Chicago Mayor Rahm Emanuel announced recently that the city’s industrial property vacancy rate has hit its lowest point in 16 years.

Chicago’s industrial property vacancy rate dropping to just 6.6 percent suggests that the local advanced industrial economy is back on the upswing after decades of job loss due to offshoring and automation. The rate of occupancy in industrial buildings is just one indicator of Chicago’s economic health. Mayor Emanuel announced a few other favorable statistics this week, framing Chicago as a desirable location for corporate headquarters and tech-savvy businesses.

Thanks to a strong trend of corporate relocations to Chicago—2017 marked Chicago’s fourth straight year as Site Selection Magazine’s top metro for corporate investment—the downtown commercial real estate market continues to boom. Average downtown office value grew by 20% over the past year, which is the second-largest increase in the world.

Chicago also continues to attract and retain technology talent. “Silicon Prairie,” as it is sometimes called, is a growing site for innovation, rivaling tech incubators in New York and the Bay Area. I Like Illinois has already reported that investments in Chicago’s tech scene pay out at higher rates than investments in any other technology hub in the United States. To this point, Emanuel also mentioned that Chicago was named the sixth best city in the world for technological innovators in a survey of industry insiders.

These numbers tell a powerful story about Chicago. With desirable real estate and a strong technology sector, the city is developing an economy that will support a large and diverse workforce for many years to come.

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