Chicago is a city of industry, delicious food, diverse culture and taxes. If you don’t know by now, Chicago is facing another round of tax increases, especially on real estate. This may lead everyone in Chicago to think: How am I going to afford running a business here? Or even, Why should I keep my business here when the cost of living keeps rising? We empathize with the struggle of tax hikes, but the real question is: Can your business afford to leave? Here’s why, despite the tax hikes, leaving Chicago could negatively impact your business.
Besides the fact that Chicago has a world-class public transportation system, Chicago is also home to major companies and top talent. Groupon, Uber, Lyft, McDonalds and more have cozied up in the Windy City, and that’s great for business. The presence of established large companies nearby and convenient transportation will draw out potential new talent, making hiring a qualified employee much easier.
Chicago is one of the most diverse cities in the United States. This means that Chicago residents have a multitude of options for new foods, festivals and fun across the city. The cultures of Chicago range from Polish neighborhoods, Ukrainian Village, Chinatown, and Little Italy to Uptown’s strong African roots. We also can’t forget to mention Chicago’s top-notch comedy scene at the infamous Second City, the renowned theatre scene and the gorgeous architecture. The more activities there are to do in a city, the easier it is to attract and retain employees. A major selling point of keeping your business in Chicago is that not only can your business offer them a great experience, but their physical environment can as well.
The Cost Perspective
As we mentioned above, Chicago has just as much to offer as cities like Manhattan and San Francisco do. But how do all of these offerings break down price-wise compared to other cities? In order to make this simple, let’s use the average cost per square foot of commercial office space in three major cities. The average cost of commercial office space per square foot is $87 in New York City, $75 in Los Angeles and $37 in Chicago. This means that office space in San Francisco is nearly double the price of office space in Chicago, and Manhattan takes the cake at $50 more per square foot than Chicago.
Furthermore, despite the property tax increases, the residential market in Chicago is still extremely affordable compared to many other major cities. Property tax hikes or not, Chicago residential real estate will still remain a bargain compared to New York City, San Francisco, Los Angeles, Boston, Washington D.C. and Seattle to name a few. This is an enormous draw to both employees and employers alike.
Nobody enjoys a property tax increase, but when you reside in Chicago, the bang for your buck is pretty apparent. From a business, social and economical standpoint, Chicago is a place that business owners should not consider leaving.
We just wanted to take a moment to thank everyone who was able to attend our yacht outing! The weather held up and a great time was had by all.
As mentioned when we first got on board, the purpose of these events is for the best people in my network to meet one another and explore how they can serve as a resource for each other. A rising tide lifts all boats so hopefully many wonderful connections were made. If any were missed, please don’t hesitate to ask and I will put you together.
To Mason Awtry, our sponsor, you are the best! Thank you so much for your support.
To those who were unable to attend, you were certainly missed. TAG hosts monthly lunches & breakfasts as well as quarterly events like the boat outing so let us know if you’re interested in future opportunities to rub shoulders with the best and brightest Chicago has to offer.
Zak Dabbas, Co Founder, Punchkick
Rob Wilson, President, The Wilson Companies
Jay Rudman, CEO, TopStep Trader
Lucas Ward, CoFounder & CTO, Kin
Grant Gochnauer, Co Founder & CTO, Vodori
Dino Gane-Palmer, CEO, PreScouter
Patrick Anderson, CEO, OXbottling
Carter Kennedy, CEO, SoloInsight
Anders Norremo, CEO, ThirdPartyTrust
Donna Salvatore, Founder & CEO, Megalytics
Adam Hirsen, Co-Founder & CEO, UpShow
Rob Topping, Founder & Managing Member, Topping Capital
Michael Reddy, President, Digital Authority Partners
Page Ciesemier, Controller, Gage Hospitality Group
Mark Reitsma, Managing Director, Heartland Angels
Sean Harper, Co Founder, Kin
Mike Perich, CEO, Sewing Supplies Division of Bernina International
Percy Haley, Partner, Black Rhino Financial
Jake Dayan, CEO & Founder, Community Tax
Graham Peck, Venture Capital Investor, Chris Sugrue
Founder & CEO, The Crowd
Codrin Arsene, CEO, Digital Authority Partner
Dean Kaliakmanis, Sr VP, Acrisure
Joe Liberty, COO, Employee Benefits Consultants
Ben Fornell, CEO, Shurpa
Nicholas Piekoszewski, COO, OXbottling
Cindy Rudman, Owner, NoteWorthy Notes
Tim Martinez, CoFounder & CEO, MPAC Healthcare
Susan Chiaramonte, President, Educred Services
Dr. Dave Rominski, President, Doctor Referral Institute
Scott Nicholson, President, KO Business Solutions
Bill Kwit, Managing Partner, O’Malley & Kwit
Morrie Elstien, CEO, Morrie Connect
Mark Meyer, Owner, E&M Strategic Development
Dan Kuhn, CTO, Aginity
John Renaldi, CEO & CoFounder, Jiobit
Greg Vrablik, President & Owner, The Presidents Forum
Chris Carlton, President & Co Founder, Liquidus Marketing
Manny Flores, President & CEO, SomerCor
Atish Doshi, President & Founder, The Black Sheep
Todd Stukenberg, President & CEO, Illinois B.I.S.
Herb Washington, CIO, Aspire Chicago
Bob Ryan, Principal, Shields Meneley Partners
Mason Awtry, CEO, Rightsize Facility
Nick Charveron, Co Founder, Community Tax
Glenn Hafner, Managing Partner, HD Investment Group
Mike Dawson, Co Founder & COO, Shurpa
Peter Wokwicz, CIO/CEO, Various Entities
Misha Shah & Andy Sajnani, COO & CEO, Think Latitude
Ted Kanellakes, Executive Director, Chicago Medical Society
Tory Cosich, Managing Partner, ProvenIT
Charlie Graff, Founder, CrossTown Fitness
Ivan Vislavskiy, CoFounder & CEO, Comrade Web Agency
Chester Singleteary, Director, Loop Capital
Every month, Tenant Advisory Group hosts an Executives Luncheon to provide an opportunity for Chicago business leaders to build new, meaningful connections and discuss topics relevant to running a business.
During August’s Executives Luncheon, attendees were prompted with the question: “How do you attract and retain top talent?”
Here are a few of the lessons shared in response: