Top Reasons to Locate to the HTC
The Health-Tech Ecosystem
- Access to Leading Edge Thinking
A meeting with the top academic researcher or leading medical practitioner is a phone call and a few days away in the HTC. With an open-door philosophy and a natural orientation to help others succeed, Cleveland’s culture is supportive and our great minds are accessible.
- Community of Innovators
Thrive on the energy and possibility that comes with being part of a growing community of 180 health-tech and high-tech companies and thousands of innovative entrepreneurs, engineers, and makers.
Between its anchor institutions, the HTC sees $450MM in annual research and has 4,000 clinical trials underway.
- Success Breeds Success
In a 2014 survey, 88% of HTC businesses consider themselves successful, 91% expect their profitability to grow in the next 12 months, and 87% expect their workforce to increase in the next 12 months.
- Global Center for Health Innovation
Cleveland is home to the GCHI, the only facility in the world that displays the future of health and health care. The Global Center for Health Innovation serves health and health care innovation, technology, education and commerce through state-of-the-art spaces, programs and virtual offerings, and attracts health-related conventions and markets to the area.
- In-migration of Talented Millennials
Greater Cleveland is 8th in the nation in the percentage of 25- to 34-year olds in the workforce with an advanced degree – ahead of Chicago and Seattle. We added nearly 60,000 people with a college degree over the last 8 years – one third of this increase came in the last year alone.
- Vibrant Entrepreneurial Ecosystem
Within the HTC are tremendous resources such as JumpStart, MAGNET, and BioEnterprise, which offer a full range of support services for businesses, including mentoring, financing, capital attraction, technical assistance, manufacturing support, educational opportunities, and networking.
- Flexible Lease Terms
Many HTC buildings offer month-to-month or six month lease terms – and the coworking space is exclusively month-to-month – giving your business the flexibility it needs as it grows.
- Highly Trained Workforce
Cleveland ranks 10th in the nation in the concentration of workers over 25 with an advanced degree, moving up 12 spots in the rankings from 2005—the third largest jump in the nation.
- Space Options for Businesses of All Sizes
From startups in co-working or incubator space on up to large corporate headquarters and manufacturing, the HTC has space options for businesses of all sizes – and land available to build.
Over 64,000 cars of average daily traffic on the three main east-west routes through the HTC, Euclid Avenue, Chester Avenue, and Carnegie Avenue.
- Affordable space
Rents in the HTC average $11 – $16 per square foot per year for dedicated office space, and from $100 per month for a shared desk in a coworking environment. Including free parking.
- Bike Lanes
Dedicated bike lanes along Euclid Avenue span the entire length of the HTC, and many buildings offer showers and secure bike storage.
- Free Parking
Most buildings in the HTC offer free parking – no need to feed the meter, circle endlessly in parking garages, or pay a small second mortgage every month for parking.
- Highway Access
Cleveland’s Innerbelt links the HTC to Interstates 71, 90 and 77 with convenient access just east of downtown.
- Public Transit
The sparkling new Cleveland HealthLine runs through the heart of the HTC, providing easy transit access to University Circle and Downtown. The HealthLine is ranked as the best bus rapid transit system in the nation by the Institute for Transportation and Development Policy.
Financial Support and Incentives
- Bridging the Biotech “Valley of Death”
The HTC is home to the University Hospitals Harrington Scholar-Innovator Grant Program, where new discoveries are financed with $100,000 to go from discovery to commercialization.
- Manufacturing Capacity
Northeast Ohio has decades of deep experience in advanced manufacturing – we know how to make things here – with particular expertise in automotive, aerospace, controls and electronics, medical devices, polymers, and metal fabrication.
- VC Investment
Cleveland health care companies, found that the city finished 3rd in the Midwest in the amount of funding it generated. Minneapolis ($418 million) and Chicago ($217 million) both generated more funding in 2015.
- Manufacturing Support
The HTC is home to MAGNET, Northeast Ohio’s premier manufacturing advocacy and support organization. If you’re in the business of making things, MAGNET can connect you to Northeast Ohio’s manufacturing expertise and help you achieve bottom-line efficiencies through increased productivity and process improvement programs.
- Financial Incentives
A diverse array of public, nonprofit, and private sector resources are available to health-tech and high-tech businesses in the HTC at every stage of growth.
- Academic Institutions
The HTC is home to nearly 50,000 students from world class institutions such as Cleveland State University, Case Western Reserve University, Cuyahoga Community College, and the Cleveland Institute of Art.
- Medical Workforce
The Northeast Ohio region employs more than 50,000 students, 75,000 Medical and Technical Personnel, and 1,500 engineering students every year. The HTC is home to four colleges and universities and four hospitals with over 50,000 healthcare professionals and 89,000 students.
- University Hospitals
University Hospitals Case Medical Center made US News & World Report’s list as one of the country’s best hospitals with 12 ranked medical specialties and University Hospital’s Rainbow Babies and Children’s Hospital is in the top five of US News & World Report’s Best Children’s Hospitals.
The (216) Way of Life
- Diverse Architecture
Locate your office in a centuries-old mansion, the nation’s first electric car factory, a historically renovated warehouse, an old bank, or a brand-new LEED certified building. The HTC offers authentic, cool spaces at the intersection of innovation and history.
- Great Food
Food trucks every Tuesday. Authentic Thai, Japanese, Chinese, Korean, and Vietnamese food. Homemade soup. Farmers markets. Greasy spoons. Traditional Italian and Eastern European haunts. All in the HTC and within a 5 minute drive.
- Real Estate Investment
The Health-Tech Corridor has over $3.9 billion worth of completed real estate projects within the last decade, with another $1.3 billion underway.
- Parks and Green Space
Dynamic parks and green space exists throughout the HTC, from the CSU and CWRU campus to Wade Oval in University Circle to the Dunham Tavern, Cleveland’s Central Park.
- Low Cost of Living
According to the cost-of-living calculator on the CNN website, housing costs 78 percent less in Cleveland than it does in Manhattan, 68 percent less as compared to San Francisco and 32 percent less as compared to Chicago.