Griffin Capital Releases Economic Impact Analysis Report on Qualified Opportunity Zone Funds
$7.1 Billion Estimated Economic Impact and 3,231 Estimated Annual Jobs Supported
Griffin Capital Company, LLC (“Griffin Capital”), a leading private real estate investment manager and a leading sponsor of Qualified Opportunity Zone Funds, proudly announces the findings of its Economic Impact Analysis report.
“With over $1.7 billion in equity raised across four Qualified Opportunity Zone Funds, comprising 28 multifamily properties with a total project cost of $3.2 billion, Griffin Capital remains committed to achieving both terrific outcomes for investors and meaningful, positive contributions to the communities in which we invest,” stated Nick Rosenthal, Co-CEO of Griffin Capital Company.
“Five years removed from the launch of our first Opportunity Zone Fund, we wanted to better understand and report to our stakeholders on the impact this program has had and will continue to have on the communities in which we are investing. The capital formation that has occurred as a result of the creation of this program is helping to address critical issues like housing affordability at a time when new housing starts have declined dramatically, additional jobs at a time when there is softening in the labor market and will be additive to long-term economic stimulus in these communities. This is a perfect example of how providing appropriate incentives to the private sector can help solve important policy issues, it is the quintessential win-win,” Rosenthal continued.
The Economic Impact Analysis report provides insights into the estimated contributions to local economies resulting from the development and operations of the multifamily communities within Griffin Capital’s Qualified Opportunity Zone Funds. These projections are based on estimated development costs and operational data as of June 30, 2024, and cover the expected hold period of each property. For the purpose of this analysis, the “local economy” refers to the county in which each property is located.
Key Findings from the Economic Impact Analysis:*
- $7,090,177,794 total estimated economic impact.
- 3,231 estimated average annual jobs supported across the development and operational phases.
- $5,145,854,384 in direct economic impact from the development and operations of the multifamily properties.
- $728,423,134 in indirect effects, reflecting business-to-business transactions across the supply chain.
- $1,215,900,277 in induced effects, representing additional economic activity generated as employees and businesses spend their income within the local economy.
These estimates were generated using IMPLAN’s regional economic analysis software, an industry leader in economic impact analysis. IMPLAN’s software uses the Input-Output (I-O) economic modeling technique, pioneered by Nobel Prize winner Wassily Leontief, to capture the effect of economic activities. The model demonstrates how development and operations across industries, households, and governments contribute to broader economic growth and job creation.
Griffin Capital’s mission is stakeholder-focused, dedicated to creating lasting, positive impacts for its investors, partners, and in the communities where it operates.
For more information or to access the full report, please visit www.griffincapital.com/investor-insights.
* All estimates are subject to change and none of this information should be construed as a guarantee of investor performance or the actual economic impact that will be generated by the properties.
Findings are based on numerous estimates and assumption and should not be interpreted as a guarantee of the actual economic impact that will ultimately be realized by the applicable communities or a reflection of the actual or expected returns for investors in one of Griffin Capital’s Qualified Opportunity Zone Funds.
About Griffin Capital Company
Griffin Capital Company is a leading full-service real estate investment and management company that for nearly three decades has established a reputation for leadership and innovation led by a team of cycle-tested professionals with expertise in acquisitions, investment management, capital markets, financial reporting, legal, development, and construction management. Since 1995 the Firm has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets2 across a wide range of real estate sectors and investment structures. The Company’s senior executives and employees have co-invested over $300 million in various investment verticals, aligning Griffin Capital’s interest with those of its investors.
- Includes estimated total project costs for assets under construction.
Additional information is available at: www.griffincapital.com.
