Tech companies double Chicago office space in four years
https://www.chicagobusiness.com/john...idio%5D=472693
Quote:
Tech companies today occupy almost twice as much office space in Chicago as they did in 2014, thanks to continued growth by both homegrown startups and big players from outside the market.
Altogether, the sector's tenants now occupy 13.5 million square feet in the central business district, according to research firm CBRE, which tracks the 30 largest U.S. markets.
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Chicago is among the most popular markets for tech companies on the coasts looking to expand, according to CBRE.
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San Francisco-based tech companies have added about 1.5 million square feet in Chicago, just behind Boston and Austin.
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There are signs the growth may be cooling, however. The number of jobs at tech companies in Chicago increased 9.6 percent in 2016 and 2017, down from 22.1 percent growth in 2015 and 2014. It’s one of several markets to see such a slowdown.
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I downloaded the report and it's pretty interesting. The slower growth rate is so so but I was surprised to learn that 9.6% was higher than Boston, DC, Dallas, Vancouver, Minneapolis, Philadelphia, etc.
CBRE put Chicago tech market office cycle right now in the maturization/stable category along with Los Angeles, Atlanta, Dallas, NYC, San Francisco, etc. They also named Milwaukee and Kansas City as 2 of a kind of next generation market for tech.
In terms of total jobs, they ranked Chicago 12th out of 30 with just over 70,000 jobs. Actually I was surprised to see Los Angeles ahead of Chicago by less than 10,000 jobs in this category. I thought it would be more than that. This number is ahead of the likes of Austin, Denver, Philadelphia, Vancouver, Baltimore, Minneapolis, Orange County (CA), Indianapolis, Portland, San Diego, Charlotte, etc However, it's behind the likes of Atlanta, Dallas, Montreal and the usual suspects like the Bay Area, DC, Seattle, Boston, and Toronto.