Companies Move from Suburbs to Cities

Companies Move from Suburbs to Cities.jpg

In the 1960’s and 1970’s, CEOs abandoned cities to settle in suburbs. But today, large companies are moving back into cities in order to retain young workers who are postponing homeownership and prefer walkable areas. According to Real Capital Analytics Inc., “prices for commercial properties in highly walkable locations show significantly greater appreciation than car-dependent locations.” In the last 10 years, property values in central business regions have increased 125%, while highly walkable suburban properties have only risen 43%, and somewhat walkable or car-dependent properties roughly 22%. While preferences 50 years ago geared away from the hustle and bustle of the city, millennials are driving businesses into live/work/play environments with high walkability.

Expedia Inc. plans to move its headquarters from a Seattle suburb, where it was located for 20 years, to downtown Seattle. The downtown buildings will cost Expedia $228.9 million for 750,000 square feet, but the appeal of the city will be well worth the company’s employee retention. By 2018, Expedia plans to reboot their headquarters with bright, open offices, on-site dining, a fitness center, and hiking and running trails. But Expedia is not the only company relocating into the city.

Motorola Mobility LLC announced its new 600,000-square-foot headquarters in downtown Chicago last year. Archer Daniels Midland Co. also made the decision to leave the suburbs to relocate to Chicago. Small companies like Autodesk Inc., are following the city trend, and plan to move their 200 employees from Waltham, Massachusetts into Boston. Moving into Boston will not only retain workers, but it will also help the company recruit from renowned colleges in the area. With many companies moving from suburbs to inner cities, the suburbs will be repurposed with everything from health clinics to city halls. 

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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