Who needs a registered office? Despite the losses of Boeing, Citadel and Caterpillar, the Chicago area has retained its top spot as the nation’s top city for commercial real estate investment.
The Windy City broke its record for attracting business relocations and expansions last year, making it the nation’s top metropolitan attraction for investment for the 10th straight year despite head office defections highly publicized, CoStar reportedciting a ranking from Site Selection magazine.
“If winning multiple championships establishes dynasties, what do you call it when you win 10 years in a row?” The site’s selection editor, Adam Bruns, said in a statement.
“In Chicagoland, they hand the ball to the ref and act like they’ve been there before,” he added. “Our project data tells us that the metro area continues to attract the businesses and the talent those businesses covet.”
Boeing headquarters moved from Chicago to suburban Washington, DC; Citadel hedge fund migrated to Miami And Caterpillar’s jump ship from Deerfield to Irving, Texas.
Despite the punch of those moves and recent struggles in the Loop business district, Greater Chicago had 448 eligible offers. — seven more than its record of 441 moves and expansions in 2021, according to specialist pub Site Selection.
Deals in the Chicago area topped 426 qualified deals in Greater Dallas, 255 qualified deals in Greater Houston, and 246 qualified deals in Greater New York.
In metropolitan areas with more than 1 million residents, Austin, Texas leads the most qualifying projects per capita, with 132.
Site Selection honors are often highlighted by cities, states and regions competing for jobs. The magazine said it has more than 40,000 subscribers, most of whom are involved in the company’s relocation decisions.
Major investments in Chicago include the California company Google’s deal to buy the former state-owned James R. Thompson Center in the Loopas part of an expansion of the company’s Midwest hub in Fulton Market.
It includes Michigan-based Kellogg’s plans to split into three companies, the largest of which will be based in Chicago.
Other notable investments include Virginia-based candy maker Mars building what will become its the largest research and development center on Goose Island; Based in Canada BMO Financial’s move to anchor a new 52-story office tower near Union Station; and the expansion of Dutch logistics company NewCold into the 40-story office tower in 500 W.Madison Sttreason.
Southwest of Chicago, Canadian electric truck and bus maker Lion Electric opened a large factory in Joliette.
West of Chicago, Ace Hardware signed a huge head office lease to anchor a redevelopment of the former McDonald’s headquarters in Oak Brook, which the fast-food giant left behind when it moved to Chicago’s Fulton Market neighborhood in 2018.
Despite concerns about high taxes and crime, Chicago enjoys a central U.S. location, transportation such as O’Hare International Airport, a key position in the nation’s supply chain, and proximity to top universities such as the University of Chicago and Northwestern University, according to CoStar.
The Chicago area’s gross regional product grew 3.1% last year, with a 2.2% increase in employment, according to World Business Chicago. The transport and logistics sector recorded a 3.8% increase in employment, with the creation of 1,500 new jobs.
— Dana Barthelemy
