The Future of Post-pandemic Chicago
What a timely discussion this was! As the economy begins to recover from the challenges of the pandemic, senior leaders in Chicago are discussing the next steps. PRSA Chicago hosted a webinar on the topic ‘Post-pandemic Business Challenges Facing Chicagoland’ where accomplished leaders in communications focused on the future of Chicago and those who call this city home.
Based on statistical data and despite higher crime rates, Chicago is the hub of innovation. Companies like Amazon considered it as an option during their second headquarter search. Around 20-21% of the workforce are foreign-born immigrants. The diversity of this city is vast and welcoming. Chicago is the food capital of the country with almost 400 budding and established food companies.
Benjamin Jones, Gordon and Llura Gund Family Professor of Entrepreneurship; Professor of Strategy; Faculty Director, Kellogg Innovation and Entrepreneurship Initiative; Kellogg School of Management, Northwestern University; Senior fellow at the Brookings Institution mentioned that Chicago is mostly B2B and not B2C. Its strength lies in its connectivity, infrastructure, architecture, and during the pandemic: real-estate. Samir Mayekar, Deputy Mayor for Economic and Neighborhood Development, City of Chicago stated that Chicago has activated more real estate during the pandemic than it has done in the last 50 years. As companies start to re-open their offices, it is expected that Chicagoans will move back to downtown, resulting in a sudden boom of condo real estate. Mayekar suggested that the denizens should plan to invest in property and take advantage of the lower prices and interest rates.
Mary Ellen Podmolik, Director of Content/Business Editor of Chicago Tribune said that the city is making progress in developing its South-West side with affordable housing. Mayekar emphasized that the City of Chicago is focusing on the development of the South-West side post-2020 by building commercial real estate. When people ask Michael Fassnacht, recently named president and CEO of World Business Chicago; Chief Marketing Officer, City of Chicago, ‘how can I help?’ he says, “don’t be a business leader, be a civic leader.” He predicts that most of the companies will open offices soon and by June, 80% of the employees will be back to working in actual offices.
The panelists discussed the importance of the Great Lakes as a selling point for Chicago. They unanimously agreed that Chicago port is one of the most disinvested assets. The City of Chicago is planning to invest $100 million in the port and help create more jobs. With the City of Chicago issuing an RFP for building a casino in the city, Chicagoans will see more tourists, helping to alleviate the economy. As a $2 billion project with 12 respondents currently, Chicagoans: get ready for some action.
All in all, Chicago is a growing economy that has the talent and infrastructure needed to weather the challenges that come with the post-covid revitalization. There is hope, with events like Lollapalooza 2021 demonstrating that the city is back to business and hosting tourists with pride. Our city is moving towards normalcy and it’s safe to say we are ready to flock the streets again.
