By Michael J. Sikora III, NAIOP of Ohio President
The Buckeye State continues to demonstrate its commitment to economic development and commercial real estate growth through significant actions taken by the DeWine-Husted administration and the state Legislature in partnership with JobsOhio. Strategic budgetary allocations have set a solid foundation for statewide economic growth, providing new opportunities and driving significant investments into our communities. Paired with proactive policy measures, Ohio is not just talking about economic development but actively implementing initiatives that drive results, even amid challenging market conditions.
Strategic Development and Infrastructure Investments
In last year’s state operating budget (House Bill 33), NAIOP of Ohio supported the enactment of multiple community development initiatives. Administered by the Ohio Department of Development, these initiatives represent a significant step forward in ensuring that Ohio remains nationally competitive. Those initiatives include the following:
- Brownfield Remediation: Cleaning up and revitalizing once-blighted brownfield sites into thriving centers of commerce and community engagement.
- Demolition and Site Revitalization: Funding to help clear the path for new commercial real estate projects, improving property values and enhancing overall economic vitality.
- All Ohio Future Fund: Creating funding to target large-scale development projects to attract new businesses, creating jobs and enhancing Ohio’s reputation as a prime location for commercial real estate investment.
- Opportunity Zones and Historic Tax Credits: Renewed funding for the Ohio Opportunity Zone Program and the Ohio Historic Preservation Tax Credit Program to attract investment in historically underserved areas and incentivize the rehabilitation of historic buildings.
Legislative Action Modernizes Real Estate Transactions
In addition to providing financial support, the Ohio Legislature has taken actions to modernize the real estate transaction process. Senate Bill 94, sponsored by Senators Andy Brenner and Al Landis, was signed into law this past summer by Governor Mike DeWine. This update to state law streamlines transactions and enhances security, reduces costs and expedites the deal-flow process, making Ohio a more attractive state for real estate investments. Alongside other notable professional organizations, NAIOP of Ohio was proud to advocate for Senate Bill 94 to better the environment for statewide development.
NAIOP of Ohio commends the collaborative efforts of the DeWine-Husted administration, the Ohio Department of Development, JobsOhio and the General Assembly for their forward-thinking approach to economic development. These investments and legislative advancements have already garnered national recognition, earning us a first-place ranking in the Global Groundwork Index by Site Selection magazine for two years in a row. This ranking underscores Ohio’s emergence as a top destination for job creation, capital expenditures, and strategic infrastructure development. Ohio’s growth as a national leader in economic development demonstrates its continued commitment to fostering an environment where businesses thrive and communities flourish.
About NAIOP of Ohio
NAIOP of Ohio is comprised of over 500 members from over 300 companies supported by a statewide Board of Directors with trustees representing four regional chapters.
