As corporate site selectors, there is a good chance that COVID-19 has greatly impacted your ability to do your job. From its influence on travel to its impact on remote work, the pandemic has had a hand in rapidly shifting what the workplace looks like for people all over the country. This is not causing all site selection to stop, however. An estimated 45% of site selection projects are moving forward during this time. As you work to take economic and workplace changes into consideration and find the perfect site for your or your client’s business, here are a few things to keep in mind.
Increase in On-Shoring
With health risks and uncertainty in other countries causing off-shored companies to reconsider their locations, many are choosing to move back to the United States. With changes in the global supply chain and newfound demand, pharmaceutical and life science companies, especially, are feeling the pressure to return to the United States. This doesn’t mean that all companies are leaving their off-shore locations for good, but, instead, they are looking to diversify their location in order to better withstand future pandemics and global crises.
Low Demand for Office Space
More and more companies are recognizing that it is possible for their employees to work from home and still complete quality work. This changes the commercial real estate game drastically as companies no longer need large offices and are able to live anywhere in the world. Manufacturing and shipping companies, however, still need to work from a physical location. Recognizing the remote work potential of the company you are site selecting for might open up many new opportunities.
Locational Risk and Crisis Response
With urban areas becoming epicenters, many people and companies are heading to rural areas. Site selectors are making similar decisions in order to keep their companies safe in the future. Setting up your business in a city, state or country that has proven to respond quickly and effectively to the current pandemic is a great move in regards to future safety.
Low Interest Rates, High Unemployment and a Need for New Income Sources
Low interest rates and a need for new jobs are driving innovation and movement in the business ecosystem. With businesses closing and slimming down, cities and states are searching for ways to employ their jobless community members and stimulate their economy. This can lead to large opportunities to hire and grow in places like Butte, Montana where many people are actively looking for work. When things begin to slow down and return to normal, states, cities and economic development groups will likely receive funding to push forward major projects to get things up and running again. This too will likely lead to incentives and opportunities as these groups are working to get businesses to move to their location.
For more information about how COVID-19 is impacting companies and site selectors, be sure to view this free webinar hosted by the Site Selectors Guild, Site Selection After COVID-19: Predictions From The Experts SHORT2.
Visit our website to learn more about Montana Connections Business Development Park and why, even in the midst of a pandemic, we are a great place to grow your business.