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Chicago Commercial Real Estate In-depth
Chicago commercial real estate is home to 12 Fortune 500 companies and is considered to be a "Prime Accountancy, Advertising and Legal Service Center" by the Globalization and World Cities Study Group & Network. Chicago is a major transportation and distribution center. Manufacturing, printing and publishing, and food processing also ...
Chicago Commercial Real Estate In-depth
Chicago commercial real estate is home to 12 Fortune 500 companies and is considered to be a "Prime Accountancy, Advertising and Legal Service Center" by the Globalization and World Cities Study Group & Network. Chicago is a major transportation and distribution center. Manufacturing, printing and publishing, and food processing also play major roles in the city's economy.
Chicago commercial real estate has helped the city become the third largest gross metropolitan product in the nation — approximately $442 billion according to 2007 estimates. The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification. Chicago was named the fourth most important business center in the world in the MasterCard Worldwide Centers of Commerce Index. Additionally, Chicago commercial real estate in the metropolitan area recorded the greatest number of new or expanded corporate facilities in the United States for six of the past seven years. In 2006, Chicago placed 10th on the UBS list of the world's richest cities.
Chicago's diversified economy is based on manufacturing, printing and publishing, finance and insurance, and food processing (the city is still considered the nation's "candy capital") as primary sectors, increasing the need for commercial real estate in Chicago. Location makes Chicago commercial real estate a substantial industrial base and a major inland port to the city's position as a national transportation and distribution center. The source of nationally distributed magazines, catalogs, educational materials, encyclopedias, and specialized publications, Chicago ranks second only to New York in the publishing industry. Chicago commercial real estate is home to the Federal Reserve Bank, the Chicago Board of Trade, and the Chicago Mercantile Exchange.
Small businesses are the heart of Chicago's ongoing economic growth and prosperity. Chicago commercial real estate provides businesses with the help they need to grow and expand.
Chicago commercial real estate also provides businesses with property tax incentives, financial assistance and many other incentives. The objective of these tax incentives is to encourage private business investment, employment, the revitalization of communities suffering economic stagnation and the preservation and rehabilitation of landmark buildings.
Chicago is also a major convention destination. The city's main convention center is McCormick Place. With its four interconnected buildings, it is the third largest convention center in the world. Chicago also ranks third in the U.S. (behind Las Vegas and Orlando) in number of conventions hosted annually. The City of Chicago Department of Planning and Development (DPD) actively promotes growth and development in Chicago's diverse neighborhoods with a focus on the continued economic development of the city. The department works with the existing business community and also works to attract new business to open with Chicago commercial real estate. All of this is done in the context of holistic, community-based planning, closely coordinating activities with residents and community organizations. The department's Technology Development Division works with the Chicago Partnership for Economic Development to strengthen the city's information technology sector. DPD promotes effective neighborhood planning by coordinating the strategic allocation of public funds to maximize private investment—and the attraction of new companies—by providing a menu of financial resources, neighborhood improvements, site location assistance, and the expediting of permits and licenses, all of which Chicago commercial real estate can provide. DPD also has the primary responsibility for preserving city landmarks and protecting the Chicago River and the Lake Michigan shoreline.
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