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After spending the entire summer in Buffalo, NY. I have learned two things. Smaller to mid-sized markets are a GREAT investment right now and how much I don’t like Los Angeles (lol) I actually knew the latter for quite some time. Over the summer I got to do some really exciting things like a first-time visit to TIFF (Toronto Film Festival). It’s a MUST for music and radio industry pros to explore other forms of media and events. Another thing I noticed is the lure of the smaller markets for investment potential.
As major markets like LA price people out of their apartments (the city has a huge homeless problem with people pitching tents all over the city after massive rent hikes over the last few years). This at a time when tech is a non-discriminate locale industry for everything from music to film. I have an office space in Buffalo that I can use any time that is fully equipped for a whopping $125 a MONTH. In LA this place would easily cost me $125 a DAY … NOT including parking or free wifi. if I was to start a business like this in a small to mid-sized market right now, there are several things I would get from that city that I would not get in LA like a grant, a great location (downtown) and a tax break. Smaller to mid-sized markets are going to need more and more places like this as more corporations in major cities allow people to work from home and build offices in smaller to mid-sized markets so that they too can get grants and tax breaks.
Real estate is another option that future business minded industry pros can’t ignore. As tech spreads to smaller to mid-sized markets so will the demand for housing and rentals. Whatever it is that you may want to do AFTER the industry I’m sure that you know it’s important to think about that NOW. You may seriously want to check out some of the smaller markets in your area or even your hometown for potential investment opportunities and it’s OK to say that I warned you. Come back and read this in two years.