First of all… Go O’s!
Baseball is back and the Orioles look like they’re ready for another (such a beautiful word to write) winning season! And they’re not only set to win on the field. The return of baseball season means a huge win for the city of Baltimore. The tourism industry, commercial real estate, and the general economy get a huge boost when Camden Yards is open for business.
Here’s a look at how the Baltimore Orioles’ winning ways contribute to economic growth and prosperity of Baltimore.
- Increased Tourism – Hello Restaurants and Hotels!
One of the most apparent economic benefits of the Orioles’ success is the boost in tourism to Baltimore. When the team performs well, it attracts visitors from neighboring cities and states who wish to witness the excitement of a winning team firsthand. The Baltimore Orioles-commercial real estate connection is as real as the smell of Boogs’ wafting from Eutaw Street. Data from the Baltimore Tourism Association shows that during the baseball season, hotel bookings, restaurant reservations, and overall visitor numbers increase significantly, directly correlating with the team’s performance.
- Ticket Sales and Merchandise Revenue
A winning season for the Baltimore Orioles translates to higher ticket sales and merchandise revenue. Attendance at Oriole Park at Camden Yards surges when the team is on a winning streak or vying for a playoff spot. Increased ticket sales mean greater revenue not only for the team but also for local businesses that make up the Baltimore commercial real estate landscape surrounding the stadium, such as restaurants, bars, and souvenir shops. Furthermore, the demand for Orioles’ merchandise rises as fans clamor to support their team, leading to a substantial boost in retail sales throughout the city.
- Commercial Real Estate: Local Business Revenue
The Orioles’ success directly impacts local businesses in Baltimore. On game days, the influx of fans into the city creates a bustling atmosphere, resulting in a surge in revenue for restaurants, bars, and entertainment establishments. A study conducted by the Baltimore Chamber of Commerce found that during the baseball season, businesses around the stadium experienced an average revenue increase of 15% to 20% compared to the off-season.
- Job Creation
As the Orioles’ success generates higher demand for goods and services, businesses often find themselves in need of additional staff. During peak seasons, local businesses, particularly in the hospitality and service sectors, hire temporary workers to accommodate the influx of customers. This surge in job opportunities not only benefits the local workforce but also reduces unemployment rates, contributing to a healthier overall economy.
- Sponsorships and Advertising
A winning team attracts more significant sponsorship deals and advertising opportunities. When the Orioles achieve success, their brand visibility increases, and corporate sponsors are more willing to invest in advertising partnerships with the team. This influx of sponsorship revenue provides the Orioles with additional resources that can be reinvested in player development, stadium improvements, and community outreach programs.
The Baltimore Orioles’ success extends far beyond the baseball diamond; it has a tangible impact on the city’s economy. Increased tourism, higher ticket sales, and merchandise revenue, along with the positive effects on local businesses and job creation, make the Orioles a crucial driver of economic growth in Baltimore. As the team continues to thrive, its influence on the city’s prosperity will persist, leaving a lasting legacy of community pride and economic strength. For Baltimore, the Orioles’ triumphs are not only victories on the field but also triumphs for the entire city.
If you are interested in a free broker opinion of value or just learning more about investing in commercial real estate in the Baltimore and Washington DC areas, please contact us. Avenue Real Estate is a leading full service commercial brokerage in the Baltimore and Washington DC areas. Whether you are looking to buy, sell, or lease, we are here to talk with you about the details as local experts.