River North continues to be Chicago’s epicenter of Innovation in 2019
Chicago has been one of the fastest growing tech hubs since 2008
June 19, 2019
- Results from a recent study done by the Center for an Urban Future in New York have found that Chicago has been one of the fastest growing tech hubs since 2008, seeing a 270% increase and has grown more than competitive cities like Austin and Denver.
- Since 2019, there have been at least 50+ funding rounds and almost $900M in capital raised in Chicago. Companies in River North, Fulton Market and the West Loop have been the stars so far this year.
- Fulton Market has proven itself as burgeoning corridor for innovation having only 8.2% of the office inventory of the West Loop and receiving more capital year-to-date. However, River North continues to reign supreme in Chicago to be place for the start-up ecosystem as it continues to be a premier community for established and up and coming technology companies alike.
- The significance of where funding is happening is that we expect a company to grow after receiving a recent funding round. Thus, their teams get bigger creating more demand for office space. With 7.3M s.f. coming online by 2023, the continuation of organic growth and out of state migration this growing sector of our local economy is important to growing our city. Chicago proves itself a serious player in the innovation economy and we continue to see coastal companies planting their flag here. This proliferation of success in this space will benefit the entire market as new demand for leasing and high paying job creation in the city grows.
Source: JLL Research