More companies are choosing to move downtown in an effort to attract top talent and collaborate with other businesses, a new study from Smart Growth America finds.
Over the past few years, hundreds of companies nationwide have moved their headquarters from the suburbs closer to the downtown corridor, and Houston is no different, the study revealed. The map below shows some of the companies that have chosen to set up shop in downtown Houston in the last several years.
The main reasons to relocate are tied into a better connectivity with a company's community, more destinations for employees within walking distance, centralizing operations and building a better brand tied with the city, the study showed.
The trend stretches across a broad variety of industries, as well. Of the 494 companies studied, 121 were in the professional, technical and scientific services, 64 identified as information companies and 57 were in finance and insurance. And out of the companies studied, 219 relocated from a suburb in the metro area to move to their downtown headquarters.
And it appears that it's the Millennials driving this trend, the study found. The younger generation is likely to live closer to a downtown hub and is more willing to take public transportation.Millennials currently represent the largest generation in America's workforce today.
However, this trend might slow down in the next year or so. Due to lower oil prices, trophy towers downtown have begun to see a slowdown in new leases.
In years past, companies chose to move out to the suburbs to be near the lion's share of their employees or executive team, but that just isn't the case anymore, researchers on the study commented. But today, companies look for convenient transportation options for its employees, public or private, the study found.
Executives and young proffesional short term housing -
HCH Houston Corporate Housing owner reports that there is a significant increase of young proffesional inquirings about downtown and midtown fully furnished corporate units.
its much more afforable then staying in a hotel specialy when its a longer stay then a week and much more specious and comfortable he adds .
midtown attracts not just young proffesionals and interns it seems that relocatores and medical proffesionals have a great intrest in the area but the greater portion of the corporate housing users are young proffesionals and executives .