{"id":400045,"date":"2025-11-23T22:49:14","date_gmt":"2025-11-23T22:49:14","guid":{"rendered":"https:\/\/www.europesays.com\/us\/400045\/"},"modified":"2025-11-23T22:49:14","modified_gmt":"2025-11-23T22:49:14","slug":"world-business-chicago-has-a-1-4t-growth-plan-for-2034-heres-what-it-means-for-cre","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/400045\/","title":{"rendered":"World Business Chicago Has A $1.4T Growth Plan For 2034. Here’s What It Means For CRE"},"content":{"rendered":"

World Business Chicago<\/a>, the city\u2019s economic development agency, released its ambitious strategy for Chicago\u2019s economic goals over the next decade, targeting $1.4T in annual output.<\/p>\n

The sweeping\u00a080-page report<\/a>\u00a0could serve as a road map for\u00a0commercial real estate players looking to align investment and development decisions with the city\u2019s priorities. WBC\u2019s pursuit of its top-line revenue goal will mean more companies hunting for space in the Chicago area, said Hannah Loftus, vice president of research at World Business Chicago.<\/p>\n

\u201cOur aspiration and North Star was maintaining our leadership as a top three economy in the U.S.,\u201d Loftus said. \u201cTangibly, that means growing our employment base and growing our output to our businesses.\u201d\u00a0<\/p>\n

\"Placeholder\"\/<\/p>\n

WBC\u2019s goal for the regional economy in 2034 is $1.4T in annual output and 5,050,000 people employed. That means the region would need to generate roughly $100B more in annual output and roughly 300,000 additional jobs than Moody\u2019s Analytics<\/a>\u00a0projects for 2034 at the area\u2019s existing growth pace.<\/p>\n

Bill Lussow, vice president of the Chicago chapter of the Society of Industrial and Office Realtors, told\u00a0Bisnow\u00a0in a statement that WBC\u2019s goals are achievable but will depend on execution from the private sector rather than political messaging.\u00a0<\/p>\n

Businesses are already adapting to regulatory friction, shifting tax burdens and public safety concerns by adjusting underwriting assumptions, site selection and employee location strategies, he said.<\/p>\n

\u201cThe plan itself is strong; however, its success will require a civic environment that supports capital deployment with regulatory clarity, tax stability, and improved public safety rather than one that introduces new headwinds,\u201d Lussow said.\u00a0\u00a0<\/p>\n

The economic development agency has outlined three main areas for near-term strategy: economic growth, future-readiness, and quality of life and promotion. Most importantly for CRE, WBC defined nine industries it is focused on retaining and expanding:<\/p>\n