If you are looking to move or expand your NYC-based tech company to Chicago, you should know that this can be a fantastic thing for your business. They are working very hard on the tech scene in Chicago and more companies are coming there. This also means that you should research your competition before you expand there. Lake Michigan, a growing population, a robust manufacturing sector, a good location in the middle of the country, and many more factors combine to make Chicago special. The challenges of operating a small company in a metropolis are unique. Here is an example of what makes this city the ideal location for small business ownership and operation.
The story of Chicago and tech companies
We all love NYC, but is it the only place in the world for your business? Even the famous Amazon is looking at Chicago. Amazon visited five places in Chicago when looking for a location for a second headquarters. You should know that their headquarters needed to house 50,000 people. Pretty big huh? While news of other tech businesses expanding or going to Chicago is anticipated in the upcoming weeks, Amazon is anticipated to make its decision over one of 20 cities later next year. Contrary to Silicon Valley, Chicago is not concentrating those tech companies into a specific district. Instead, the city supports tech centers in a number of areas, including the downtown, River North, and the Fulton-Randolph Market District. Startups, incubators, and accelerators are increasingly located in these neighborhoods, all vying for space adjacent to companies like Google (the biggest one), Motorola Mobility, Gogo, GrubHub, or Groupon.
It’s like creating communities within communities to disperse those tech enterprises throughout the city, which has seen its tech reputation improve in international ratings. Additionally, it is advancing a business-community alliance that the Chicago Mayor established when he unveiled a regional technology strategy in 2014, only a year after he assisted in the establishment of ChicagoNEXT, a group dedicated to promoting the city’s technology sector internationally. The objective was to increase the number of tech firms. Also, they needed to increase the number of employees, and venture capitalists, but that is not all. They also made sure to enhance Chicago’s IT infrastructure as well as STEM education. Last but not least, they made sure to cultivate an ecosystem that nurtures talent and incentivizes it to stay rather than be recruited elsewhere.
This is another reason to expand your NYC-based tech company to Chicago. Their economy is pretty good. In fact, it’s booming. Throughout 2022, the rate of unemployment has stayed pretty low. In July 2022, the rate was at 3.5%. That is pretty low for a city of this size. Ideally, we want to see the unemployment rate be zero but that is obviously not possible at the moment. Overestimates, the economy created 528,000 new jobs in July 2022, boosting its overall health. It looks like this trend will continue and we can hope for even lower rates in 2023.
Chicago is also a perfect place for startups
Chicago is a great place for startups and other small firms that sell items because there are numerous manufacturing alternatives available. Despite the fact that many manufacturing facilities also deal with companies that export their goods. With that being said, we have to mention that finding commercial real estate for your company in Chicago is getting harder and harder each year. The reason is the popularity of the city obviously. That’s why you will be needing plenty of help to find that perfect place. Working with a local realtor will be a good move just like when the time comes to collaborate with reliable movers like Golans Moving and Storage will be a smart strategy.
The competition is not as brutal as in NYC
Yes, we know we told you that competition is betting quite something here in Chicago but that is nothing compared to a city like NYC. No matter in what line of work you are in if you made it in NYC you can make it anywhere else in the world. But wouldn’t it be nice to be a bit easier sometimes? Think about this for a minute and see why so many NYC young professionals are moving to Chicago.
If you are selling something…
Chicago is a great place for entrepreneurs and other small firms that sell items because there are numerous manufacturing alternatives available as we already said. After all, that’s why so many companies are moving to Chicago. Regional planning group Metropolitan Agency for Planning declares, “The third-largest industrial cluster in the country, with over 560,000 jobs in areas ranging from electronics and computers to metallurgy and pharmaceuticals, is located in the Chicago metropolitan area”. World’s population and income growth in recent years have raised overseas demand for American-made goods. Regional and national manufacturing exports have increased in value by 11 and 12 percent yearly.
We know that this text of ours is very formal and all about reasons and numbers. It’s necessary to show you all the reasons to expand your NYC-based tech company to Chicago. With that being said, we also have to talk a bit about the relocation of your office inventory from NYC to Chicago. You already know that this is not an easy endeavor and that you will be needing quite a lot of help to find a place and to move there. You will also need some help once you arrive. Specialists are the best choice when you need some help to easily settle in.
Before we go
If by chance you decide to buy commercial real estate to conduct your business wait until the winter months. The prices are at their lowest during that time and this is a great way to save some money. We hope that moving your company to Chicago will be easy for you. Hopefully, you will realize that the decision to expand your NYC-based tech company to Chicago was a smart decision.