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WASHINGTON, DC—Millennials are leaving big cities and moving tolocations with a lower cost of living and higher quality of life—ademographic shift is having an impact on the available talent poolsand labor costs for businesses. Research shows over the pastseveral years, thousands of companies and hundreds of thousands ofjobs have left markets in expensive cities, in part to follow theflow of talent. Cresa's analysis shows that these companies arelikely saving anywhere from 15% – 30% of annual operating costsrelated to labor, taxes, real estate and utilities.
"Companies from major cities on the east and west coasts havebeen relocating to more cost-efficient geographic areas such asTexas, Tennessee, Colorado and Washington," Jim Underhill, CEO ofCresa, an international commercial real estate company, tellsGlobeSt.com.
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