What Attracts a New Business to a City or State
Many municipalities put a great emphasis on economic development, often creating whole departments that do nothing but attract new businesses and keep old ones. A good industry can put a city or state on the map and any municipality will look at quality of life issues such as keeping its citizens gainfully employed.
- Price – It doesn’t matter whether a company’s assets are counted in the thousands or billions, cost is the major factor in deciding to move into a certain area. This may include land acquisition costs and the price of installing any needed infrastructure; the package is more attractive when the property or land is cheap and improvements are already in place.
- Infrastructure – Depending on its needs, a company will look at highway access, available railroad and shipping lines, and nearby distribution centers when deciding where to set up shop. The more ready-made infrastructure for the company’s use, the greater the attraction.
- Employee Pool – An employer prefers to go where the workers are, and this usually means a well-educated work force that can minimize startup costs and hoops. Wage rates are also a factor, and an employer may look at whether there is a strong labor union in the area.
- Tax Structure – A company will also look at an area’s tax structure when looking at places to set up shop.
- Friendly Government – Tying in with this, a business-friendly atmosphere will be a key factor in attracting business. If a business operator believes he has to jump through many governmental hoops before the first shovelful of dirt is turned for an industrial facility, he may decide to go someplace with a friendlier atmosphere.
- Customer Base – While this may be less of a factor with an industrial company or one that does most of its business online, having a good customer base is important. Many retail operations will look to the demographics before making a decision to move.
- Incentives – As a company is touring possible expansion areas, its representatives are likely to talk with local and state officials to see what kind of deal they can strike. Incentives may include tax exemptions and credits, or forgiveness of normally-enacted impact fees. With big-name companies that may employ many local workers, the competition by various states and municipalities could be particularly keen, and often it’s the incentive package that swings the company executives’ decision
Henry J. Goodfriend is the Executive Vice President of Operations at NAI Global New York City.
About the author
Scope of Service Experience Based at NAI GLOBAL NEW YORK CITY Office Located at 415 MADISON AVENUE, NYC, NY 10017 USA main # 212 405 2500; Cell: 914 960 0408; Email: email@example.com www.nainyc.com www.naiglobal.com Senior Executive on both NAI Global corporate staff, and with the wholly owned New York City office, with current positions as: Executive Vice President Operations and Business Director of NAI Global New York City; and also with NAI Global Corporate Services team based out of Princeton NJ headquarters Global and National Account Management Global and National Business Development Education Master of Corporate Real Estate (MCR), CoreNet Global, 2008 University of Miami (FL), Bachelor of Arts Background & Experience Henry Goodfriend has been a member of NAI Global's corporate management since 2004, where from his Senior Managing Director of Corporate Services position he has been responsible for the management of U.S. and Global business accounts on behalf of multinational corporations; as well as being in an active business development capacity. He advises corporations on how to develop and implement corporate real estate strategies, in order to best align those strategies with the clients' enterprise needs. Goodfriend helps to manage the process of assembling the right team and resources, following best practices, in order to examine the viable options and then implement plans most consistent with the the client's financial, space utilization, and organizational goals and objectives. Among that broad array of business lines provided are: Real Estate Advisory, Leasing, and Investment Sales services, the Disposition of non-performing/excess property portfolios, Transaction Management Services, and the Marketing of properties via NAI Global 's industry leading full service commercial real estate platform that includes over 325 offices in 55 countries. He has conceived and hosted several NAI Global events including the annual Global Market Forecast event, and the Latin American Forecast functions which were held for four consecutive years in both NYC and Miami. In addition to his NAI Global corporate role, he is the also the Executive Vice President Operations, and Business Director of NAI Global New York City, managing the brokerage and support team at that NAI Global wholly owned office. Furthermore, he holds a leadership position on the NAI Metro Group comprised of 7 offices which provide various service lines for clients throughout the Tri-State region. Prior to NAI Global, he was until 2002 with the world headquarters office of Cushman & Wakefield, where he served within both their New York City and Global Operations. He cofounded and was the Director of Cushman & Wakefield's Latin American Practice, where he was responsible for advising clients and executing transactions between the United States and all of Latin America. With broad personal ties and business experience in Latin America, and having at times resided there, he was involved in the expansion of C&W's corporate platform within the region; a role which he has also taken on at NAI Global, identifying and establishing key alliances. After Director of Sales and Marketing posts with the Hyatt Hotel and Westin Hotel chains in both New York City and Boston, Mr. Goodfriend began his real estate career 25 years ago at the Edward S. Gordon Company in New York City as an office leasing broker. He then joined Riverbank Realty Company in 1987, becoming Vice President in 1990. In 1993 Riverbank merged with The Galbreath Company, a then nationally recognized brokerage, property management, and development organization, at which company Henry was a leading leasing and sales business producer in New York City and regionally from 1993 -1998, and at which firm he also established Galbreath's Mexico City and Caracas joint ventured offices. Professional Affiliations & Designations A member of the Real Estate Board of New York, CoreNet Global, The Americas Society, The Inter-American Dialogue, The United Nations Association, and several national and international Chambers of Commerce groups. Significant Transactions Henry has for 5 years overseen the worldwide portfolio of GTECH Corporation, which has operations throughout the United States and in over 50 countries. He represented GTECH in the 43 million dollar sale of their HQ campus prior to their relocation to a new tower, and on hundreds of other transactions around the globe. GTECH is a leading global information technology company whose core market is the lottery and gaming industry. Among the organizations which he has successfully represented during his career with respect to their local, National and Global real estate requirements are: Ciena Capital, Bloomberg, Microsoft, Scotiabank, Home Depot, Cable & Wireless, HSBC, Samsung, Business Loan Express, Procter & Gamble, Metropolitan Fiber Systems, Phelps Dodge, Herman Miller, Gibson Dunn & Crutcher, Banco Santander, Yivo Institute, Westin Hotels, Iberia Airlines, Chiat/Day Advertising, Akzo Nobel, Bankers Trust, Northwest Airlines, Standard Chartered Bank, Prism Retail Services, Corporacion del Cobre, Grand Marnier/LaPostolle, The Government of Argentina The Government of Malaysia, The Government of Mexico, The Government of Puerto Rico (26 locations for The Federal Affairs Administration, and also the Economic Development Administration).
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