Downtown Workforce - J.P. DuBuque

What are the major considerations that factor into corporate relocations and how much of who is already in downtown factors into that decision? 

The top five drivers of corporate relocation are Talent, Talent, Talent, Talent and Talent. That is by far what today's corporate relocation game is all about, no matter the industry. They are thinking about availability of quality talent, affordability of the talent, and the ability to retain and grow it.

That is today. There are underlying drivers that feed into the decision and always have, like ease of operation, cost leverage, and those making the decision are looking for a place they can see themselves calling home. But all of this ranks behind talent. 

When we talk about a company assessing our workforce, it’s not just looking at the workforce pool in Downtown St. Petersburg, or even the larger city or county; we have to look at it from the MSA—multiple MSAs—perspective and ask what does the talent pipeline look like? What do we have and what are we putting out from our local institutions including high schools, community collages, career programs, four-year institutions, etc. Is the right type of talent being added? The pipeline is crucial because our unemployment in the county is at 2.6% which is a bad thing when you have companies wanting to see talent availability. 

Saving that is the fact that we have 1,000 people moving to Florida every day and about 15% of those come to our region. When a prospect hears 150 people a day—that’s a lot of people moving here. So they look at the low unemployment but see that we've got growth coming here.  

You mentioned low unemployment rate being both an asset and liability. What are some other challenges to Downtown at the moment?

The thing that I think is holding downtown back is frankly the availability and costs of all types of real estate. Office is not terribly expensive in comparison to our peers, but residential is incredibly expensive. When you look at the [low] vacancy in office, retail and residential—that really is the thing that's holding us back. We can support a lot more people and a lot more activity, a lot more businesses in downtown. We just don't have any place for them to be. 

In today’s market, what are some of Downtown’s assets?

As a result of the pandemic, we saw the rapid onset of remote working for industries where that was feasible. Now we’re seeing the pendulum swing back a bit; I don't think it'll ever be back to what it was in 2018, but it's swinging back a little bit. In order for employers to get the people that they want in the office to actually come to the office, they're having to establish. these high quality employment sites. The offices have to be nicer. 

What does that mean for downtowns? Every downtown is hot right now. Every single one of them, so we have to compete against all of them. A unique aspect of our downtown is that when you look at the ones we go head to head against—Tampa, Miami, Orlando Austin, Charlotte, Atlanta, Raleigh, Nashville, Greenville—it seems like other downtowns were developed for business while our downtown was built for living. Our Downtown picks up steam at five o'clock, and that is something that, I believe, sets us apart in a lot of ways and speaks indirectly to the talent and directly to the quality of life factors relocations are looking for.  

Other assets—I think that from a mobility standpoint, our grid system sets us apart in a big way. Even in Downtown at heavy traffic times you can still easily get around. I think that the unique and diverse offerings for entertainment and shopping set us apart. If you look at Downtown, they are very few chains and the people that come to visit here, notice that.

Then the less tangible thing that sets Downtown apart is something that you experience throughout the City of St. Petersburg, and that's this sense of inclusivity and collaboration, and a little bit of a funkiness. It has a distinct culture and character from other communities and people who come here feel it. 

Complete this sentence. Downtown St. Pete is a place to _____.

Downtown St. Pete is a place to create opportunities, whether it’s in code or on canvas; it’s where disruptive innovation and creativity converge–a combination that is uniquely St. Pete.

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