It’s a developing time for real estate in Ohio. Not only do real estate investors have incentives with 25 institutions of higher education with 3,000 or more students matriculating, but Cleveland and Cincinnati are both seeing an influx of real estate development in their urban cores as demand increases. Accordingly, increased opportunity for real estate development is becoming more lucrative for career and green rehabbers and builders alike.
The Growing Market
Cleveland’s urban development (read retrofitting) is up 70 percent since 2000 with 15,000 people packing into 6,665 housing units. Most of these units are the result of retrofitted warehouses and factories conversions into multi-use dwellings. However, Downtown Cleveland Alliance calls availability “scratching the surface” in their 2015 Third Quarter report (3rd quarter) with 1,700 people waiting to move “downtown at any given time.”
Columbus has moved ahead of Indianapolis to become the nation’s 14th largest city. It grew by 9.3 percent in 2016. Four additional Columbus suburbs grew by nine percent or more, and North Ridgeville is the fastest growing city in northeast Ohio. Meanwhile, Cincinnati’s population has increased five years running and is seeing a downtown dwelling renaissance.
Why Epoxy and Concrete Flooring Work For Real Estate Development
What does all this mean? It means that building is happening, a lot of building and in quick fashion. It means that now is a great time to talk about why epoxy and stained concrete are the best flooring options for real estate developers and investors. Generally speaking, the benefits are the same both in commercial and residential development projects (though you could argue that commercial epoxy has an even bigger advantage due to its durability). Here are the main reasons epoxy and concrete flooring are the new standards in real estate development.
Easy and Fast Installation
Pro Floor Design’s professional installation crews can have your floors prepped, installed and fully cured in as little as three or four days. The quick turnaround means that you can get on with construction faster and more efficiently.
A developer is not necessarily interested in longevity, performance or function; however, the buyers and renters are quite interested. Epoxy and polished (or stained) concrete are attractive to renters and buyers not only for their pleasing aesthetic but also for their extreme ease of maintenance and durability. Epoxy resin is the only floor surface that is scratch resistant, water resistant and stain resistant. Polished concrete is also strong, though not quite as moisture and impact resistant as epoxy. Both options require little to no maintenance and are incredibly easy to clean and sterilize so dwellers won’t need to spend their free time scrubbing. Another selling point is that wood flooring could be installed directly on top of the epoxy surface if the new owner chooses. Regarding aesthetics, more and more designers are switching to epoxy in their design approach. Not only is design customizable, but it also brightens a space by high gloss sheen finishes. It also aligns with the “minimalist” aesthetic to which millennials trend.
“Sustainable” materials are a buzzword for millennial (i.e., the people likely to purchase homes or rental spaces in urban cores). Polished concrete and epoxy are sustainable surfaces. Polished concrete requires no additional materials and both offer durability and resource conversation qualities. Both concrete and epoxy are environmentally friendly with low odor, nontoxic sealant options. These flooring options can help when accumulating LEED certification points.
Costs are project dependent but are typically lower than other desirable flooring options like wood or tile. Polished concrete costs anywhere from $2 to $15 per square foot. An epoxy floor ranges from $3 to $20 square foot. (Both ranges are subject to increase for special features, customized colors, color concepts, stamping, etc). Stone tiles, comparatively, are $7 to $28 per square foot while laminate flooring averages about $5.50 per square foot.