Since COVID-19 there has been an even more noticeable trend of Illinois businesses moving to Northwest Indiana as well as franchises expanding their footprint in the Region. This shift in business activity has been attributed to several factors, including favorable tax incentives, lower operational costs, access to a large pool of skilled labor, and the booming housing market.
One of the primary reasons for this move is Indiana’s business-friendly environment. The state offers tax incentives and other benefits that make it attractive for businesses to relocate. This includes a lower corporate tax rate, lower property taxes, and a more streamlined regulatory environment. Additionally, the cost of doing business in Indiana is generally lower than in Illinois, which can translate into significant savings for companies.
Another advantage of Northwest Indiana is its proximity to Chicago, one of the largest and most important business centers in the world. Businesses that relocate to this area can take advantage of the areas robust transportation infrastructure, as well as its large pool of skilled labor. This makes it an ideal location for businesses in industries such as logistics, manufacturing, and construction. With access to major highways and railroads to Chicago, businesses can benefit from Chicago-based talent, consumers, and business networks.
Some examples of businesses moving to or expanding in the area include: UChicago Medical, RUSH Medical, Silos at Sanders Fam, Portillos and Twin Peaks. Our brokers worked with many of these businesses and developers to migrate to the region and open more locations.
While there are many businesses relocating from Illinois to the region, there are many benefits to Illinois based businesses as well. The state’s large population and Chicagoland attractions bring tourists and heavy consumer traffic. Illinois also has a well-established network of major corporations which opens opportunities for partnering and B2B transactions. Some of the clients our brokers have worked with to expand their footprint in the Chicagoland area include Smoothie King, Taco Bell, and Dunkin’ Donuts among others.
The trend of Illinois businesses moving to Northwest Indiana is likely to continue in the coming years. As the cost of doing business in Illinois continues to rise, many companies are seeking out more affordable and business-friendly environments in neighboring states. With its favorable tax incentives, low operational costs, and access to skilled labor, Northwest Indiana will continue to benefit from this trend and attract even more businesses to the area. Whether you’re looking to grow your business in the NWI Region or the Chicagoland area, our commercial real estate brokers are experts in the market and can help you find the right location to open shop.
Latitude Commercial provides commercial real estate services such as purchasing, leasing, landlord representation, tenant representation, and commercial property management throughout the states of Illinois and Indiana. To find out how we can help you, call us today at (219) 864-0200.
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We are pleased to present the 2022 Annual Report for the Commercial Real Estate market…View More
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