Of Chicago’s 50 fastest growing companies, over half are headquartered in the suburbs
Despite negative headlines about suburban Chicago, the Crain’s Fast 50 2019 list tells a different story
July 24, 2019
- Despite negative headlines about suburban Chicago, the Crain’s Fast 50 2019 list tells a different story. The average 5-year revenue growth for listed suburban located companies was 478%. Of those companies, 88% are profitable while 75% of Chicago proper companies are profitable.
- Firms located Eastern-East West and Northwest submarkets showed standout growth with the main industries being manufacturing and shipping. Suburban tenants are able to keep overhead costs, such as real estate, lower while they ramp up growth.
- Making recent headlines, Cooper’s Hawk, headquartered in Downers Grove and expanding into a 45,000 SF office at Esplanade II was acquired by Ares Management for $700M. This is on top of the $400M in PE/VC funding raised in the suburbs year-to-date and Aurora’s newly announced innovation district dedicated to their “smart city” efforts.
- Although Chicago CBD is accredited with high growth and innovation, suburban corporates are as dynamic as their metro dwelling counterparts.
Source: Crain’s Business Chicago, JLL Research