CHICAGO | Economic & Business Development

[LouisVanDerWright]

Originally Posted by the urban politician

Thought this was neat. Due to the booming TV/film production going on down in Douglas Park, a company involved in camera and digital prep called PRG is opening a new facility in the area near Cinespace. It will involve rehabbing and modernizing an older building

https://www.prg.com/news_media/news/...cc123ace103e72

They've been working on this building all summer. Used to be Midwest Folding Products. I was wondering what was going in there, this exceeds my expectations. I'm starting to think that I might have one of the best located portfolios in the city.

PS this isn't the only large adaptive reuse coming in the area. My biggest project in the area will be public knowledge before the end of the year and I think you all will be pleased by the plan.

[marothisu]

Integral Ad Science is Expanding in Chicago, Hiring for 150 New Roles

https://www.builtinchicago.org/2019/...les-chicago-hq

New York-based ad firm Integral Ad Science has 22 offices across 15 different countries, but it’s looking to expand in one place in particular: Chicago.

The company announced that it’s opening a new office in Chicago. The new office is located in the Loop and will open on Monday. In turn, IAS will also go on a hiring spree to fill out the new office.

Although IAS has over 600 employees worldwide, there are less than 50 in Chicago. That will change soon, with IAS hiring up to 150 new employees in Chicago over the next 12-18 months. New positions will include data scientists, engineers, analysts and more.

An IAS spokesperson told Built In that the new Chicago office will essentially be the company’s second headquarters (after New York). IAS will base its engineering operations in Chicago and is calling the new space its “Center for Excellence.”

[Tom In Chicago]

CNH Industrial considers Chicago area for headquarters

https://www.chicagobusiness.com/manu...a-headquarters

London-based CNH Industrial plans to split in two, and executives are reviewing the Chicago area as a possible headquarters for at least one of the resulting companies.

. . .

[ardecila]

That rendering of Midwest Folding is weird... it looks like they are preserving the awesome old brick and terra cotta facade, but the ornament looks different and the brick part comes right up to the street instead of being set back. Are they reconstructing the old facade up at the street line? Or is it gonna be just a lame imitation of the old facade?

but there are a lot of other bizarro things about that rendering, so hopefully it's just artistic license.

[the urban politician]

Originally Posted by Tom In Chicago

CNH Industrial considers Chicago area for headquarters

https://www.chicagobusiness.com/manu...a-headquarters



. . .

Looks promising.

With the CEO and much of the C suite already located here, the prospects are pretty strong

[the urban politician]

More on Uber and Chicago’s tech scene:

https://www.chicagotribune.com/busin...bxq-story.html

[SIGSEGV]

Amazon to add 400 tech jobs

https://www.chicagobusiness.com/tech...cago-tech-jobs

[the urban politician]

^ Yay, I guess?

[marothisu]

Originally Posted by the urban politician

^ Yay, I guess?

It might not be HQ2, or what Uber just announced for Chicago.. but 400 jobs is still a lot.

Just think: it could fuel a new high rise or 2.

[chicubs111]

Originally Posted by SIGSEGV

Amazon to add 400 tech jobs

https://www.chicagobusiness.com/tech...cago-tech-jobs

Cant understand why Amazon has such a relative small presence in Chicago...even with this modest addition in jobs...So many other tech companies in Chicago have been adding 1000's of jobs I really thought amazon would jump on the bandwagon... just from a logistics aspect you would think amazon would make Chicago one of its centrals hubs along side Seattle, NY and DC.

[the urban politician]

Originally Posted by chicubs111

Cant understand why Amazon has such a relative small presence in Chicago...even with this modest addition in jobs...So many other tech companies in Chicago have been adding 1000's of jobs I really thought amazon would jump on the bandwagon... just from a logistics aspect you would think amazon would make Chicago one of its centrals hubs along side Seattle, NY and DC.

That's sort of my point

[marothisu]

Originally Posted by chicubs111

Cant understand why Amazon has such a relative small presence in Chicago...even with this modest addition in jobs...So many other tech companies in Chicago have been adding 1000's of jobs I really thought amazon would jump on the bandwagon... just from a logistics aspect you would think amazon would make Chicago one of its centrals hubs along side Seattle, NY and DC.

True. Though Facebook, Google, and uber pay their tech workers even better than Amazon. But I agree, although 400 new jobs is nothing to scoff at.

[ardecila]

Originally Posted by chicubs111

Cant understand why Amazon has such a relative small presence in Chicago...even with this modest addition in jobs...So many other tech companies in Chicago have been adding 1000's of jobs I really thought amazon would jump on the bandwagon... just from a logistics aspect you would think amazon would make Chicago one of its centrals hubs along side Seattle, NY and DC.

I think Amazon doesn't chase talent, they want talent to come to them. That was basically their situation in Seattle for many years and it worked out for them.

It's clear to me that the NY and DC selections were about chasing financial and political power, pleasing decision-makers in those cities and laying the groundwork for strong relationships with financiers and the government.

[the urban politician]

Another Fulton Market office building sets a record for the most expensive office sale (in dollars/sf) in Chicago's history:

https://www.chicagobusiness.com/comm...g-record-price

The global capital markets keep speaking, yet this continues to be a "lousy" location for office, according to one of our forumers.

[Handro]

Originally Posted by the urban politician

Another Fulton Market office building sets a record for the most expensive office sale (in dollars/sf) in Chicago's history:

https://www.chicagobusiness.com/comm...g-record-price

The global capital markets keep speaking, yet this continues to be a "lousy" location for office, according to one of our forumers.

Hm, isn't this a little surprising in an area where a lot of additional office space is going to be delivered in the relatively near future?

[OrdoSeclorum]

Originally Posted by the urban politician

Another Fulton Market office building sets a record for the most expensive office sale (in dollars/sf) in Chicago's history:

https://www.chicagobusiness.com/comm...g-record-price

The global capital markets keep speaking, yet this continues to be a "lousy" location for office, according to one of our forumers.

The way I think of Fulton Market as a location for a tech office space is this: Is it better than The Loop? No. It it better than 600 W Chicago Ave? Yes. It is better than just about anywhere in Seattle? Yes.

[marothisu]

Originally Posted by OrdoSeclorum

The way I think of Fulton Market as a location for a tech office space is this: Is it better than The Loop? No. It it better than 600 W Chicago Ave? Yes. It is better than just about anywhere in Seattle? Yes.

Pretty much. What Fulton Market has going for it is the fact that it's a more "hip" neighborhood (whatever that means - definitely increasingly less so but still hipper than the Loop). Fulton Market is becoming more like some weird amalgamation of some part of NYC (parts of Brooklyn?) with a part of Denver mixed in + Chicago or something. Increasingly, a lot of the tech workers are more attracted to this type of scene than an area like the Loop. I think if you're going more for the "artistic" type of worker (and I put that in quotes for a reason) then an area like Fulton Market is way more attractive.

When I worked in Chicago, the only reason we ever stayed around the office for a happy hour was for convenience. However if convenience wasn't a factor and people expected to stay out later, we'd go out of the Loop. There was never a negative about staying around work. But having the ability to go 5 minutes around the corner to an arcade bar with air hockey and NBA Jam is way more attractive than going to a standard bar with a bunch of empty suits.

I mean, if you are looking at the Loop versus Fulton Market and looking to hire a bunch of 20 or early 30 somethings - then Fulton Market is probably going to win out especially if your workers can afford to live within walking distance or a short bus ride to work. I think of it kind of like how I would for here in NYC where tech companies have set up shop in parts of Brooklyn or around East Village. Sure, maybe it's actually not crazy hipster but it's definitely less lame to your average 20s/early 30s person than Midtown around 50th and Park.

[the urban politician]

^ Ironically, the Central Loop is becoming an increasingly popular place for startups

I think the West Loop’s story today has less to do with what you’re saying, and more to do with the fact that developers are promoting it. This is a massive marketing and sales job, and it’s working (and I’m not complaining).

Great real estate often takes off this way. Read up about the history of the Magnificent Mile. Two pioneers—Rubloff and Zeckendorf, bought up property on the strip after WWII and aggressively promoted it as people were fleeing to the burbs and State St was starting to lose its luster. Their efforts worked, lots of money was made, and the Mag Mile is now a renowned shopping boulevard.

This is largely about promotion (along with a good location). That’s how great real estate happens, and it’s how cities grow and make people rich.

[marothisu]

Originally Posted by the urban politician

^ Ironically, the Central Loop is becoming an increasingly popular place for startups

I think the West Loop’s story today has less to do with what you’re saying, and more to do with the fact that developers are promoting it. This is a massive marketing and sales job, and it’s working (and I’m not complaining).

Great real estate often takes off this way. Read up about the history of the Magnificent Mile. Two pioneers—Rubloff and Zeckendorf, bought up property on the strip after WWII and aggressively promoted it as people were fleeing to the burbs and State St was starting to lose its luster. Their efforts worked, lots of money was made, and the Mag Mile is now a renowned shopping boulevard.

This is largely about promotion (along with a good location). That’s how great real estate happens, and it’s how cities grow and make people rich.

Yes, due to some cost perspective. If you are a startup or established company with some money (let's say Google or a well funded startup) and you want to attract a certain ilk of workers, then West Loop will be more attractive.

Part of it might be marketing, but last time I was in Chicago (2 weekends ago) and walking around West Loop I could not help but day dream about what it would be like to work in that neighborhood. I work at Hudson Yards, which is overrated and another huge marketing ploy but there is no doubt that the vast majority of my coworkers in their 20s and 30s would take West Loop anyday over that.

Yes, there is a ton of promotion going on but I would take working in various parts of West Loop anyday over both places in Manhattan my office has been. Now if we were talking about East Village, then maybe it wouldn't win over that..

[Via Chicago]

the w loop works because smaller companies can get their own brick warehouse building with their own private amenities that dont entail being some anonymous suite on the 9th floor of some anonymous building. that makes a huge difference. the trade-off is missing out on some of the conveniences/cachet the loop has. our company relocated here a couple years back (from the loop) and we have our own building for an office of maybe 60-70 ppl. they locked in a long lease which im sure has paid off quite well.