According to World Business Chicago, there were 232 major commercial and industrial expansions that were announced, under development or completed in Chicago in 2010. Those projects represent more than 14 million square feet and almost $2 billion in investments. The unemployment rate is also dropping, and regional year-over-year manufacturing output improving.
So what does that have to do with Chicago real estate? As business opportunities expand and that sector of the economy shows signs of improving, Chicago homes for sale could experience a major surge as well. With Chicago being home to an up-and-come company like Groupon, which is reportedly worth billions and could potentially be bought out or go public in the recent future, the city is prime set for a huge business deal that would certainly affect Chicago real estate sales. New York has long been experienced in this sort of upheaval in economic trends—each time investment bankers receive bonuses, real estate feels that perk as well.
A recent assessment from PricewaterhouseCooper and The Partnership for New York City also ranked Chicago #2 overall in both technology IQ/innovation and transportation/infrastructure. The city was listed in the top tier for several other categories, including technology competitiveness and information/communications.
The Appeal of Chicago Real Estate
With businesses choosing Chicago for lofty business growth, expansion and success, more people may consider relocating here from other parts of the country. Not only is the city a beautiful place to live and do business in, but the cost of Chicago real estate fares much more reasonably than other parts of the country. Salaries go a lot further when shopping Chicago homes for sale than they do on the east and west coasts. Cost of living in Chicago is also quite a bit more manageable than other metropolitan cities in the U.S. like New York and San Francisco.
Living and doing business in a city where your dollar can stretch further could mean endless opportunities for growth and endured success in Chicago—perhaps the reason so many top business have chosen it for corporate office headquarters.
International Business Could Boost Chicago Real Estate
In its year-end report, World Business Chicago also touted Chicago’s global leadership in international business, attributed to the city’s economic diversity, talented workforce and world-class business resources. Plus, the city has widely-recognized advantages, including top foreign investment strategy, attracting $40 billion in foreign direct investment during the last decade. Chicago also moved to rank #6 (from #8) in the Global Cities Index, further proving that it is a major leader in the business world.
For executives and professionals conducting business around the world, Chicago is a great place to have a permanent or in-town home. The city’s global ties make it ideal for business, it’s easy to get in and out as business awaits elsewhere.