The Value of Preservation
When you drive past an old industrial complex or commercial block, what are you really seeing? To the untrained eye, these structures are nothing more than faded, ramshackle eyesores that should perhaps be torn down and replaced with something new.
But at Cushman & Wakefield | CRESCO, we see these historic properties as a window to our city’s storied past, and a powerful economic opportunity for future generations.
Preservation advances our region’s image and development, and strengthens the local real estate market. Restoring old commercial properties also represents an opportunity for the Cleveland real estate industry to “go green” by utilizing existing structures and eliminating the waste associated with new constructions.
Cleveland’s architectural and cultural assets are the envy of cities worldwide. Preserving these remarkable historic buildings is an important way of celebrating our city’s rich heritage and cultural legacy, while also serving as neighborhood anchors.
These landmark buildings—from government facilities to schools, warehouses, factories and commercial blocks—have endured and persevered for decades, weathering all sorts of literal and figurative storms. If walls could talk, just imagine the stories that each of them could tell!
By restoring old commercial properties, we can revitalize our communities and add character and charm to historic neighborhoods. Rehabilitated buildings can enhance the quality of life for local residents by boosting community pride and forging connections to the past.
Real Estate Benefits
Our region’s industrial roots run deep, and can be traced back to the 1800s when Cleveland first established itself as a leader of the railroad and steel industries. Over the past 150 years, thousands of vehicles, tools, and countless consumer products have been manufactured right here in northeast Ohio.
Cleveland residents are immensely proud of our city’s industrial past, and hopeful for its future. Rehabilitating old properties and adapting them for new use is a wonderful way to honor our city’s heritage, while improving real estate values and positioning Cleveland for future economic success.
The new businesses that operate in these historic structures can attract interest and support from customers by showcasing little clues from the past that reveal the history of the building. If the business is lucky enough to be the original inhabitant of the building, they can reignite enthusiasm for their brand by celebrating their historic roots.
Beyond the real estate market, preservation generates job growth and buttresses our local economy. This is because preservation projects tend to hire more local labor and spend more on trades compared to new construction.
Preservation is “green,” drawing from the embodied energy of existing structures inherited from past generations and reducing waste. Additionally, historic structures are often in population centers, reducing commute times and other environmental impacts.
Crucial to maintaining our region’s caliber and pace of historic rehabilitation is the continuation of the federal and state historic preservation tax credits. According to Heritage Ohio, the Ohio historic preservation tax credit alone leverages $8 for every $1 credit.
Preservation attracts investment, grows trust, strengthens real estate and shows the world who we are. Rather than allowing these landmark buildings to fade and collapse, let’s refurbish and reinvent them for future generations to enjoy.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.