio as the leading location for research on virus-related diseases. The project is expected to create 8,500 new jobs by 2034, driving economic growth across the region for the next decade.
World Class Care on Every Corner
World class care in Greater Cleveland goes beyond the Cleveland Clinic. Right down the street is University Hospitals, another internationally recognized hospital system. In addition, Akron Children’s was ranked in the top 20 best specialized hospitals in the world in 2022. With a plethora of internationally acclaimed institutions, Northeast Ohio is a healthcare hotspot, offering greater opportunities for economic growth and better quality of life.
Forbes ranked Ohio number 2 in the nation in quality of life. Residents in the region not only have greater access to healthcare, but also are receiving a higher-level of care than most across the nation. This allows residents to feel, work, and live better. In addition to increased quality of life, Northeast Ohio’s healthcare systems fuel the economy. Since 2001, Northeast Ohio’s healthcare GDP has grown twice as fast as the overall GDP. Cleveland Clinic alone has over 50,000 employees and with future investments, that number is expected to rise significantly.
GHC: Creating an Affordable Healthcare Hub
Green Harvest Capital is preparing for the healthcare workforce of the future, today. We acquire properties in Cuyahoga, Stark and Summit counties that will offer affordability, livability, and close proximity to these locations. Each of our properties are within 10 to 15 minutes of a hospital. With the growth of telehealth in recent years, we also equip our properties with high-speed internet to ensure that work-from-home providers have the resources they need to provide quality care to their patients.
It is our priority to provide tenants with these resources at an affordable price. Many emerging healthcare professionals are starting careers with large amounts of student debt. Our properties offer them a space to save for the future, with rents between $900 and $1500 per month. Approximately 30% of our current tenancy is associated with healthcare, proving our properties are a go-to affordable option for professionals in the industry. As Cleveland Clinic and other regional hospitals invest in Northeast Ohio healthcare, we will support the workforce with continued investment in multi-family real estate.