There is no other location in the world like Silicon Valley. A suburban-style community with urban values, the hub of the tech industry caters to Millennials (those born after the early 1980s) and baby-boomers (those born between 1946 and 1964) alike. It is a true melting pot of culture where families can settle down or baby-boomers can enjoy all of the luxuries of upscale living.
Once tech companies start looking beyond the familiar confines of Northern California, real estate portfolio and location questions become key in determining a firm’s growth potential. Where is the next generation of talent, and how can my company create a workplace strategy that will attract millennials and yet be comfortable for baby-boomers? Will it make more sense for my company to be in an urban or suburban environment? What sort of space do we need for future growth?
The answers to these questions are different for every firm. The key to urban vs. suburban or balancing millennial interests and boomer practicality is deciding which location and workplace strategy will accommodate growth.
In 2012, Motorola Mobility — a subsidiary of Google at the time — announced that it would be moving its headquarters from Libertyville, Illinois, to Chicago for employee attraction and retention. Employment applications increased by 28 percent following the announcement.
Urban strategy worked for Motorola, but there are examples on both sides of the fence. It is important for tech firms to look at all the variables when making a strategic decision on workplace and location strategy.
- Appealing to Millenials
- Community Is More Important Than Urban or Suburban
- The Cost and Benefit of Suburban Living
To take a deeper dive into the above variables and better determine if there is a right decision for your company- check out Julia’s full article on Area Development Online.