“It has been our experience that when companies redeploy business operations and achieve a 15% to 20% annual cost reduction, the financial payback period is attractive. This is before any incentives, which only enhance the business case,” suggests Dennis Donovan.

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CoStar’s SVP Lisa Ruggles says many of their employees were excited about relocating to Richmond from Washington, D.C. “They were able to afford a larger, nicer apartment or purchase a house without compromising quality of life. Richmond has an amazing outdoor scene, and many of our employees bike or walk to work.”

The “sweet spot” location for the middle office is reported to be mid-sized metropolitan areas with established talent pools. Strong alignments with regional universities therefore help to inject future talent as a result. Attractive quality of life and lower costs for residents are also a benefit.

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