- Matt Ward
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Wall Street Relocating to Constitution Avenue
America’s financial capital is now Washington, D.C. With Congress and the White House acting forcefully to stop the bleeding resulting from the worldwide financial crisis, numerous investors and brokers are relocating from New York to Washington because that’s where the action is these days.
One of the nation’s healthiest metropolitan areas, Washington is benefiting from government hiring as the Obama Administration works to strengthen the nation’s financial system. The collapse of prominent investment banking firms such as Lehman Brothers and Bear Stearns has triggered increased scrutiny of large banks and created a need for additional workers with auditing and investment expertise in government regulatory offices.
The government’s deep involvement in the financial sector is bringing in investment that in other times would have gone to Manhattan. German banks, for example, are investing significant dollars in hotels and office buildings.
According to Ramon Kochavi, regional manager of Marcus and Millichap, “The government will grow.” Kochvai foresees declining defense contracting and an expansion of biotech firms under the Obama administration. New R & D firms are opening facilities in Rockville, MD, and along Virginia’s Dulles Corridor to support the National Institutes of Health in Bethesda, MD. Medical services growth is also expected as access to healthcare is a national priority.