CHICAGO | Economic & Business Development

[rgolch]

Originally Posted by DetroitMan

After the loss of Boeing and Caterpillar, Chicago will gain a F500 company. Kellog is splitting into 3 separate companies and move their HQ to Chicago...

Kellogg to split into 3 separate companies, move HQ to Chicago


https://www.crainsdetroit.com/manufa...arters-chicago

Does anyone think this is a further step towards Chicago staking claim as the dominant city in North America for Food Corporations?

With ADM, Congra Agra, and now Kellog, that’s agglomeration by my estimation.

[galleyfox]

Originally Posted by Randomguy34

Lol Crains has big stories today for two major office announcements, downtown rents are record high, and Illinois hospitals bracing for out-of-state doctors, but the 1st story they have for their front page is "Chicago's housing boom is over"

That’s a clickbait title if I’ve ever heard one.

Lower inventory, higher interest rates, and no more Covid restrictions lead to fewer sales in the suburbs. Inconceivable!

Tiny print: City of Chicago housing still booming

Sales in the city remained well above the pre-pandemic average in May. There were 3,299 homes sold in Chicago in May, compared to the pre-pandemic five-year average of 2,364.

There were 11,641 homes sold in the nine-county metropolitan area in May, according to data released this morning by Illinois Realtors. In the five years—2015 to 2019—before the pandemic, May home sales averaged 12,058.

[marothisu]

Originally Posted by Randomguy34

Lol Crains has big stories today for two major office announcements, downtown rents are record high, and Illinois hospitals bracing for out-of-state doctors, but the 1st story they have for their front page is "Chicago's housing boom is over"

I've noticed this a bit from Crains in the last year. They wl have a bunch of stories that counters other stories. Like "omg nobody wants to live downtown bc crime" then another story about how demand downtown for living is driving prices higher especially with constrained demand. Then there will be another on the "Illinois Exodus" then another how Chicago has the 3rd most amount of tech job openings of any city.

LOL...

[left of center]

Crains historically has been very hostile writing about the city, which I think stems from the editorial staff's dislike of the city's politicians and the Illinois Democratic Party overall. They need to get over themselves.

The Trib is a close 2nd in the running for head "Chicago is burning" cheerleader.

Great news on the Kellogg's move though! We needed a corporate win after Boeing and suburban Caterpillar announced they are moving. Sorry Michigan!

[Randomguy34]

Kellogg's has about 2000 employees in Battle Creek, about 300 are bakers for their plants while the majority of employees are in their corporate office. The ~1700 corporate employees are able to work in Battle Creek at the moment, but in the long run many will likely have to move to the city. Including the existing 300 Chicago employees, Kellogg's will potentially have to accommodate ~2000 employees and 412 N Wells will be too cramped to fit them.

If they're want to have employees scattered across multiple Class A/B sites in the metro, like they're currently doing, they've got plenty of options. If they want to have everyone in a single Class A building, that's going to be much harder. This could be a great opportunity for megadevelopments like The 78, Bronzeville Lakefront, and Lincoln Yards looking to land a major tenant

[marothisu]

Lennar has 18 markets that are continuing to perform well. The typical stuff in Florida, Dallas, Houston, Phoenix, etc. Chicago is listed there too as one of the top. They state these places are doing well because of strong local economy and good in migration.

Apparently Austin and Seattle aren't really hot anymore, and areas like LA are cooling

https://www.marketwatch.com/articles...=mw_latestnews

[SIGSEGV]

Originally Posted by Randomguy34

Kellogg's has about 2000 employees in Battle Creek, about 300 are bakers for their plants while the majority of employees are in their corporate office. The ~1700 corporate employees are able to work in Battle Creek at the moment, but in the long run many will likely have to move to the city. Including the existing 300 Chicago employees, Kellogg's will potentially have to accommodate ~2000 employees and 412 N Wells will be too cramped to fit them.

If they're want to have employees scattered across multiple Class A/B sites in the metro, like they're currently doing, they've got plenty of options. If they want to have everyone in a single Class A building, that's going to be much harder. This could be a great opportunity for megadevelopments like The 78, Bronzeville Lakefront, and Lincoln Yards looking to land a major tenant

Yeah 412 N Wells looks small. I wonder if they'd be looking at a site near Union Station though (their current HQ is 2 blocks from the Battle Creek Amtrak station, a 2.5-3 hour train ride away from Union Station).

[twister244]

Citadel leaving Chicago........

[marothisu]

Originally Posted by twister244

Citadel leaving Chicago........

Not surprising but sucks. After it showed Irvin is polling poorly I figured the writing is on the wall. Griffin doesn't appear to be able to buy an election against a guy he hates and voila. What's not clear is how many will stay on town. It states that some teams had already moved to Miami and NYC previously

[twister244]

Originally Posted by marothisu

Not surprising but sucks. After it showed Irvin is polling poorly I figured the writing is on the wall. Griffin doesn't appear to be able to buy an election against a guy he hates and voila. What's not clear is how many will stay on town. It states that some teams had already moved to Miami and NYC previously

I'm sure people who make enough money with Citadel already have a place in Miami they go to in the Winter. I would if I had that amount of "Fuck You" money.

[marothisu]

Originally Posted by twister244

I'm sure people who make enough money with Citadel already have a place in Miami they go to in the Winter. I would if I had that amount of "Fuck You" money.

Some. I doubt literally everyone is leaving Chicago Thom they still need some people here for various reasons but unclear of how many. That's the more interesting part to me at least. It sounds like a lot who wanted to move may have already done so.

[pip]

I don't know people. Chicago ain't doing well.

[k1052]

Originally Posted by pip

I don't know people. Chicago ain't doing well.

I don't think the decision of one annyoing super rich guy who has flirted with this for years and is now frustrated in his inability to outright purchase a governor to his liking should be determinative on this.

[pip]

^It not just that. It's many things

[CaptainJilliams]

Citadel leaving seemed like an inevitability, I'm just surprised it didn't happen sooner.

Griffin always made his political opinions clear, and he tried using his money to influence local elections. He didn't get the results he wanted and now he's leaving.

It sucks to lose the tax money, that part can't be understated. But personally, I'm happy to see the man leave.

[SIGSEGV]

Originally Posted by CaptainJilliams

Citadel leaving seemed like an inevitability, I'm just surprised it didn't happen sooner.

Griffin always made his political opinions clear, and he tried using his money to influence local elections. He didn't get the results he wanted and now he's leaving.

It sucks to lose the tax money, that part can't be understated. But personally, I'm happy to see the man leave.

I imagine he's still going to find ways to be annoying.

[k1052]

Originally Posted by pip

^It not just that. It's many things

Many people are saying...something.

[marothisu]

Originally Posted by pip

^It not just that. It's many things

Some things you are implying are a little worrisome, some are amped up in the court of public perception even if the underlying reality is more complex.

Perception is important but there's also many people exploiting it currently not only in Chicago but many other cities most likely for very political reasons.

[OrdoSeclorum]

Originally Posted by twister244

Citadel leaving Chicago........

I don't like it mostly because it makes me wonder if this means CME group might also go. If this points to some underlying market reason why this is likely.


On the other hand, I feel a lot less bad about a departure to Miami than to a peer city or up-and-comer region. If an org or person chooses to be in Florida, then they simply don't have a thought process I can relate to.

[pip]

Originally Posted by marothisu

Some things you are implying are a little worrisome, some are amped up in the court of public perception even if the underlying reality is more complex.

Perception is important but there's also many people exploiting it currently not only in Chicago but many other cities most likely for very political reasons.

I get that there are many cities in the same boat but I have always thought of Chicago as a Tier 1 city above those. But I got to tell you with 5,6,7, i forget which, people shot so far this year nearby my place in Lakeview, in addition to reports of shots fired a lot, then fights fights and fights - I hear them at night on Broadway, groups of people fighting, last weekend a block away the fights got so bad they called in assistance from other districts but couldn't get enough manpower. The CTA is a hooka lounge now. Two people were robbed a block away the other night at 11:30pm and badly beaten - this is all the time. And then the cars and bikes with no mufflers racing around lakeview all night. There is very little good news no matter what the topic. It's just too much.