LeBron James' Return to Cleveland May Have Huge Economic Impact
One of the aspects of professional athlete relocation that many people do not consider is the economic impact that relocation will have on two cities, the city left behind and the new city. Never has this been truer than in the case of LeBron James and his return to Cleveland.
The sports world was rocked this past weekend with news that NBA All-Star LeBron James will be leaving Miami for his hometown of Cleveland, Ohio. The shockwaves have just started and will be felt for years to come in two cities separated by 1,500 miles but connected by one superstar.
Yes, this celebrity relocation will obviously affect the two teams involved, but what also needs to be noted is the effect this signing will have on the two communities. It is estimated that James’ economic impact as a Cavalier will be approximately $50 million to $80 million per year. Why? Because the arrival of James means more tickets sold, and more tickets sold means more people paying for parking, food, hotels, travel and team merchandise. It also will mean an increase in real estate values in the area near the Cleveland arena.
The opposite is true in Miami. There it is estimated that James’ departure could mean a loss of $100 million per year, and that estimate is most likely accurate….but….as a commercial real estate broker in Miami, I would recommend to small business owners that this is an opportunity, and that they should take advantage of the lowered rents and real estate values. In other words, though this is a blow to Miami, it is also a wonderful chance to find excellent real estate values. The area will rebound from this athlete relocation, as it always does, so this opportunity for local business people has a limited time frame in which to act.
We at Sportsrelocation.com understand the economics of professional athlete relocation. For over ten years we have worked closely with professional athletes to make their relocation as effortless as is possible.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.