Real Estate Blog

by Jeff Ostrowski, The Palm Beach Post 1/21/2011 

You might say there are two types of CEOs in the world — those who’d move their headquarters to another state to save money, and those who wouldn’t.

Richard Weissman of The Learning Experience in Boca Raton is among the former. He moved his company here from New Jersey because its’ cheaper.

Surprisingly, Palm Beach County is one of the cheapest metro areas in the nation to run a corporate headquarters, according to a new analysis by The Boyd Co. It ranks Palm Beach County 40th of 55 U.S. cities. See my story from today’s paper here.

Falling commercial real estate prices have made Palm Beach County more affordable, says Boyd Co. President John Boyd. Of course, not all CEOs are willing to move to save a few bucks. Jeffrey Stoops, CEO of SBA Communications in Boca Raton, says that moving is hardly worth it if it means replacing employees.

“I’m not even sure there is an amount of money anybody could pay us to move our headquarters once we’ve got that ingrained work force,” Stoops said.

Here’s The Boyd Co.’s partial ranking of the costs of doing business in 55 U.S. cities, based on a hypothetical 75,000-square-foot office with 300 employees:

Rank Metro Area Annual cost
1 New York $28.5 million
2 San Francisco $27.2 million
3 San Jose, Calif. $26.8 million
4 Stamford, Conn. $26.0 million
5 Los Angeles $25.9 million
40 Palm Beach County $21.2 million
55 Orlando $19.9 million

Source: The Boyd Co.


Posted by Sherry Lee on January 23rd, 2011 9:51 AMPost a Comment (0)

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