Youngstown Commercial Corridor Study
A MARKET ANALYSIS OF: COMMERCIAL CORRIDORS IN YOUNGSTOWN, OHIO A MARKET ANALYSIS OF: COMMERCIAL CORRIDORS IN YOUNGSTOWN, OHIO Report Date: April 5, 2019 Prepared For: Ian Beniston Executive Director Youngstown Neighborhood Development Corporation 820 Canfield Road Youngstown, OH 44511 Prepared By: Novogradac and Company LLP 1100 Superior Avenue, Suite 900 Cleveland, OH 44114 216-298-9000 April 5, 2019 Ian Beniston Executive Director Youngstown Neighborhood Development Corporation 820 Canfield Road Youngstown, OH 44511 Re: Commercial Corridor Market Analysis for Youngstown, Ohio Dear Mr. Beniston: At your request, Novogradac & Company LLP has performed a commercial corridor market analysis in Youngstown, Ohio. The following report provides support for the findings of the study and outlines the sources of information and the methodologies used to arrive at our conclusions. The scope of this report meets the requirements of Youngstown Neighborhood Development Corporation, including the following: ° Identify areas of focus for future development and redevelopment opportunities. ° Investigating the general economic health and conditions of nine commercial corridors within Youngstown, Ohio with discussion and analysis of employment trends, population trends, employment trends, crime statistics, and average daily traffic counts. ° Reviewing relevant public records and contacting appropriate public agencies and market participants regarding potential commercial and retail demand, including the Chamber of Commerce, Economic Development Department, and real estate professionals. ° Research and analysis of lease listings and executed leases for various commercial corridors, and conclude to achievable lease rates for various corridors. ° Establishing the Subject’s Primary and Secondary Market Area. ° Surveying and photographing commercial corridors, which includes non-commercial uses, to assess the condition of properties along the corridor and current vacancy levels.
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