Chicago might be known as the “Second City,” but it’s No. 1 yet again in terms of commercial real estate investment. The March 2024 edition of Site Selection magazine named Chicagoland the top “Tier 1” metro (defined as an area with over 1 million residents) for corporate facility investment for the 11th consecutive year.
In 2023, the Chicago-Naperville-Elgin metro boasted 485 total projects, besting other highly populated regions of the U.S. for yet another year.
Notable Chicago Commercial Real Estate Investors
Chicagoland investors include many giants of the food and beverage industry, according to Site Selection:
- Mars Inc.
- General Mills
- Molson Coors
- North Star Pickle
- Huhtamaki
- Primary Products Ingredients Americas
- Ferrero
This is only a partial list. In an article on the Site Selection ranking, CoStar notes that Chicago has also emerged as a hot spot for logistics and manufacturing, in addition to other industries. Here are a few newsworthy investors and projects highlighted by CoStar:
- Spot Inc.
- The Chan Zuckerberg Biohub Chicago
- Stern Pinball
- mHub
- Invenergy
- Guinness
- Bally’s Chicago Casino
- S&C Electric
It’s clear that Chicago has no trouble attracting major corporations that want to expand their presence with new facilities.
Why Chicago Reigns as a Hot Spot for Corporate Expansions, Relocations
As the third-largest metro area in the U.S., it’s not hard to see why Chicago holds so much appeal for commercial real estate investors, according to the Chicago Loop Alliance. The city demonstrates innovation and resilience in addition to offering a large talent pool.
Chicago Mayor Brandon Johnson and representatives from World Business Chicago and the Greater Chicagoland Economic Partnership gathered at S&C Electric in the city’s Rogers Park neighborhood earlier this month to announce the Site Selection designation, according to a World Business Chicago press release.
“Access to diverse talent, global connectivity and the city’s strong infrastructure are among the reasons why Chicago has been ranked a top metropolitan area for selection and corporate relocation for 11 years,” Johnson said, according to the release. “On behalf of all the residents of the City of Chicago, I extend our gratitude to S&C Electric and the 162 other companies who made pro-Chicago decisions in 2023 – investing in our people, our neighborhoods, and our city—driving job creation and opportunities for all.”
In a blog entry published last year, Avalon Realty Associates also explored why Chicagoland is a hot spot for corporate facility investment. Top factors that make the city stand out include the following:
- A robust and growing economy
- Centralized location with access to numerous highways and railways
- International transportation and trade systems (e.g., O’Hare International Airport)
- Leading universities and colleges like the University of Chicago and Northwestern University
If you’re interested in Chicago commercial real estate, the Avalon Realty Associates team would be happy to help you explore your options. Visit our Contact Us page, call 847-506-1000, or email info@avalonreal.com to learn more about our commercial real estate services.