According to The Boyd Co., a New Jersey-based corporate relocation firm, two Virginia cities are among the top 10 least expensive North American locations to operate a corporate headquarters.
The Boyd Co. released a study this month that estimated the annual bill in Virginia Beach for a 70,000-square-foot, 325-employee corporate headquarters complex at $21.8 million, and in Richmond at $22.4 million. The study reported that Richmond and Virginia Beach offer some of the lowest local sales and property taxes in the nation. Boyd also highlighted Richmond’s low airfare costs as a cost-saving benefit.
New York ranked the highest at $39.7 million. Other comparable cities included Charlotte ($22.8 million), Washington, D.C. ($26.6 million), and Baltimore, Md. ($24.7 million).
Virginia is home to more than 30 Fortune 1000 corporate headquarters and eight of Forbes America’s largest private companies. In addition to low tax and airfare costs, corporate headquarters in Virginia enjoy a business-friendly climate characterized by stable and competitive payroll costs and lease rates, as well as legislation that protects “at will” employment practices.
The Richmond area is home to the headquarters of 10 Fortune 1000 firms, including MWV (MeadWestvaco) and Altria Group. STIHL Inc., Amerigroup and Lifenet are among companies that have located their headquarters operations in Virginia Beach.
For more information about the benefits of locating headquarters operations in Virginia, call us at (804) 545-5700 or visit www.YesVirginia.org.