According to a survey conducted by the Massachusetts Business Roundtable, nearly half of the employers in Massachusetts are planning to reduce their real estate footprint in the state, reported by Boston Business Journal.
The survey indicates that despite the value of the highly educated workforce in Massachusetts, businesses are facing challenges in recruiting and retaining talent due to the lack of growth in the talent pool and the high cost of living. This year, 47% of respondents stated their intention to cut their Massachusetts footprint over the next two years, compared to 36% last year.
The survey also revealed that the percentage of employers considering cutting their headcount or adding new roles outside of Massachusetts tripled year-over-year to 21%. The cost of living was cited as the primary reason for considering these changes, followed by the state’s infrastructure and business taxes.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.