Elk Grove Village Boasts Top Airport Real Estate Market
According to a recent report by Jones Lang LaSalle (JLL), the O'Hare real estate market - which includes Elk Grove Village - tops the Port, Airport, & Global Infrastructure (PAGI) ranking report. The PAGI report was created to grade airports from the vantage point of the real estate stakeholder - "those who invest in, develop, or occupy industrial properties in airport-centric locations." The report notes the O'Hare region's "large population base, central geographic location, complementary rail assets and enormous industrial market" - all of which are important location drivers.
Elk Grove Village, which is adjacent to O'Hare International Airport, is home to the largest industrial park in the United States. With over 62 million-square-feet of inventory, Elk Grove makes up approximately fifty percent of the O'Hare industrial real estate market. O'Hare International Airport received the highest air cargo operations and real estate metrics scores of any national airport ranked in the report.
Elk Grove Village continues to attract businesses looking to relocate or expand in the Chicagoland area due to accessible transportation networks, mature industry clusters, and a strong commitment to maintaining and improving public infrastructure. Businesses located in the Village represent a broad range of industries, including manufacturing, technology, retail, health care, warehousing, and logistics. In particular, the JLL report stated, "Manufacturers are drawn to the area because of the strong workforce availability and access to public transit."
The report's analysis is supported by recent market data showing Elk Grove's industrial vacancy rate is currently at a historic low of 5.9%.
In 2014, Global Trade Magazine named Elk Grove a Best City in the Business Climate category, and in June 2015, NerdWallet ranked Elk Grove Village #7 on its 10 Best Places to Start a Business in Illinois. Elk Grove was the highest ranked Cook County municipality on the list.
"Being recognized as one of the best communities for businesses in the U.S. affirms our many efforts to be 'Beyond Business Friendly' here in Elk Grove," said Mayor Craig B. Johnson.
About Elk Grove Village
Located adjacent to O'Hare International Airport, Elk Grove Village is integral to the Chicago Metropolitan Region's economy. Elk Grove boasts the largest consolidated industrial park in the United States, with over 62 million square feet of inventory. Elk Grove boasts the second highest concentration of manufacturing jobs in Illinois.
For more information, contact Mayor Craig B. Johnson at 847-357-4030.