November 6, 2018
Economic development organizations (EDOs) are at the heart of a city and state’s business development, so it’s no surprise that keeping a close eye on commercial real estate developments and workplace trends is a priority for them.
The future of a region’s economic growth relies heavily on the quality of workers an employer can recruit and their quality of life. To achieve a win-win for both businesses and EDOs, it’s imperative to focus on the workforce as well as what it takes to maintain a sustainable quality of life for them both in the office and in the community.
After compiling data from dozens of metro areas and looking at commonalities between regions that have the strongest office markets, we singled out these three workplace well-being factors that they have in common. Keep these in mind as you develop plans for economic growth in your region.
Three Key Factors to Improving Economic Growth in a Metro Area
The ability to stay active whether by walking, biking, jogging or doing other activities is critical for physical and mental well-being. In addition to dedicated parks and green spaces, also pay attention to what the environment near various office parks, retail spaces, and other commercial properties look like. Are there sidewalks for employees to take short walks on over their lunch breaks? The ability to get out during the day and exercise plays a big role in overall workplace well-being, and can be seen in real estate prices from Miami to Seattle and New York to Los Angeles.
Advanced training opportunities
Communities with accessible training programs for all skill-sets and levels are important for spurring economic growth on a broader scale, but also on an individual self-actualization scale. Whether big universities or smaller technical colleges, the opportunities for people to learn and improve their trade leads to more fulfilling careers – and happier, more productive employees.
Transit and commuting options
When it comes to quality of life factors, how much time a person spends in the car, bus, train, bike or walking on foot can have a big influence on their work-life satisfaction. Does your community offer a variety of commuting options that are reliable and accessible? If not, transit infrastructure might be worth investing in as another alternative for spurring economic growth.
Business development and workplace wellness go hand-in-hand. As economic development organizations build out their growth plans, consider how local infrastructure and commercial real-estate properties can best coexist to maximize development. Building connections to green space, local educational institutions, and transit options will have a positive impact on the region’s economy, as seen through commercial real estate valuations. To see for yourself, check out up-to-date commercial property listings on RealMassive’s marketplace.