In past years, many people have worked and lived in the same city, however over the past two years commuters have become more and more common and NY is no exception. As the prices for residential real estate continue to rise in major cities, many people are choosing to move further away into the suburbs, increasing their commuting time, yet reducing their cost of living.
So, why do commuters change CRE?
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As a business owner the influx of people moving out of the city may seem like a hit to your CRE, however this couldn’t be further from the truth and could actually boost your revenue ten-fold. It’s no secret that the price of CRE in major cities is far more expensive than that of surrounding suburban areas, and with the population of the suburbs increasing, many business owners are choosing to move their storefronts to areas that are more affordable, saving them on rent, and yet, maintaining a steady cash flow with the increase of suburban residents.
Location, location, location, while once the location of your storefront had to be in the heart of the city in order to make a profit, this isn’t as true in today’s market. As online shopping grows, and people start to do more of the shopping outside of the city, now is the perfect time to either start, or move your business to the suburbs.
With so many people moving to the suburbs, while a few are comfortable and willing to make the long commute to the city, many are looking for work closer to home, thus creating a demand for CRE within suburban areas. Work life balance has always been important and with the rise in residential real estate costs, many homeowners were forced to move further from work, increasing commuting times, and thus, creating a poor work/life balance.
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By offering employment opportunities outside the city, you are not only saving on rent, but creating a space where employees can enjoy a great work/life balance, by eliminating a long commute, you’ll notice that your employees are more present during work hours, happier, and willing to stay long-term without becoming burnt out.
Whether you’re a new business owner, or you’re looking to relocate your business, commercial real estate in White Plains, NY could be the perfect solution for you! Please feel free to contact our office today and we would love to discuss available properties, lease terms, discuss our offerings as tenant reps, and more!
