Chicago Tops U.S. Markets In Corporate Investment For Fourth Straight Year
Chicago is the top U.S. metro for corporate investment for the fourth consecutive year, according to Site Selection magazine. The publication looks at capital investment of at least $1M, investments that create at least 20 jobs and absorb at least 20k SF of office footprint.
World Business Chicago tracked a record 350 business expansions and relocations in the Chicago metro last year, led by high-profile moves like McDonald's, Beam Suntory, Motorola Solutions and Wilson Sporting Goods. The projects accounted for more than $2.8B in investment and brought 14,000 jobs to the city.
The strength of corporate investment appears to be moving forward in 2017's early goings and will have benefits for the office sector. So far, GE Healthcare and KPMG announced they are adding 1,000 jobs. Yesterday, Hickory Farms said it is moving its HQ from Ohio to 311 South Wacker. The mail order meat gifts company leased 7,300 SF and was repped by JLL's Andrea Van Gelder and Molly Carroll.
With new office deliveries expected to add 4M SF to the central business district inventory by 2018, companies eyeing downtown have plenty of space from which to choose.