Mature businesses and startups alike are moving back to the cities, reversing a pattern that began way back in the 1960s. But why are cities favored by businesses again? From the Wall Street Journal, here are four explanations:
1. Workspace Configurations
Private offices and cubicles are quickly becoming a thing of the past as employers realize open, modern offices (usually in cities) better stimulate innovation and facilitate communication. These offices also take up less space and therefore cost less per person.
2. Large, Diverse Talent Pools
Companies are realizing that not only is talent critical to long-term success, but so is diversity. And, as the workforce migrates towards urban life, cities are the best place to find both.
3. Plethora Of Advisers & Services
Cities offer the armies of consultants, lawyers, bankers, accountants and every other professional imaginable businesses need so they can focus 100% of their attention on their core competencies.
4. Staying Competitive
And above all, being in the city allows businesses to stay abreast of customer needs and respond most effectively to competition. There's certainly a benefit to being "in the center" of it all. [WSJ]
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