What's that empty downtown building really worth?

I drive through a lot of rural downtowns many of which have at least one empty building. Unfortunately it is usually a block or more of empty buildings. Donovan Rypkema with Place Economics in Washington D.C. estimates that the loss to a community for every empty downtown building is

• $250,000 in lost sales
• $17,500 in lost sales tax revenue to state and local government
• $15,000 in lost rent to property owners
• $1,500 in lost property tax revenue to local government
• $51,000 in lost loan demand to local banks for the building
• $15,000 in lost load demand to local banks for the business
• $750 in lost property management fees
• $24,750 in lost business profits and owner compensation
• $16,250 in lost employee payroll

One empty building on your Main Street is robbing your community and citizens! The economic impact of filling just one building is astounding. So if your mind set is, "Oh it's just one building. We're ok! We've got a barber shop over there and the bank down there the new Super Wal-Mart out by the highway. We're on top of the world!" You might stop and look a little closer at everything you're missing out on.

Economic impact works both ways. Imagine the multiplier effects if you had that $17,500 in the city coffers, the $51,000 loan at the bank, and $16,250 in your citizens' pockets! The money could go a long way for roads, schools, and numerous projects that could make your community more attractive. That's what the empty downtown building is really worth.

Pauline D. Eaton, CMSM
Director of Downtown Revitalization
Ohio Main Street Program State Coordinator
Heritage Ohio/Downtown Ohio, Inc.
846 1/2 East Main Street
Columbus, OH 43205
614-258-6200, ext. 23-Columbus Office
614-258-6400-fax
614-402-2098-Cell
614-437-9787-Galion Office

Downtown Is Everybody's Neighborhood
www.downtownohio.org
peaton@heritageohio.org