Ohio is proving itself as an economic powerhouse. With a record $10.59 billion in capital investment and over 28,000 new jobs created in 2023, the state is experiencing historic growth across multiple industries (1). As this momentum carries into 2024, the effects are rippling through Ohio’s real estate market creating new opportunities for investors, developers, and businesses alike.

At Green Harvest Capital (GHC), we recognize that economic expansion drives demand across multifamily, hospitality, and industrial real estate. Ohio’s rapid growth presents key opportunities, particularly in transit-oriented development (TOD), adaptive reuse, and mixed-use investments; strategies that align with the evolving needs of businesses and residents.

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The Numbers Behind the Boom

Ohio’s record-breaking performance in 2023 set the stage for continued growth:

• $10.59 billion in capital investment, a 29% increase from 2022, signaling strong confidence from businesses and investors (1).
• 28,087 new jobs created, with key expansions in automotive, semiconductors, and advanced manufacturing.
• 89% of investment in industries outside Ohio’s top metros, reflecting a commitment to economic decentralization and statewide development.

These figures highlight not just Ohio’s resilience but its emergence as a leader in high-growth, future-focused industries.

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What This Means for Ohio’s Real Estate Market

Economic expansion creates a direct demand for housing, hospitality, and industrial spaces. With businesses scaling and populations shifting, the real estate sector must adapt to accommodate this growth.

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1. Meeting Workforce Demand

With thousands of new jobs being created across Ohio, the demand for high-quality rental housing is surging. Employees relocating for new opportunities need affordable, well-connected living spaces.

Cleveland’s apartment market ranks No. 4 nationally for rental activity, with a 26% rise in rental searches and growing demand for urban living (2).

At GHC, we’re focusing on strategic multifamily developments that align with job growth corridors—particularly in downtown revitalization projects, transit-oriented housing, and adaptive reuse conversions.

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2. Strengthening Supply Chains

Ohio has seen $3.5 billion in semiconductor and tech-related investment, led by Intel’s expansion in the Columbus region (1). The rise in logistics, clean energy, and manufacturing hubs increases the need for industrial real estate.

• Ohio ranks among the top states for new manufacturing developments, with the Midwest leading U.S. industrial growth (3).

We’re actively monitoring how reshoring trends and supply chain reinvestment are driving demand for industrial properties in Ohio—particularly near freight corridors and innovation districts.

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3. Hospitality and Mixed-Use Development

The rise of sports tourism, corporate travel, and major urban redevelopment projects in Ohio’s metros is fueling hospitality investments.

Cleveland’s Project Scarlet is a prime example of how mixed-use developments are redefining urban landscapes, blending hospitality with residential and retail spaces.

At Spark GHC, we’re embracing hotel-branded apartments, lifestyle-driven accommodations, and next-gen hospitality investments that align with Ohio’s growing business and tourism sectors.

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What’s Next for Ohio’s Economic Future?

As Ohio continues to diversify its economy, real estate investors should pay close attention to:

• Adaptive reuse opportunities in office-to-residential conversions
• Transit-oriented multifamily projects supporting workforce housing
• Industrial property growth linked to semiconductor and logistics expansion
• Hospitality investments in revitalized urban corridors

Ohio is no longer a flyover state for investment, it’s a growth leader in the U.S. economy. As we move forward, GHC remains committed to aligning our strategies with the state’s economic momentum to deliver long-term value in multifamily, hospitality, and industrial real estate.

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Let’s build on this momentum, together.

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Read more from JobsOhio: Q1 Recap: A Record Year and the Road Ahead.

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Sources:

• JobsOhio, Q1 Recap: A Record Year and the Road Ahead (2024)
• RentCafe, Cities to Watch for Rental Activity in 2025 (2024)
• CBRE, U.S. Industrial Real Estate Market Outlook (2024)

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