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LONDON, UK / ACCESSWIRE / September 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Amazon.com, Inc. (NASDAQ: AMZN), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AMZN. The Company announced on its website on September 7, 2017 that it is planning to build its second headquarters in North America called "Amazon HQ2" and invited interested city or regional economic development organization in North America to submit proposals for the same. Amazon plans to spend approximately $5 billion on the construction of Amazon HQ2. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Features of the ideal location for Amazon HQ2
The Amazon HQ2 will be Amazon's second corporate headquarter and will eventually have capacity to accommodate more than 50,000 new full-time employees. Amazon already has its headquarters in Seattle, Washington, and will continue with its existing offices; however, it expects that the new headquarters will be a "full equal" to its Seattle office.
The Company has budgeted for over $5 billion in capital investment for the construction which would be spread over a 15 to 17 years period initially. The ideal location that Amazon is looking for should have a prime location, close to transit, with plenty of space to grow. Another very important aspect that Amazon is considering is sustainability and energy efficiency. Since a majority of buildings in Amazon's Seattle campus were built using LEED standards and the new buildings are using "District Energy" system of heating (a system of using recycled heat from its data centers), Amazon would be looking at even better options for the new headquarters.
While scouting for sites, Amazon is open to considering green-field sites, infill sites, existing buildings, or a combination. The ideal site would be approximately within 30 miles from the city's population center and within 45 minutes from the nearest international airport. The site would be within 1 - 2 miles distance of the major highways and arterial roads so that they would provide maximum access. The site would also provide direct access to means of mass transit viz., rail, train, subway/metro, bus routes, etc.
The project envisions that the entire building would have approximately 8 million plus square feet in area on completion. In the first phase, the Company plans to have a usable area of approximately 500,000 plus square feet, which is estimated to be completed by FY19.
The RFP underlines the ideal location "must have":
- Metropolitan areas with more than one million people;
- A stable and business-friendly environment;
- Urban or suburban locations with the potential to attract and retain strong technical talent;
- Communities that think big and creatively when considering locations and real estate options.
The Company has stated that it would be flexible on the following:
- An urban or downtown campus;
- A similar layout to Amazon's Seattle campus;
- A development-prepped site. Amazon expects that the city or its administration to offer viable real estate options, that would not lead to any delays or change in the Company's scheduled timeline.
Why Are Cities Wooing Amazon?
Many cities and their administration, including Chicago, Dallas, Michigan, Philadelphia, and San Diego have shown keen interest in attracting Amazon to build their second headquarters. One of the main reasons is the Company's ability to create new employment opportunities. Amazon plans to create 50,000 new high paying and full-time jobs at the new headquarters. The Company has already indicated that most of these positions will have annual salaries of over $100,000 and will be for the next 10 to 15 years' time. Amazon already has over 380,000 employees worldwide. In July 2017, it had hosted a job fair to fill over 50,000 new positions at its fulfillment centers. This was a continuation of the Company's plans announced in January 2017 to hire over 100,000 full-time positions in US by mid-2018.
The other major reason is the boost to the local economy. Amazon has been credited with the development of downtown Seattle, Washington, and its surrounding areas. As per an estimate shared by the Company, Amazon's investments in Seattle from the period from 2010 to 2016 have resulted in an addition of $38 billion to the city's economy. Roughly translated, for - every dollar that Amazon invested in Seattle, it has generated an additional $1.4 for the city's economy. Additionally, the Company has helped the growth of other businesses like restaurants, services, coffee shops, hotels including the growth of real estate and housing market. Amazon also has a history of supporting local communities and culture centers.
Amazon is aware of the opportunities and advantages that the Company represents and hence has clearly indicated that apart from an ideal location, it is also looking at a stable and business-friendly environment and tax structure best suited for its needs. It expects that the city and its administration would offer the maximum incentives and help in terms of land, site preparation, tax credits/exemptions, relocation grants, workforce grants, utility incentives/grants, permits, fee reductions, etc., so that the Company can reduce its initial costs/outgoings.
Given that very few cities can match Amazon's requirements, only time will tell, which city will finally house Amazon HQ2.
Last Close Stock Review
At the closing bell on Friday, September 8, 2017, Amazon.com's stock slipped 1.39%, ending the trading session at $965.90. A total volume of 2.61 million shares have exchanged hands. The Company's stock price rallied 13.31% in the past six months and 23.19% in the previous twelve months. Moreover, the stock surged 28.81% since the start of the year. The stock is trading at a PE ratio of 243.73 and currently has a market cap of $457.85 billion.
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