Photo by Shutterstock
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.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
