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It's not Oz, but Big Apple still tops.

It's not Oz, but Big Apple still tops

While New York lacks some ideal factors for a business location, it is the second most likely location for companies that will rent office, wholesale or manufacturing space within the next year.

So reports the results of the 1991 Cushman & Wakefield Monitor, a national survey of CEO's on business locations as well as economic and business related issues conducted. The survey, conducted annually by Louis Harris and Associates, is based on the opinions of 400 CEO's.

In a 32-city ranking based on excellent responses, Atlanta came in first place while the Big Apple trailed the list in the 29th spot, a one-notch drop from the 1990 results.

On a list of locations where CEO's who are planning to rent space will actually locate, however, New York followed only Los Angeles. For office space Los Angeles was mentioned most often (13 percent) and New York was the second most common location (11 percent). In wholesale, retail, or manufacturing, New York was again in the number two spot -- Los Angeles 13 percent; New York 8 percent.

Jim Vanderslice, manager and branch manager, Cushman & Wakefield New York Offices, said New York is still a top choice for people because the economy today is being driven by international business.

"From a practicality standpoint, it's still the international center of the U.S.," he said. "And companies that are growing in international business are going to have office space here."

New York got its highest "excellent" rating (37 percent) in the "easy access to markets, customers or clients" category, which was rated the most important criterion for locating office facilities -- 43 percent rated it "absolutely essential."

Vanderslice notes that one area New York did poorly in was the questions about cost of labor and operations.

"Office space costs in New York are higher than any place in the country," he said.

The results, he said, also may have been skewed because questions about "locating manufacturing, warehouse or distribution facilities" were a large portion of the survey. "It's really not a manufacturing community," he said.

New York also fell at the bottom for "quality of life" for locating office facilities and locating manufacturing, warehouse, or distribution facilities.

Atlanta Reclaims Top Spot

After finishing sixth in 1990, this year Atlanta regained the number one spot, which it had held for three consecutive years. Twenty-four percent of the CEO's familiar with Atlanta rated it an excellent place to do business. Four percent gave New York the same evaluation. Atlanta also jumped from eighth to fourth as a place where business conditions are supposed to improve in 12 months. With not far to go, New York moved from 31 in 1990 to 32 in 1992.

The top executives were asked to evaluate the importance of 11 factors in deciding where to locate business facilities. Five factors were asked of all CEO's, The remaining six factors, pertaining to the warehouse, manufacturing, and distribution factors, were asked of 56 percent of CEO's who report their organizations are involved in those type of operations.

The Best Businesses Locations for 1991 are:

1. Atlanta 2. Seattle 3. Tampa 4. Dallas-Fort Worth 5. Portland 6. Columbus 7. Cincinnati 8. Houston 9. Phoenix 10. Indianapolis 11. Chicago 12. Sacramento 13. Kansas City 14. Minneapolis-St. Paul 15. San Antonio 16. San Diego 17. Washington, D.C. 18. Pittsburgh 19. Denver 20. Baltimore 21. San Francisco 22. Norfolk 23. Milwaukee 24. Cleveland 25. St. Louis 26. Detroit 27. Los Angeles 28. Boston 29. New York 30. Philadelphia 31. Miami 32. New Orleans
COPYRIGHT 1991 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
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Title Annotation:New York City, national survey on business location
Author:Fitzgerald, Therese
Publication:Real Estate Weekly
Date:Dec 18, 1991
Previous Article:NYC to build 837 apartments.
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