Millennials Help Drive Corporate Relocations

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WASHINGTON, DC—Millennials are leaving big cities and moving to locations with a lower cost of living and higher quality of life⁠—a demographic shift is having an impact on the available talent pools and labor costs for businesses. Research shows over the past several years, thousands of companies and hundreds of thousands of jobs have left markets in expensive cities, in part to follow the flow of talent. Cresa’s analysis shows that these companies are likely saving anywhere from 15% – 30% of annual operating costs related to labor, taxes, real estate and utilities.

“Companies from major cities on the east and west coasts have been relocating to more cost-efficient geographic areas such as Texas, Tennessee, Colorado and Washington,” Jim Underhill, CEO of Cresa, an international commercial real estate company, tells GlobeSt.com.