A survey conducted by the Massachusetts Business Roundtable has revealed that nearly half of employers in the state are planning to reduce their real estate footprint. According to Boston Business Journal, 47% of respondents reported their intention to cut back on Massachusetts-based operations over the next two years, a significant increase from 36% last year.
The survey also showed that 21% of employers were considering cutting headcount or adding new roles outside of Massachusetts – triple what was seen in 2020. The primary reason for these changes is attributed to cost of living followed by infrastructure and business taxes within the state.
These findings demonstrate how businesses are facing challenges recruiting and retaining talent due to limited growth potential in local talent pools as well as high costs associated with living there.
