While the average American’s commute has remained relatively stable over the last 10 years, clocking in at a mere 25.5 minutes one way, that statistic tells only a very small part of the story. In reality, many commuters are traveling much farther and much longer to commercial property sites nationwide.
In fact, according to a recent Reuters article, the Gallup-Healthways Well-Being Index found the longer the commute, the higher the levels of one's obesity, cholesterol, pain, fatigue and anxiety.
Meanwhile, recent studies have found more employees are allowed to work from home and that they are actually more productive than those who work in an office. According to forbes.com, “Data from Gallup’s State of the American Workplace reveals that nearly 4 out 10 (39%) companies currently allow some employees to work remotely. Even more interesting was that the survey revealed remote workers log more hours than their in-office counterparts (4 extra hours per week). And, the seemingly good news doesn’t stop there. Employees who work remotely (according to the report) seem to be slightly more engaged than those who work in the office (32% engaged Vs. 28% engaged).”
While some may argue over the wisdom of enabling employees to work from home, the percentage of virtual companies is clearly on the rise. “By one estimate, telecommuting has risen 79 percent between 2005 and 2012 and now makes up 2.6 percent of the American work force, or 3.2 million workers, according to statistics from the American Community Survey.” (Source: NY Times)
A key business advantage for virtual companies is the luxury of choosing its office location based on fewer requirements. Recruiting, commuter transportation options, and the aesthetic impact for clients can often be disregarded, while seizing advantage of lower cost location options can become the forefront of your location decision. With remote workers, offices can even be in a different state than the one in which the business was founded, or where the owner resides. Especially for regions along the borders of two or more states, the tax and business incentives of each state can be weighed carefully to determine which location results in the most benefits for the business.
For example, corporate taxes in Currituck County, N.C. are notably lower, at 5%, than those in Hampton Roads, Virginia located just a 30-minute drive away. By far the lowest tax burden imposed in the region, Currituck County also offers a lower, flat tax for personal income, a low property assessment rate of just 48 cents per $100 of valuation, as well as many state and local financial incentives for new, expanding or relocating businesses.
Any business – even those that require a primary office location for all employees – still has many options for choosing an affordable commercial office site. And in contrast to popular commercial real estate methodology, the city center may not always be the best option for a business address.
While a central location may come with some amount of prestige and more mass transport options for commuters, it also adds higher residential real estate costs, longer commutes for employees, and a less flexible work environment employees crave. The financial impact may also be seen in higher salary demands to offset commuting and cost-of-living expenses.
By choosing to locate a business outside of the city center, workers can enjoy an easy commute against the heavy flow of daily traffic and a more affordable lifestyle. For business owners considering enabling a remote workforce, take full advantage of your business location by choosing a less expensive, more laid back, less densely populated area like business-friendly coastal North Carolina.
Learn more about available commercial property sites in Currituck County, N.C. - as well as the region’s business and tax incentives and lifestyle perks including affordable and safe housing, abundant outdoor recreation opportunities, and excellent schools - by contacting us today.