A growing number of business owners are moving their New York City restaurants to Washington, D.C. because of the lure of low commercial real estate prices, the Washington Post
The paper says that while restaurant leases in Manhattan can be as high as $150 per square foot, prices in Washington, D.C. are generally less than $40 per square foot, according to LoopNet, a commercial real estate site.
"Guys from New York are coming down here because they can pay half the rent and do 75 percent of the business," broker Thomas Papadopoulos, who has represented several Big Apple transplants, told the paper.
The paper says that the city's rising affluent population has made it a new relocation
destination for restaurants, while in the past it has been skipped over in favor of Los Angeles and Miami.
The city also has a large number of high-earning residents. According to the Houston Business Journal, a recent study by the job search site TheLadders.com found that the D.C. area was the best in terms of what it called "high-salary jobs" - positions with annual salaries above $100,000.