JLL’s Greg Lubar talks about economic business incentives and how they have helped to attract larger global organizations to the DC metro area. At the macro level, DC is a desirable place for organizations with its labor force and its quality of life.
Historically, Washington DC’s government structure has made it more difficult to attract larger organizations but more recently DC has shown its desire to attract major global organizations. Virginia has been more successful with the current governor in place who has been active in attracting larger businesses with government incentives. Maryland has had a more difficult time attracting global organizations to the area because its incentive packages are not as robust as the neighboring region.
With millennials residing mostly downtown, there will be more of a desire for larger organizations to relocate closer to downtown and suburban Virginia and Maryland. The only problem is the higher costs associated with the area but that often attracts better talent.
Greg Lubar is International Director at JLL.
This video clip was featured at JLL’s Capital Insight event, a 90-minute forecasting experience held to help key constituents make decisions in the Metro Washington DC market.