CHICAGO | Economic & Business Development

[the urban politician]

^ Wow, that is exactly what I’ve heard. I shared before that a lady from the Bay Area also noted that SF was totally dead while Chicago last summer felt lively

Some of it is the fact that some West Coast people have gotten positively goofy about the pandemic (my friend from LA who is a doctor says he talks to people who are young and healthy who discuss keeping their windows open in order to protect themselves from Covid. ). But I can’t help to think that a part of it is SF just being so tech oriented that it’s sort of gone overboard. So many nerdy software types who just work from home and order deliveries every day, and are otherwise socially awkward.

Chicago has that element but it’s still a business, trading, and salesman kind of town and I hope it stays that way.

[sentinel]

I tried to go to the Art Institute on Tuesday, not realizing it is closed Tues & Weds now *facepalm*. As I waited for a friend to pick me up to go to lunch, I saw numerous groups of tourists walking around, on Monroe, Columbus, on the Millennium Park bridge, and all throughout the Loop after I got picked up. The snowstorm started right around that time too, but crowds didn't seem affected by it

[the urban politician]

Back in my partying days (did they ever end? I just moved the beer to my mancave now ) I remember Chicago just being a blast. You didn’t even leave home till midnight to go out to the lounges and clubs, and we’re out till 4 am and eating tacos at 5 am.

Mingling is VERY important in Chicago, as well as NYC. Ultimately I think it may very well not be as much in SF’s DNA

[marothisu]

Originally Posted by the urban politician

^ Wow, that is exactly what I’ve heard. I shared before that a lady from the Bay Area also noted that SF was totally dead while Chicago last summer felt lively

Some of it is the fact that some West Coast people have gotten positively goofy about the pandemic (my friend from LA who is a doctor says he talks to people who are young and healthy who discuss keeping their windows open in order to protect themselves from Covid. ). But I can’t help to think that a part of it is SF just being so tech oriented that it’s sort of gone overboard. So many nerdy software types who just work from home and order deliveries every day, and are otherwise socially awkward.

Chicago has that element but it’s still a business, trading, and salesman kind of town and I hope it stays that way.

We've met a few realtors since being back who indicated there's been a little uptick of late (last few months) of people from the Bay Area looking to buy homes in Chicago. People who don't want to spend $3M for a normal home but can afford $1M - $1.5M on a great house in Chicago.


I've only been back for 3 months as a resident, but I go into the office in the Loop a few times a week. Definitely more people on average in the Loop now than 3 months ago. Some of that is the Christkindlmarkt but there's a lot of uptick that did not feel like it was just the market. The Urbanspace food hall has been absolutely packed the 3-5 times I've gone. I work in a large office tower too and December definitely had a lot more people coming and going in the lobby than October.

As mentioned about employment before too, which part of it may tie in even with hybrid work going on.

City propers, change in employed persons Feb 2020 - November 2021. Chicago is not that far below its Feb 2020 employment count for residents. Doing a bit better than most of its peer cities and better than others which everyone believes is doing really well (i.e. Miami):

* Jacksonville: +4.79%
* Phoenix: +4.13%
* Austin: +4.1%
* Tampa: +3.65%
* Portland: +3%
* Dallas: +2.94%
* Oklahoma City: +2.55%
* Fort Worth: +2.45%
* Milwaukee: +1.35%
* Kansas City: +1.34%
* Denver: +0.99%
* Memphis: +0.97%
* Raleigh: +0.96%
* Atlanta: +0.78%
* Indianapolis: +0.75%
* Tulsa: +0.66%
* Nashville: +0.48%
* Tucson: +0.31%
* Columbus, OH: +0.22%
* Cincinnati: -0.1%
* Charlotte: -0.6%
* Chicago: -0.95%
* Sacramento: -1.17%
* Louisville: -1.2%
* Houston: -1.5%
* Detroit: -1.61%
* Boston: -2.11%
* St. Louis: -2.17%
* San Jose: -2.35%
* Seattle: -2.71%
* DC: -2.71%
* San Diego: -2.78%
* Minneapolis: -2.8%
* Orlando: -2.94%
* San Francisco: -4.2%
* Cleveland: -4.35%
* Miami: -4.41%
* Pittsburgh: -4.5%
* Oakland: -4.72%
* Los Angeles: -5.04%
* Baltimore: -5.23%
* New Orleans: -5.84%
* Honolulu: -5.99%
* Philadelphia: -7.15%
* Las Vegas: -7.68%
* NYC: -8.34%

[SIGSEGV]

Originally Posted by marothisu

The Urbanspace food hall has been absolutely packed the 3-5 times I've gone.

Urbanspace is fantastic. Glad I live so close to it . It's also open late and on Saturday and seems to do well with more than just the office lunch crowd, which is good.

[sentinel]

Originally Posted by marothisu

We've met a few realtors since being back who indicated there's been a little uptick of late (last few months) of people from the Bay Area looking to buy homes in Chicago. People who don't want to spend $3M for a normal home but can afford $1M - $1.5M on a great house in Chicago.


I've only been back for 3 months as a resident, but I go into the office in the Loop a few times a week. Definitely more people on average in the Loop now than 3 months ago. Some of that is the Christkindlmarkt but there's a lot of uptick that did not feel like it was just the market. The Urbanspace food hall has been absolutely packed the 3-5 times I've gone. I work in a large office tower too and December definitely had a lot more people coming and going in the lobby than October.

As mentioned about employment before too, which part of it may tie in even with hybrid work going on.

City propers, change in employed persons Feb 2020 - November 2021. Chicago is not that far below its Feb 2020 employment count for residents. Doing a bit better than most of its peer cities and better than others which everyone believes is doing really well (i.e. Miami):

* Jacksonville: +4.79%
* Phoenix: +4.13%
* Austin: +4.1%
* Tampa: +3.65%
* Portland: +3%
* Dallas: +2.94%
* Oklahoma City: +2.55%
* Fort Worth: +2.45%
* Milwaukee: +1.35%
* Kansas City: +1.34%
* Denver: +0.99%
* Memphis: +0.97%
* Raleigh: +0.96%
* Atlanta: +0.78%
* Indianapolis: +0.75%
* Tulsa: +0.66%
* Nashville: +0.48%
* Tucson: +0.31%
* Columbus, OH: +0.22%
* Cincinnati: -0.1%
* Charlotte: -0.6%
* Chicago: -0.95%
* Sacramento: -1.17%
* Louisville: -1.2%
* Houston: -1.5%
* Detroit: -1.61%
* Boston: -2.11%
* St. Louis: -2.17%
* San Jose: -2.35%
* Seattle: -2.71%
* DC: -2.71%
* San Diego: -2.78%
* Minneapolis: -2.8%
* Orlando: -2.94%
* San Francisco: -4.2%
* Cleveland: -4.35%
* Miami: -4.41%
* Pittsburgh: -4.5%
* Oakland: -4.72%
* Los Angeles: -5.04%
* Baltimore: -5.23%
* New Orleans: -5.84%
* Honolulu: -5.99%
* Philadelphia: -7.15%
* Las Vegas: -7.68%
* NYC: -8.34%

Hard data is a beautiful thing, and doesn't lie.

[bnk]

Las Vegas seems to be the worst hit metro since Covid started.
They seem to have all of their eggs in one basket like Detroit did with the car industry years ago but I would expect them to bounce back after all of this shit gets back to normal if there ever will be a normal.

Anyone know how Vegas home prices have changed.

20 year go it was predicted the metro area would hit 3 M by now. It seems stuck at 2.2 M

[thegoatman]

Guys what are your hopes and predictions for the economics of this city in 2022? Good or Bad? I wanna hear your thoughts.

[thegoatman]

Originally Posted by bnk

Las Vegas seems to be the worst hit metro since Covid started.
They seem to have all of their eggs in one basket like Detroit did with the car industry years ago but I would expect them to bounce back after all of this shit gets back to normal if there ever will be a normal.

Anyone know how Vegas home prices have changed.

20 year go it was predicted the metro area would hit 3 M by now. It seems stuck at 2.2 M

https://www.google.com/url?sa=t&rct=...T6TzmrQuAKFIu4

This article from November says prices keep rising but the sales are falling. Mhmm...Oh and Lake Mead is drying up, doesn't seem too smart to buy a home in a desert climate with no water.

[marothisu]

Originally Posted by bnk

Las Vegas seems to be the worst hit metro since Covid started.
They seem to have all of their eggs in one basket like Detroit did with the car industry years ago but I would expect them to bounce back after all of this shit gets back to normal if there ever will be a normal.

Anyone know how Vegas home prices have changed.

20 year go it was predicted the metro area would hit 3 M by now. It seems stuck at 2.2 M

The data I posted is city proper, not metro area. But that's correct, Vegas has been hit hard. Here's the MSA percentages and you'll see Vegas in this list is 2nd to last.

* Jacksonville: +4.69%
* Phoenix: +4.16%
* Austin: +4.07%
* Salt Lake City: +3.86%
* Tampa: +3.58%
* Dallas: +2.75%
* Oklahoma City: +2.67%
* Portland: +2.44%
* Kansas City: +1.5%
* San Antonio: +1.43%
* Milwaukee: +1.41%
* Memphis: +1.36%
* Denver: +0.99%
* Raleigh, NC: +0.93%
* Indianapolis: +0.79%
* Atlanta: +0.78%
* Nashville: +0.36%
* Columbus, OH: +0.25%
* Cincinnati: -0.29%
* Charlotte: -0.39%
* Riverside, CA: -0.54%
* Louisville: -0.9%
* Providence: -1.02%
* Chicago: -1.07%
* Sacramento: -1.13%
* Houston: -1.54%
* Detroit: -1.85%
* Boston: -2.08%
* Miami: -2.11%
* Seattle: -2.28%
* St. Louis: -2.3%
* San Jose: -2.34%
* Minneapolis: -2.68%
* San Diego: -2.78%
* Orlando: -2.84%
* Philadelphia: -3.99%
* Cleveland: -4.32%
* San Francisco: -4.37%
* Pittsburgh: -4.42%
* Los Angeles: -4.49%
* Washington DC: -5.26%
* Baltimore: -5.42%
* New Orleans: -5.88%
* Honolulu: -5.99%
* NYC: -6.23%
* Virginia Beach: -6.42%
* Las Vegas: -7.68%
* Richmond, VA: -7.75%

[Rizzo]

Originally Posted by SIGSEGV

Urbanspace is fantastic. Glad I live so close to it . It's also open late and on Saturday and seems to do well with more than just the office lunch crowd, which is good.

That place turned out great. Both urbanspace and revival are very busy during the days I’m downtown.

I’m hoping some new stuff will show up in the vacant storefronts on state. Also I heard that Blick art store is moving a few blocks north in the spring, but not sure where

[Klippenstein]

I have a feeling that the vaccine mandate for indoor businesses might impact these numbers.

[SIGSEGV]

Originally Posted by Rizzo

That place turned out great. Both urbanspace and revival are very busy during the days I’m downtown.

I’m hoping some new stuff will show up in the vacant storefronts on state. Also I heard that Blick art store is moving a few blocks north in the spring, but not sure where

Yeah they closed their current location s few weeks ago but as far as I know haven't officially announced where they're moving to (though surely some must know...). Based in my observations, Primark and Uniqlo remain extremely popular and Macy's is probably busier now that the water tower location closed.

[sentinel]

I thought Uniqlo closed? Or was that the N. Mich Ave location? Was there a different one on State St?

[tjp]

^ Yeah, there's a location on State still. In addition to Michigan Ave, I think Uniqlo closed its large locations in SF's Union Square, downtown Boston, and in Denver.

[SIGSEGV]

Originally Posted by tjp

^ Yeah, there's a location on State still. In addition to Michigan Ave, I think Uniqlo closed its large locations in SF's Union Square, downtown Boston, and in Denver.

Yeah, I think they bit off more than they could chew with the huge store in prime location format. The smaller store format on State St probably makes more sense for them.

[ardecila]

The State St store is closing too IIRC... they were running a "store closing" sale back in December at least.

[SIGSEGV]

Originally Posted by ardecila

The State St store is closing too IIRC... they were running a "store closing" sale back in December at least.

Is it? I haven't heard anything about that and they're still hiring for positions, it seems (e.g. https://jobs.fastretailing.com/job/C...290/581543400/ )

[Rizzo]

Originally Posted by SIGSEGV

Yeah they closed their current location s few weeks ago but as far as I know haven't officially announced where they're moving to (though surely some must know...). Based in my observations, Primark and Uniqlo remain extremely popular and Macy's is probably busier now that the water tower location closed.

A major issue with the Blick store is it wasn’t functional. Anyone that’s ever shopped there knows how problematic the store layout is. A single level with wide aisles will probably work for them better.

Regarding the Uniqlo on state. I don’t recall any signs indicating a closure as of late December. Pretty sure I would have noticed that.

I wish that somehow a grocery store could be implemented into the upper floors of block 37. Maybe that escalator on Dearborn could take you up into the center of the store which would occupy both floors 2 and 3.

Someday I hope the old Office Depot and urban outfitters will be replaced with a high rise. A hotel or residential will do

[moorhosj1]

This is a great sign for the quantum computer cluster growing in the city.

From Crain's

EeroQ, a five-year-old Michigan-based venture that is designing a commercial quantum computer, has signed on to relocate its headquarters to the Terminal at 1334 N. Kostner Ave., the company and developer IBT Group said in a statement.

EeroQ is moving to Humboldt Park from East Lansing, Mich., where it has been doing research sponsored by Michigan State University, said CEO and co-founder Nick Farina.