When relocating a business, choosing the right location to move to is the most important decision you will make. Although the best location to increase your chances for success will depend on your specific business, a move downtown could give you a competitive advantage.
According to a recently released report, “Core Values: Why American Companies are Moving Downtown” by Smart Growth America and Cushman & Wakefield, hundreds of companies across the country are moving from suburban areas to walkable downtown locations. This trend is spreading throughout the country, not only in large metropolitan areas, but small cities as well, and the diversity of the types of businesses is as wide as the sizes of the companies.
Although research for the report focused on companies moving downtown, the report did note that the trend is actually broader; many companies are moving to and building walkable, transit-oriented suburban areas as well.
What’s driving many companies to relocate to more densely populated, walkable locations?
The Common Themes
Through interviews with representatives from more than 40 of 500 companies studied, Smart Growth America found common themes explaining why companies choose to relocate downtown. They want to attract and retain talented employees and be closer to customers and business partners. They want to build brand identity and company culture, and support creative collaboration. Some see moving to and investing in downtown areas as a way to support their triple-bottom lines and centralize their operations.
Downtown areas serving as live-work-play communities provide a more ideal environment for it. They are vibrant and engaging communities where creativity and innovation thrive. These downtown areas are where the action is, and where the millennials want to be.
Relocating a Business for the Millennials
The Millennial generation, those who are currently about 18-34 years of age, is the largest in the U.S., representing roughly a third of the country’s workforce. That percentage is expected to grow in the next few years.
The educated and connected millennials prefer walkable live-work-play communities rich in amenities. They want to live and work in a creative, innovative and engaged environment filled with energy, the type of environment found in modern walkable downtown areas.
The Competitive Advantage to Moving Downtown
Although a move downtown is not right for every business, many companies see it as a competitive advantage. They are in a better position to attract and maintain talented employees who prefer to live and work in walkable, amenity-rich urban areas. A move to the city center also puts companies in closer proximity to their customers and business partners.
As one interviewed business representative said, “The move is an intentional strategy to be in the thick of other innovative companies and business leaders, not watching from the sidelines.”
Read the report to find out more about companies moving to walkable downtown areas.
Relocating Your Business? Make it a Trouble Free Move
When relocating a business, you want to successfully complete the move with minimal impact to operations during the process. Careful planning and management of the move will help ensure it.
Whether you are relocating a business from the suburbs to downtown or from one state to another, let Chipman Relocation & Logistics handle the details for you. Chipman provides turnkey relocation services for 2,200+ businesses annually, and has built a solid reputation through the years for successful commercial moves. Contact usto discuss your business move.