Being in a season of fast-paced, volatile, and dynamic transitions, many businesses can expect definite changes by moving to an urban environment. Below covers some things you can expect to change when making such a move with your business. There’s a roller coaster effect in progression as old cycles repeat, and new trends emerge that may affect the decision to shift from one environment to another.
The Apparent Trend Today
Millennials today are opting for dwellings with less yard space, shorter commutes, and less inner city driving. In essence, there’s a short-lived phenomenon of latte-sipping Millennials moving downtown. Moreover, it’s estimated that 87 percent of the housing market growth through 2040 will consist of households without children at all. There’s also an ongoing trend of corporations moving back to the city, as Motorola’s move to Chicago alone generated 3,000 newly created jobs.
Greater Accessibility–At a Price
There’s no doubt that for many residents and business people alike, having immediate, varied, and abundant supply access to what it takes to run their normal daily routine comes at a higher price. One Congressional 2014 investigation found that 10 generic drugs experienced increases from 420 percent to over 8,000 percent of their prices–in urban areas as opposed to suburban regions.
More Delivery and Shipping Options
Cities that are near to ports of entry, such as the historic Philadelphia U.S. Navy Yard, are experiencing a rebirth. Major cargo holdings within range of old railroad facilities, further enhance the environment for old and new business. With additional facilities planned, such as mega-shopping centers within the immediate naval yard facilities, the appeal grows ever so stronger for business and potential residents alike to explore their options at the navy yard.
Affordable Living and Office Space
Unlike major hubs such as New York City, some urban cities are going the extra mile as far as holding down taxes and other costs for residential dwellings, industrial centers and just plain office spaces. Toward the end of 2014, while Philadelphia homeowners and apartment renters spent averages of 9.7 percent on housing, the national average was at or above 14.9 percent. Older buildings are also being used for more businesses. While this can come at a cost, other companies like Sullivan Engineering make it easy with roofing and waterproofing city building services.
Convenient Mobility and Less Commuting
With the proliferation of home-based, SOHO platforms, people today prefer being less auto-dependent. In addition, enterprises such as Uber, and walk-through neighborhoods in the middle of downtown areas have all but eliminated having an auto.
In New York’s Bronx Borough, few cars are driven or owned by commuting residents. In fact, 26 percent of Americans ages 16 to 34 don’t even have a driver’s license–something unimaginable just 20 years ago.
In some urban areas, business is booming once again as the building repair and renovations business has never had it so good. What the future holds for urbanites, no one knows. However, people are riding the crest for now.