Philadelphia has a wealth of positive attributes that make it a desirable location for opening your small business. If you're still in doubt, here are just some of the reasons why you should consider setting up or relocating your business in Philadelphia:
Philly has a lot of young, smart and eager talent
Philadelphia is one of the educational hubs of the East Coast, home to top ranked institutions such as the University of Pennsylvania and many law colleges such as Swarthmore College, Drexel University and Temple University. Philadelphia doesn't just hold a ton of students in one concentrated place: they’re keep them too. Back in 2015, Philly Magazine reported that, between 2006 and 2014, Philly added 120,600 millennials into the city. That's a staggering 41.2% growth!!
Economic growth is booming
Employment rates are pretty high in the city, with Philly beginning to invest heavily in small businesses. There are a number of programs, grants and tax credits designed to support business growth throughout the region and state.
Affordable housing and office space
Whether you are looking for a home or a building for your business Philly is very affordable, especially Commercial real estate . Commercial properties can be a very good investment because overall returns can be higher than those associated with investing in residential properties. Finding a Commercial Real Estate Professional in Philadelphia is the perfect way to find a property as they will have a vast inventory of properties to meet your business needs.
Due to the affordable housing in Philly, more and more young professionals are moving into the city. The rental market is also very attractive for young professionals. The average for a 2 bedroom Condo in Philadelphia is around 1500 dollars, ideal for splitting with a roommate.
Being the second largest city on the Eastern seaboard, Philadelphia is centrally located between two major business hubs (New York and Washington, D.C.), making it a very convenient place to set up shop. Philadelphia's location in the tri-state area makes it perfect for attracting a wide range of customers.
A Great transit system
Being in the city means you can use a bike, and pretty much walk to work and to different coffee shops and restaurants. Philadelphia has a very good public transportation system known as the South Eastern Pennsylvania Transportation Authority (SEPTA). SEPTA is the nation's sixth-largest public transit system, with train, subway, trolley and bus lines.
Philadelphia is extremely multi-cultural
Philadelphia is one of America's most diverse cities with a population of 6.5 million people and counting. Greater Philadelphia is one of the largest, most diverse regions in America. A diverse workforce is very important when it comes to building a business. Workers are drawn to the welcoming atmosphere. A culturally diverse workplace empowers people to develop their talents and skills and thus help your business to boom.
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