Twin Cities Businesses Can Fight Inflation By Moving to the Minnesota Technology Corridor
Tuesday, June 14, 2022
In June, the Star Tribune reported that year-over-year inflation in the Twin Cities was 8.7%. Soaring inflation and rising real estate prices are leading some Twin Cities businesses to ask, “how can I reduce my overhead to fight inflation?”
Twin Cities Businesses Fight Inflation By Lowering the Cost-of-Doing Business
The Minnesota Technology Corridor offers businesses in Minneapolis/St. Paul a unique opportunity - stay close to home, but lower your cost of doing business. “You don’t have to move out of state or drive two hours to a rural area to reduce your overhead. The Minnesota Technology Corridor is only 30-minutes from the MSP Airport, so we’re close. In fact, Hugo, which is in the Corridor, is only 20-minutes to St. Paul,” said Chris Eng, Economic Development Director for Washington County. “By making the shortest move possible, businesses in the Twin Cities can save a lot of money.”
How can Minneapolis/St. Paul businesses reduce their overhead?
There are specific ways the moving to the Minnesota Technology Corridor can help a business to save money, including:
#1 Real estate costs less in the MN Tech Corridor
Prices are far less and in some cases, the land can be discounted even further as an incentive to bring in businesses. For example, the Headwaters Technology Park is owned by the city of Forest Lake and the price is negotiable. Businesses who currently own their building could sell it for a profit, move to the Corridor and significantly lower their fixed costs. Those who are currently leasing should contact us to learn about opportunities to own their own building for a lower price.
#2 Energy prices are affordable
Within the Minnesota Technology Corridor, businesses have access to affordable energy solutions that can include renewable energy. “We have some of the lowest energy rates in the entire United States. Within the Corridor we have ways to reduce those costs even further,” said Bruce Sayler, Principal, Community and Economic Development at Connexus Energy.
#3 Businesses may qualify for financial incentives
When businesses move from the Twin Cities, they may qualify for additional financial incentives. These could come in the form of tax credits, grants, low-cost real estate, and programs that can help with workforce training, for example. With multiple options available, the best thing to do is contact us to discuss your business needs. We can then make specific recommendations that will be the most beneficial for your business. If you are a Minneapolis/St. Paul business, who wants to save money to combat inflation, email us today.
Minneapolis/St. Paul Businesses: Contact Us to Save Money
We understand that it is difficult to run a business with prices soaring at unmanageable levels. Our team is ready to help you by identifying the grants and incentives your business qualifies for in the Minnesota Technology Corridor. We can also help you to identify affordable real estate sites and secure affordable energy. Our support is offered at no charge so email us for help reducing your overhead.