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THE KEY BLOG

Looking to Relocate Your Company? You Aren’t Alone!

 There are several reasons CEOs pick up and move. In fact, there have been a ton of high profile company headquarters that have moved in the last couple of years.

Many of those companies have actually relocated to urban environments. Think:

  • GE’s move to Boston from suburban Connecticut
  • McDonald’s from Oakbrook to Chicago
  • Expedia from Bellevue to Seattle, Washington

If you’re considering following in their footsteps, here are the answers to a few common questions you may have.

Why do people move headquarters?

There are several reasons why companies choose to relocate their headquarters. According to Downtown Cleveland Alliance, these include “accommodating growth, enhancing brand awareness, building culture, and reducing operating costs.”

Generally, the number one reason for relocating a headquarters is to improve talent attraction and retention.

What factors should I consider in my decision?

Deciding where to locate a corporate or regional headquarters impacts a business’s culture, brand and ability to attract talent. When making a major decision like this, it is important for leaders to keep all of these factors in mind. Just as important, it is essential to consider the location’s attractiveness, affordability, and regional colleges and universities.

Note, a leading indicator of where a region’s talent pool is headed is the percent of the workforce, as opposed to the general population, that holds a four-year degree or higher. Look into education and workforce statistics like these before moving.

How do I decide if a region is good to move to?

At this point, it is helpful to look at the success of comparably strong brands in the region. Does the region have the qualities of place and life and the affordability that can draw talent from around the country and around the world? Do you have any connections at the businesses in that area you can interview about the move?

What are my prospects for attracting and retaining talent in a new location?

In considering talent attraction, it is important to evaluate the following. 

Then, determine if your business’s real estate location and home region have the qualities of place and life and the affordability that recent college graduates want. Take Downtown Cleveland as an example. Employers recruit from Case Western Reserve University, Cleveland State University, and the other universities in Northeast Ohio. They recruit just as successfully from The Ohio State University, the University of Michigan, and Carnegie Mellon, all within a two and half hour drive.

Special thanks to Downtown Cleveland Alliance for generously supplying the knowledge necessary to write this piece.

 

Considering Cleveland? We have the information you need! Read on:

The Value in Moving Your Offices to Downtown Cleveland

Cleveland’s Regional Focus Gives Businesses a Leg Up

Ready to make a move? Fill out the form below to schedule a visit to Key Tower and learn more about relocating your company to Downtown Cleveland’s most prestigious building. 

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