Many Companies Making the Move Back to the City

Expedia recently announced that it would be moving its headquarters from a Seattle suburb that it has occupied for the past 20 years to the city’s downtown area.  With this announcement, Expedia joins a number of companies that are making the move from the suburbs back to the city.  Companies are mainly doing this to attract and retain young, talented workers.   

Today’s young workers are delaying homeownership in favor of renting, and they have a preference for walk able neighborhoods with easy access to entertainment and dining options.  Property prices in walk able neighborhoods are also a reason for many companies recent move back to the city.  Over the past 10 years, properties located within central business districts have appreciated 125%, while properties located in areas that are considered highly walk able rose 43%.  Over this same time period, prices for suburban properties that are “somewhat walk able” or car dependent are up only 20-21%.  

This new trend isn’t rendering suburban properties completely useless however.  These properties are being repurposed into everything from community colleges to health clinics.  Ed McMahon, a senior resident fellow for the Urban Land Institute, told the Wall Street Journal, “One of the biggest trends of the next generation is going to be the repurposing of an incredible amount of existing suburban development.”  Look for more companies to follow in Expedia’s footprints and move back to the city in the near future.

Click here for the full article from The Wall Street Journal, or click here for more Front Street news... 

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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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