Several large companies have announced recent expansions and hirings in the Chicago area, and the rise in employment opportunities could mean a rise in the area’s Chicago real estate numbers as well.
The most recent statistics from World Business Chicago show a drop in the regional unemployment rate and a decrease in downtown office space vacancies, two possible signs of economic acceleration. Several large companies are using Chicago to expand and create employment opportunities, as well. Accretive Health announced it would be adding 650 new jobs in downtown Chicago; Allianz Global Risks US Insurance Co. signed a long-term lease; IT staffing/recruiting firm Ashley Ellis will be opening a satellite office downtown; and CB2 opened its national headquarters in Chicago as well, just to name a few.
Another sign of success in the business world is the buzz surrounding Chicago-based Groupon, which was rumored last week to be in talks to be purchased by Google. Groupon is a social coupon service, offering a daily deal to customers on a variety of local services and products. An article in the New York Times last week said the talks between Groupon and Google could spark a new interest in Internet start-ups, including many in Chicago that may be overlooked. Tech executives said a sale to Google could be a “game-changing moment” for Chicago’s economy, making it known as a hub for technology and starting with local talent.
Even though Groupon is said to have walked away from Google’s offer, it’s clear that Groupon is shedding some light on Chicago’s tech industry, and people are beginning to notice Chicago’s business market. Changes and more opportunities in this area could lead to changes in Chicago real estate—and if Groupon is indeed eventually bought out, the Chicago new construction market could certainly see a lift.
Having these business opportunities on the horizon could mean that the Chicago real estate market could begin to move as well. That means more people could be relocating near downtown Chicago and taking advantage of the equally opportune time to purchase Chicago homes.
Time will tell what other prospects will be offered in 2011, but with key signs of growth in the Chicago market, there’s a good chance that Chicago homes for sale could begin to move. For more information on what the current Chicago market might mean to you, give me a call at (312) 498-5080 or email at [email protected].