Young professionals are moving to where the action is
Increasingly, it seems, rather than strictly relocating to cities with strong employment opportunities, young professionals are choosing markets based on cultural and quality-of-life issues, and then seeking employment — and employers are following the migrations. Indeed, while professionals used to follow employers to jobs, employers appear increasingly willing to follow employees to hot, new markets. Witness the decision by AllianceBernstein to uproot its New York City headquarters for a move to Nashville. Yes, the global asset management firm saved bundles of cash on taxes and real estate costs with the move, but would it ever have considered Nashville if not for the steady torrent of Americans flooding into the city and surrounding areas? The company will invest more than $70 million in the city as part of the relocation of its more than 1,000 headquarters employees, and plans to finish the transition from Manhattan to Nashville by 2022.
Mitch Faccio, vice president of