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A Regional Vision for Springfield’s Economic Prosperity: Insights from a Commercial Real Estate Veteran (Sponsor Letter)

2024 SBJ Economic Growth Series: Building a Region

Posted online

Dear Business Leaders of Springfield,

As we look to the future of our region’s economic development, I’m struck by the immense potential we have when we work together. Over many years in commercial real estate, I’ve seen firsthand how a regional approach to growth can benefit not just individual businesses, but entire communities.

I firmly believe we can leverage our regional strengths to create a more prosperous Springfield area. First and foremost, we need to recognize that our economic ecosystem extends beyond city limits. When businesses consider locating here, they’re looking at the Springfield region as a whole, not just individual municipalities. This regional perspective is crucial for attracting new businesses and helping existing ones thrive.

Each community in our region has unique strengths. Springfield, as our urban core, offers a robust workforce and established infrastructure. As an example, surrounding communities like Republic and Ozark provide opportunities for industrial development and residential growth, respectively. By embracing these complementary roles rather than competing for the same projects, we can create a more diverse and resilient regional economy.

Take, for example, the development we’ve seen along West Bypass and West Sunshine. This area has become a hub for retailers seeking a second location in our market. The growth here isn’t just benefiting Springfield – it’s drawing customers from Republic, Willard and other surrounding communities, creating a ripple effect of economic activity throughout the region.

However, to fully realize our potential, we need to be willing to address some challenges. Streamlining development processes and adopting a business-friendly approach could significantly boost our competitiveness as a region.

As business leaders, you play a crucial role in shaping our region’s future. I encourage you to think strategically about your long-term real estate needs in the context of our regional growth. Consider how your business goals align with the evolving landscape of our area. Are you positioned to take advantage of emerging opportunities in different parts of the region?

Moreover, I invite you to engage with real estate professionals early in your planning process. We can provide valuable insights into market trends, development opportunities, and potential challenges. By working together in an advisory capacity, we can help you make informed decisions that not only benefit your business but also contribute to the overall economic vitality of our region.

Remember, a rising tide lifts all boats. When we think and act regionally, we create more opportunities for everyone. Whether it’s a new industrial facility in Republic, a housing development in Ozark, or a retail expansion in Springfield, each project contributes to the strength of our regional economy.

As we move forward, let’s commit to fostering greater collaboration between our communities. Let’s leverage our collective strengths, address our challenges head-on, and create a region that’s even more attractive to businesses and residents alike.

Together, we can build a more prosperous future for the Springfield region.

Sincerely,
Tom Rankin
SVN/Rankin Company

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