The location of your business is incredibly important; both for economic reasons, and quality-of-life factors for your employees. This will impact your company’s ability to keep and attract quality staff. And as we all know, there’s no successful business without that. Keeping that in mind, what are the pros and cons of moving your business out of Boston or Cambridge? We’ll explore some of them below, and leave you with enough points to make an informed decision.
A Thriving Economy
Firstly, we’ll take a look at some of the reasons why your business would do well not moving out of Boston. For one – Boston is definitely one of the most thriving cities, in one of the richest nations on Earth. There are more than 2.5 million employees in various industries and sectors in this city, giving way to an extremely competitive labor market. In fact, Boston ranks proudly in the 10 biggest local economies in the United States. While the local high-tech sector is growing the fastest, the local healthcare and world-famous educational sectors are no slouches either.
While a lot of large businesses were leaving Boston, this has changed over the course of the last decade. In fact, many start-ups and up-and-coming companies are moving their HQs or opening regional offices in the Boston area. The corporate culture that is integral to America has become embedded in the city’s famous red-brick structures.
The local corporate ecosystem is definitely vibrant, with a workforce that’s highly-educated and ready to work in all kinds of innovative companies and research institutes of world renown. This kind of labor pool simply breeds innovation in all kinds of industries, mostly healthcare and technology. Boston’s days of brain drain are far behind it, as many industry giants are publicly making overtures to the Boston area.
Corporate Relocations Are Costly
One of the main reasons why people consider moving their business out of Boston is the fact that running a business in this city can be quite costly. But on the other hand, depending on the company in question – a corporate relocation can be incredibly expensive as well. Even if you’re simply moving to a cheaper location in the Metrowest area, you should still know that the move itself will put a dent in your budget.
Firstly, know that you will definitely need to make a deposit for the new property. Also, you will need to find a commercial relocation company like preferred-movers.com to help you move to the new offices. Your company will also require a large amount of packing supplies, and maybe renovations of the new office space; all of which can add up to quite a sum.
Boston Is Getting Crowded
While everything we’ve said above about the pros of running a Boston-based business is still true; there are also some downsides. Namely, the fact that so many businesses have realized these benefits – so the commercial real estate scene in Boston has become very costly and crowded. The prices on the Boston market have driven many businesses to look for commercial properties in the Metrowest area. Plus, parking has become something of a premium in most downtown locations.
As we’ve mentioned above, one of the best things about Boston is its education sector, and the highly-educated workforce it produces. However, plenty of young people that come here for a first-class education also seek employment elsewhere, with the living costs in Boston steadily going up. While the rising work opportunities in the area have lessened this trend to an extent, it cannot be fully ignored.
Also, to put it simply – there are too many people commuting in Boston. Save for the people who live within cycling or walking distance of their workplaces, the daily commute has truly become a struggle lately. Beating the traffic by car is nigh impossible, and the local taxi services are expensive as well.
And the local commute to downtown Boston is about to become even more difficult, with a major project in development for the MA Turnpike. This is an infrastructure overhaul that could very well last for a decade, tying up commuters for years on end. Thus, many companies are considering the option of opening up satellite offices in the Metrowest area. Many employees live there and commute to Boston each day. This would not only make the workers more productive and efficient but would also represent a more affordable option compared to downtown commercial real estate.
Speaking of daily costs, Boston is definitely one of the more expensive cities in the United States, purely in terms of living costs. Firstly, renting a property is expensive, regardless of whether we’re talking about a residential property or office space. Housing is right there besides groceries and healthcare when it comes to living costs that are well above the national average in Boston.
With that in mind, moving your business out of Boston could mean a less costly existence not only for your company but for your employees as well. Finding a location in the Metrowest area would definitely be a fine solution, as this would be a win-win for both the employees and their respective companies.
Conclusion on Moving Your Business
As you can see, there are definitely reasons why Boston has become a more popular location for companies of all kinds in recent years. However, these reasons have also led to price surges and overcrowdedness in some areas, ironically making them gradually less attractive to companies. With this in mind, gauge your company’s options carefully before thinking about moving out of Boston!