CHICAGO | Economic & Business Development

[the urban politician]

Originally Posted by left of center

Awesome! Double whammy for Oak Brook. First McDonalds, now this. Alarm bells must be going off at village hall over there.

I grew up in the near west burbs, and fondly remember going to the Ferrara Pan factory store on Harlem and Harrison in Forest Park with my parents. Haven't been in quite some time. Don't think my metabolism can handle all that sugar like it used to

Well, Hines Interests is swooping in on the former Oak Brook HQ of McD's and I bet they will turn it around. The best time to buy real estate is when times are down and everybody thinks that a place is a dump with no future (but it still has some good fundamentals working for it).

Hines plans to demo and redevelop into a mixed use campus. They will make tons of money, and it will be a great success. The city and the burbs can win.

[Tom In Chicago]

Originally Posted by left of center

Awesome! Double whammy for Oak Brook. First McDonalds, now this. Alarm bells must be going off at village hall over there.

Ferrara are located here at One Tower Lane (same building as my office) here in Oakbrook Terrace - different village than neighboring Oak Brook - and the building is pretty full. . . it's hard to get parking anywhere nearby these days and almost all of the underground parking has been taken up by one single tenant. . . a few years ago that was not the case. . . there's a new office building going up on Spring Road near the mall and there's quite a bit of re-building going on in the legacy Sears section on the north side of the mall as well. . . so for what it's worth it doesn't seem like this area is hurting. . .

. . .

[Chi-Sky21]

Originally Posted by Tom In Chicago

Ferrara are located here at One Tower Lane (same building as my office) here in Oakbrook Terrace - different village than neighboring Oak Brook - and the building is pretty full. . . it's hard to get parking anywhere nearby these days and almost all of the underground parking has been taken up by one single tenant. . . a few years ago that was not the case. . . there's a new office building going up on Spring Road near the mall and there's quite a bit of re-building going on in the legacy Sears section on the north side of the mall as well. . . so for what it's worth it doesn't seem like this area is hurting. . .

. . .

Seems to be doing fine, next door to me they are building close to 700,000 square feet of space at Bridge Point in Downers Grove. All up and down 355 all i see is these new truck distribution centers and light manufacturing going up.

[the urban politician]

Keeping a close eye on 2 mergers that will benefit Chicago:

CME group NEX --- so far on track, shareholders approved
Dignity and Catholic Health Initiatives merger (useless healthcare administrators cough cough), creating a $28 billion entity in Chicago ---- so far on track as well

[jpIllInoIs]

Originally Posted by the urban politician

Keeping a close eye on 2 mergers that will benefit Chicago:

CME group NEX --- so far on track, shareholders approved
Dignity and Catholic Health Initiatives merger (useless healthcare administrators cough cough), creating a $28 billion entity in Chicago ---- so far on track as well

Neither of the Health Care companies are based in Chicago, what info do you have that indicates a Chicago HQ?

[the urban politician]

Originally Posted by jpIllInoIs

Neither of these companies are based in Chicago, what info do you have that indicates a Chicago HQ?

We discussed this quite some time back. The merged entity will be headquartered in Chicago. Hopefully downtown instead of out in the burbs.

You can Google it

[marothisu]

Also, mods - why did you move by MEAN (AVERAGE) HOUSEHOLD INCOME BY COMMUNITY AREA post to the general thread? That is pretty related to economics, don't you think?

[killaviews]

Didn’t Mead Johnson move downtown to River Point?

[marothisu]

Originally Posted by killaviews

Didn’t Mead Johnson move downtown to River Point?

Yes. You're right..

http://www.chicagobusiness.com/reale...ng-hq-downtown

[marothisu]

I found the Knight Frank 2018 Wealth Report:
http://www.knightfrank.com/resources...eport-2018.pdf

Chicago was left off of the 2017 report that I could find for some reason in which some stupid news outlets like CNBC based reports on leaving Chicago completely off. A lot of people used these types of things to justify "Chicago is dying!." So weird. Anyway, here are some rankings from the report.

Next Detroit you guys :eyeroll:

Overall (Global)
1. NYC
2. London
3. San Francisco
4. Los Angeles
5T. Chicago
5T. Singapore
7. Paris
8. Tokyo
9. Hong Kong
10. Washington DC
11. Sydney
12. Dallas
13. Boston
14T. Houston
14T. Miami
16. Atlanta

Wealth
1. NYC
2. Los Angeles
3. Hong Kong
4. London
5. San Francisco
6. Chicago
7. Singapore
8. Houston
9. Dallas
10. Tokyo
11. Washington DC
19. Miami
20T. Atlanta
24. Boston


Investment
1. NYC
2. London
3. Hong Kong
4. San Francisco
5. Los Angeles
6. Dallas
7. Sydney
8. Miami
10T. Atlanta
10T. Washington DC
13. Boston
15T. Houston
18. Chicago
21. Shanghai
22. Tokyo

Lifestyle
1. NYC
2. San Francisco
3T. Chicago
3T. Singapore
5. London
6. Tokyo
7T. Paris
7T. Washington DC
9. Madrid
10. Hong Kong
12. Los Angeles
19. Miami
21. Boston
24. Atlanta
29. Houston
35. Dallas

Future
1. NYC
2T. London
2T. Tokyo
4. Los Angeles
5. Paris
6. San Francisco
7. Boston
8. Chicago
9. Dallas
10. Singapore
13. Washington DC
14. Houston
15T. Atlanta
20T. Miami

Cities With Most Households Earning $250K+ (I think they mean metro area)
1. NYC: 1,167,131 households
2. Los Angeles: 637,749
3. Chicago: 400,416
4. San Francisco: 396,431
5. Washington, DC: 366,560
6. Houston: 298,868
7. Dallas: 297,970
8. Boston: 293,276
9. Philadelphia: 290,460
10. London: 272,604

Cities With Most Top 100 Universities (again, probably metro area)
1T. London: 4 universities
1T. Los Angeles: 4
3T. Berlin: 3
3T. Boston: 3
3T. Hong Kong: 3
6T. Beijing: 2
6T. Chicago: 2
6T. Munich: 2
6T. NYC: 2
6T. Singapore: 2


The Piri 100 (Luxury Residential Market - Change from December 2016 to December 2017)
1. Guangzhou: +27.4%
2. Cape Town: +19.9%
3. Aspen: +19%
4. Amsterdam: +15%
5. Seoul: +13.2%
6. Frankfurt: +12.9%
7. Seattle: +12.2%
8. Paris: +12%
9. Sydney: +10.7%
10. Madrid: +10.6%
16. Toronto: +8.7%
24. San Francisco: +5.9%
25. Boston: +5.8%
29. Los Angeles: +5.1%
32. NYC: +4.6%
37. Vancouver: +3.5%
44. Chicago: +2.4%
45T. Miami: +2.2%
45T. Washington DC: +2.2%
48. Tokyo: +2.0%
52. Bahamas: +1.5%
62. The Hamptons: unchanged (0%)
72. London: -0.7%
85. Dubai: -3.3%
95T. Abu Dhabi: -10%
98. Moscow: -11.3%
99. Doha: -15%
100. Lagos: -25%

Property Investment By City
1. Los Angeles: $21.3 Billion
2. Central London: $20.8 Billion
3. Manhattan: $20.2 Billion
4. Dallas: $16.7 Billion
5. Atlanta: $14.2 Billion
6. Chicago: $14 Billion
7. Boston: $12.6 Billion
8. Houston: $12.1 Billion
9. Washington DC: $10.9 Billion
10. Berlin: $10.4 Billion

Estimated 2022 GDP (metro area really)
1. NYC: $1.8 Trillion (currently $1.735T)
2. Tokyo: $1.557 Trillion
3. Los Angeles: $1.105 Trillion (Currently $978B)
4. London: $1.089 Trillion
5. Paris: $836 Billion
6. Chicago: $703 Billion (Currently $670B)
7. Shanghai: $697 Billion
8. Osaka-Kyoto: $646 Billion
9. Dallas: $592 Billion (Currently $577B)
10. Beijing: $570 Billion

[the urban politician]

Nice, Marothisu, thanks for your efforts in showing us all this data.

Chicago is doing this well without a calling card industry and with a hugely diverse economy. Could you imagine how quickly SF will drop in this list if the VC bubble bursts, or if a few technological changes render it’s highly reimbursed tech workforce redundant or obsolete?

[left of center]

Diversification has always been Chicago's saving grace. One could say that this is the city's trump card. No one industry dominates, so when one goes into a complete nosedive, others step in to fill the void. This has helped our fair city weather deindustrialization better than some of our Midwestern peers, despite it still being a brutal gut punch whose effects continue to linger.

[Baronvonellis]

Why is Paris so high? What do they even do there? When I went, it seems like all people do is sit around in cafes and parks eating croissants and coffee.

[moorhosj]

Originally Posted by Baronvonellis

Why is Paris so high? What do they even do there? When I went, it seems like all people do is sit around in cafes and parks eating croissants and coffee.

I couldn't think of a more 'Merica comment if I tried. France has more Fortune Global 500 countries than Germany or UK (only US, Japan and China have more). 31 of those Global 500 are headquartered in the Paris metro area. For comparison, Chicago has 34 Fortune 500 companies, which only counts US companies.

[bnk]

I was pretty confident about H2 before the it got warm outside.
Chicago has been taking in on the chin in local and national media since Obama got elected. If all one did was just read the news from Seattle one would think Chicago is like Port-au-Prince and Illinois is like Haiti.

We all know of the great stuff that's going on in Chicago but the news every single day for the last few months are these headlines. 90% of it is negative.



Debt-plagued Chicago becomes latest blue stronghold to consider free 'basic income'

Father of 43 children found beaten to death in Chicago West Side home

2 CVS workers fired after cops called on Chicago customer

Trial date set for Chicago officer charged with murdering Laquan McDonald

Protests in Chicago continue after officials release video of police shooting

I Was Tortured into Giving a False Confession to Chicago Police

10 people shot, 1 fatally, in 6 hours in Chicago

Woman Fatally Shot in Chicago During Attempted Carjacking

The last Sears store in Chicago is closing

Anti-gun violence protesters take over Chicago highway

Census: Working-age population is leaving Illinois

Man caught on video confronting woman over Puerto Rico shirt charged with felony hate crime

'Unacceptable and frustrating': Chicago sees most violent weekend of the year

Cities with the worst bed bug infestation: A dubious honor







Most all of these are just from today. Google Illinois and its almost as bad.

[left of center]

Originally Posted by Baronvonellis

Why is Paris so high? What do they even do there? When I went, it seems like all people do is sit around in cafes and parks eating croissants and coffee.

It's one the largest financial centers in Europe, along with Zurich, Amsterdam, Frankfurt and (maybe not for much longer) London.

The areas around Notre Dame and the Arc de Triomphe are crowded with tourists, and naturally all the service businesses there will cater to them. Amble on over to the corporate oriented La Defense and see how many street crepe makers and postcard stands you see there

[SIGSEGV]

Someone's gotta bake the croissants and brew the coffee!

[left of center]

Any and every city has bad news about itself being reported on the daily, although I will concede that holding the title of most homicides in the US is giving our reputation a beating in the national press. Otherwise, this is nothing out of the ordinary. The press enjoys broadcasting negative news. It brings in viewers and ad dollars.

This however is news to me:

Debt-plagued Chicago becomes latest blue stronghold to consider free 'basic income'

Where exactly does the city propose they get the money for this experiment? What crackpot alderman is supporting this initiative?

[left of center]

Originally Posted by Stockerzzz

Ald. Pawar wants to give 1,000 low income families $500 per month. He calls it "universal basic income".

Except UBI requires stripping government benefits and replacing them with cash transfers. The people in the Chicago pilot will not lose any government benefits.

Further, true UBI includes the word "universal" because it is given to everyone and not just poor people.

This is just a PR stunt that wastes $500,000 so we can conclude that giving low income people extra money provides them with extra money. Insightful!

I'm familiar with UBI. While I think its a good idea, we are at least a few decades away from it being necessary. AI is not going to be taking jobs en masse from people anytime in the near term. I mean FFS, unemployment is at 30 year lows! To what purpose does this expensive boondoggle benefit the citizenry of Chicago at large?

If the city has a spare 500K per month to blow, use it to shore up our craptastic pensions, or maybe for various CTA and other transportation infrastructure that sorely needs investment.

SMDH.

[moorhosj]

Originally Posted by left of center

AI is not going to be taking jobs en masse from people anytime in the near term. I mean FFS, unemployment is at 30 year lows!.

"Unemployment is historically low", meanwhile real wage growth is negative and laborforce participation is lagging.

AI might not be taking people's jobs, but automation has given us record manufacturing output while manufacturing employment has cratered. Replacing middle-class manufacturing jobs with $15/hour warehouse jobs doesn't give you a robust economy. Especially when the costs of education, healthcare and housing consistently outpace inflation.