Have you been following developing news and trends of medium-sized and multinational companies? Then, you might have realised how most have shifted their centre of operations to NYC in recent years.

It now seems like every big global and US-based company has its headquarters in New York. The influx has been witnessed in all sectors and industries, making the city a global business hub. What follows next is that every new company doesn’t want to waste time and financial resources setting up its HQ in any other city.

Exactly what would trigger this mass exodus? This blog post will highlight the major reasons for this move. If you are looking for a new office to monitor your business, you may be the next occupier of New York Street premises.

Main Reasons for Shifting Business HQ To NYC

There are compelling reasons as to why business owners choose a certain city as their head office. However, the case for New York is unique for some reasons. Let us look at them one by one.

Availability of Economic Opportunities

New York City is full of all sorts of economic activities which present good opportunities for small, medium and large businesses to thrive.

The city is the host to various companies in different sectors, including finance, technology, media, art, fashion and entertainment. For example, the famous Wall Street in Lower Manhattan is the centre of global financial transactions, stock trading (such as the New York Stock Exchange and NASDAQ) and major investment companies. This creates a conducive environment for businesses and individuals looking for financial support or trading in capital markets.

Moreover, the city is the leader in innovative technology, attracting all large tech from different parts of the world. Some major technology companies that have shown their presence are Google, Facebook, and Amazon.

The economic growth and expansion of New York have also been on a steady upward trend compared to the neighbouring cities. The expansive population is the source of market for products and services, with the diverse lifestyle offering an opportunity for the development of new products.

Access to Skilled Labour

When you are looking for your business headquarters, the first thing that should come to your mind is whether you will find people to work for you. In addition, the workforce has to match your business job description requirements. Hence, once you move in, expect to receive tons of job applications. Otherwise, no company will spend money on hiring expatriates due to their high cost and lack of long-term commitment.

In the case of NYC, plenty of labour is well-educated, trained and skilled in the respective area of expertise. The city attracts highly skilled professional services from around the world. Locally, the city has well-established and top-class universities and other educational institutions that produce market-quality graduates in their respective fields of study.

Plenty of Service Providers

In New York, you will get all types of services to ensure your HQ operates in a business environment that is conducive for staff and clients. For instance, if you choose a location like Buffalo, it’s obvious that your office needs to be kept clean at all times by a service provider. And even if by chance it gets intruded by mice, being in the proximity of Lake Erie, you will easily find extermination service providers online. They offer rodent control services in Buffalo as well as regular fumigation to keep away other pests.

Networking and Partnership Opportunities

Being in New York allows your companies to network and build partnerships with other industry leaders. The city comprises an energetic startup community willing and working hard to achieve great business milestones. These provide a business opportunity to foster mutually beneficial relationships.

In addition, New York receives a number of wealthy persons who are looking to invest in both upcoming and seasoned companies. Every year the city is the host of major world business and investor conferences where great minds come to share challenges, mentor and look for greener pastures in terms of signing joint ventures and strategic partnerships.

Huge Economies of Scale

Where many businesses are found in one location, each is likely to benefit from the other or enjoy common services and utilities at a lower cost. The economic landscape of NYC comprises all industries and sectors in the economy. These businesses rely on each other for the market and provision of products and services that each doesn’t produce at competitive rates. For example, where banks provide financial services to all other companies, they also consume services like technology and consumer goods from IT and commercial companies, respectively.

Conclusion

The growing number of companies shifting their business and, more so, their headquarters to New York isn’t going to drop. As a matter of fact, the current trend is an affirmation that the city is the best to be the HQ for any global business. This place offers great opportunities for emerging businesses looking to have a stable footing in other countries through collaboration and partnership opportunities. The plenty of other economic advantages, access to professional labour and international exposure provides further benefits for business to grow exponentially.