Boeing's plan to move its global headquarters to Arlington, Virginia, will not lead to major Chicago job cuts or relocations, the company said.
Some 20 years after Boeing arrived in Chicago, the defense contractor and airplane-maker is moving its global headquarters out of the city, the company said Thursday.will also create a research and technology hub nearby. The move will bring company executives closer to federal officials.
Boeing’s headquarters have been at 100 N. Riverside Plaza since 2001, when Chicago beat Denver and Dallas in a high-profile contest to win the corporate office. And even though thousands of office workers recently began streaming back to the Loop for at least several days a week, more empty spaces keep popping up in 2022, a sign that the market still hasn’t recovered from the two-year-old pandemic. The downtown vacancy rate jumped to 19.7% by the end of March, according to a report from commercial real estate firm Colliers International, up from 17.9% at year’s end.
“There are a lot of tenants that are now looking for 100,000 square feet or so in the next three years, and the Boeing building would be an attractive option,” Burden said. “Tenants want to be by the river and near the trains, or in Fulton Market.” “What remains to be true is that Chicago is a major hub for global corporations that recognize our diverse workforce, expansive infrastructure and thriving economy,” she said in a statement.Still, Boeing’s move will be felt in Chicago. Such companies “help fuel Chicago’s economic engine and our iconic position on the global state,” said Farzin Parang, executive director of the Building Owners and Managers Association of Chicago, in a statement.
In late April, the company reported a first quarter loss of $1.2 billion. It said it had increased production and deliveries of its 737, and submitted plans for FAA certification of the 787.
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