Pros and Cons of moving your business out of Boston
The place where your business is located affects not only your own quality of life but also your employees’. It also directly influences your ability to attract and keep quality staff, which is crucial in running a successful business. Other factors to take into consideration when choosing a location include your customer base, as well as operational expenses. If you are located in the Boston area and you are considering moving your business out of Boston, here are some pros and cons to help you make the best decision.
The cons of moving your business out of Boston
Boston’s thriving economy
Boston is one of the richest cities in one of the world’s richest countries. About 2.5 million people work in this city and the employment market is very competitive. Boston is among the top ten largest economies in the US. Ever since the economic crisis, the economy of Boston has been witnessing a steady growth. The high-tech sector (Boston’s fastest-growing sector), education and healthcare are among the larger sectors of the city.
Businesses are flooding Boston
Not so long ago, many big businesses were fleeing Boston. Things have changed, though. These days, more and more companies and start-ups are either relocating their headquarters or considering relocation to the Boston area. The reason behind this change? Well, Boston has numerous traits that are considered desirable in today’s corporate culture.
Boston’s unique corporate ecosystem includes a highly-educated workforce, dozens of world-renowned research universities (over 120 colleges and universities in the Greater Boston Area!), and innovative companies. It fosters innovation in cutting-edge industries, such as technology and healthcare. It forms clusters of innovative companies, which provides a suitable environment for a sharing of ideas, suppliers, and employees everyone can benefit from.
With so many giants making highly-publicized moves to Boston, the area’s reputation as a global business center is improving, consequently slowing down brain drain – one of the area’s biggest problems.
The workforce
The city’s workforce is both a con and a pro of moving your business out of Boston. Boston has an enviable pool of talent which seems to be gradually expanding. Therefore, you should not have any trouble hiring high-quality professionals looking for work in your industry.
Moving your business out of Boston will cost you
Running a business in Boston is not cheap, but neither is moving. If you decide to move out of Massachusetts with ease, make sure you have some money set aside. Wherever you are moving, you need to pay an initial deposit on your new property, hire a commercial moving company, purchase packing supplies, perhaps do some renovations, etc. And the bigger the business, the more it all costs. Since the relocation of your business causes a major change in your personal life as well, there will be many other costs, unrelated to the office itself. When looking for office moving professionals, handymen, cleaning services, and all the other professionals you need to hire, you’ll realize that the costs can really add up. However, if you start planning on time, you should be able to cut costs a little bit.
Additionally, whether you are moving to the country’s West Coast or the Metrowest region of Massachusetts, your business operations will be disrupted for a certain period of time. Which means less money will be made. If the downtime office relocation could cause is your biggest concern, try moving your business out of Boston when you are least busy.
The pros of moving your business out of Boston
Businesses are flooding Boston
The downsides of businesses returning to Boston are also very obvious. One of them is the rise in housing costs. Another one is the burden it’s brought to transportation infrastructure. Now, if the infrastructure was expanded and improved, the housing problem would be partly solved, too. However, the city needs more investments to tackle this issue properly. Despite all the complications, the influx of businesses has brought, Boston’s economy needs them in order to keep prospering.
The workforce
As we mentioned earlier, talent is leaving Boston. Education represents a key contributor to Boston’s economy, attracting companies and specialized industries to this region. However, young people often come to Boston to get a first-class education and then seek employment in other cities, more affordable cities, with better entertainment options. Although this trend seems to be declining, it is still an issue that cannot be ignored.
The daily commute
There are too many commuters in Boston. Unless you live within walking or cycling distance or at least close to the train or bus, the daily commute in Boston can be a real struggle. Navigating the city by car and beating the traffic is too much to handle on a daily basis. Besides, parking is becoming a premium in all downtown locations. Not to mention how expensive taking a taxi can be. No wonder Boston has some of the nation’s most hostile drivers. This may discourage a lot of people from working for you, and the more employees you have, the more difficult it is to find a location that will please everyone. That’s why many companies are helping their employees by locating near commuter rail stations and offering shutters from the commuter rail to their offices.
The monthly expenses
Boston is one of the nation’s most expensive cities, with a cost of living well above the national average. Property rent can be outrageous. Office space for sale or lease is relatively pricey in comparison to other cities unless you opt for one of the ’’bad’’ neighborhoods. Besides, you and your employees need a place to live, too. In addition to healthcare and groceries, housing is one of the biggest expenses for Bostonians.
If you are struggling to pay rent, perhaps you should consider moving your business out of Boston to a more affordable area. A good solution would be finding a cheaper location near Boston. Opening satellite offices in the Metrowest area where your employees could live would be a win-win for everyone. So, contact commercial real estate specialists from Massachusetts and see what your options are.