City Guide Chicago

Population & Landmark…

he city was long the second city, in population to New York, and is currently the third-most populous city in the United States, with nearly 3 million people.

Because of its strategic location, Chicago became famous as a hub for roads, canals, railways and aeroplanes. In the 1920s, during Prohibition, gangsters like Al Capone and police adversaries like Eliot Ness made it famous.

Economy…

According to 2007 United States government estimates, Chicago has the third largest gross metropolitan product in the nation, which is approximately $442 billion. The city has a well-balanced economy, one of the best in the United-States, due to its high level of diversification.

Chicago’s diversified economy is based on manufacturing, printing and publishing, finance and insurance, and food processing as primary sectors. A substantial industrial base and a major inland port contribute to the city’s position as a national transportation and distribution center.

In addition to the primary sectors, Chicago is a major financial center, with the second largest central business district in the US and headquarters of the Federal Reserve Bank of Chicago. The city is home to three major financial as well as futures exchanges like Chicago Stock Exchange.

Chicago is home to eleven Fortune 500 companies, while the metropolitan area hosts an additional 21 Fortune 500 Companies. The state of Illinois is home to 66 Fortune 1000 companies.

Office Rental Levels…

As per Colliers B&K Market Report, the first quarter overall CBD vacancy rate measured 13.5%, a slight increase from 13.3% reported during the fourth quarter of 2007.

Demand flattened during the first quarter, posting negative 251723 sq ft of net absorption, remarkably less than the positive 817454 sq ft reported in the prior quarter. Demand for long lease space is likely to continue to be flat in the CBD for most of the year. The current rate per square feet in the CBD is $40.09.

As per UGL Equis, companies have put on hold any decision on lease and renewals due to the current market uncertainty. Companies that would have to renew in the coming months of 2008 are now waiting until the last possible moment or move to short-term space so they can let the economy settle down.

Transport…

O’Hare is the major international airport for Chicago, only 19 miles northwest of the Downtown area. One of the world’s busiest airports, it carries over 69 million passengers per year.

Amstrak trains are available from Union Station, which is also the hub of its whole national network. Trains to destinations across the USA including Milwaukee, Detroit, NYC and San Francisco are leaving Union Station on a daily basis.

Tourism, Attractiveness of the city…

Chicago attracts approximately 44 millions off people each year from around the US and worldwide. Upscale shopping along the Magnificent Mile, thousands of restaurants as well as Chicago’s eminent architecture, continue to draw tourists.

Atlanta is also a city with an array of championship events. You can always find a sporting event within the city including baseball with the Chicago Bulls, football with the Chicago Bears, hockey with the Chicago Blackhawks and many more.

Chicago is also a major convention destination. The city’s main convention center is McCormick Place. With its four interconnected buildings, it is the third largest convention center in the world. Chicago also ranks third in the United States in number of conventions hosted annually.

Useful Links:

Chicago Guide: www.cityguide.travel-guides.com

Chamber of Commerce: www.chicagolandchamber.org

City Council: www.cityofchicago.org