Notable Companies Leaving Chicago & Why (Sep 2023)
In this report, we highlight notable companies leaving Chicago since 2020 and why. You'll find every public announcement by businesses stating they've moved out of Chicago as well as companies threatening to move.
Despite lockdowns being lifted over a year ago, Chicago’s office space remains the emptiest on record. On top of that, even the occupied buildings aren’t being used.
- The Windy City’s “office vacancy rate reached a record high of 22.6% last quarter” (Q2 2023), according to The Real Deal with data from CBRE
- For Chicago’s offices with tenants, occupancy rate stands at 50.7% as of August 2023, according to data from Kastle Systems
Nearly a quarter of Chicago office space is empty, and for the offices that are in use, people only come in half the time.
But it’s not just the switch to remote work and hybrid work that is causing businesses to leave Chicago. Illinois and Chicago are going through a pension crisis that has brought on tax hikes (and threats of more). From 2021 to 2022, overall crime increased 41% in Chicago, according IllinoisPolicy.org. Many companies leaving Chicago cited the tax environment and crime as reasons for their departure.
Below, you’ll be able to track the trend. Here are all of the businesses leaving Chicago since 2020 (that have publicly declared it). Whenever a company announces its plans to leave the state, we’ll update the list.
- Companies that have Chicago
- Companies threatening to leave
- Why companies are leaving Chicago?
- Where are they going?
- Submit a company
Companies Leaving Chicago Since 2020
These businesses used have major office or storefront in Chicago, but decided to leave for the suburbs or a new state.
Caterpillar
“One of the state’s biggest employers is relocating their headquarters to Irving, Texas. A decade ago Caterpillar’s CEO warned state leaders of business losses unless they balanced the budget, controlled workers’ comp costs and cut taxes. He was ignored.”
- Where they moved to: Texas
- When they moved: June 15, 2022
Boeing
“Boeing said on Thursday it will move its headquarters from Chicago to Arlington, Virginia, as the crisis-plagued U.S. planemaker works to repair relationships with customers, federal regulators and lawmakers.”
- Where they moved to: Virginia
- When they moved: May 5, 2022
Tyson Foods
“The poultry producer said Wednesday that it’s bringing together its corporate employees at its global headquarters in Arkansas, resulting in the closure of three offices, including downtown Chicago, Downers Grove, Illinois, and Dakota Dunes in South Dakota. Roughly 1,000 employees work in the three offices and will begin relocation in early next year.”
- Where they moved to: Arkansas
- When they moved: October 7, 2022
TTX
“The announcement came jointly from TTX and North Carolina Gov. Roy Cooper, revealing the company will establish its new main office in Charlotte next year. The move creates 150 jobs and represents a $14.5 million investment by TTX.”
- Where they moved to: North Carolina
- When they moved: July 14, 2023
Citadel
“Thursday, in a letter to employees, Hedge fund manager and billionaire Ken Griffin announced that, after more than 30 years in Chicago, his investment firm Citadel would be relocating to Miami.”
- Where they moved to: Florida
- When they moved: June 23, 2022
Stellantis
“With the idling of the Belvidere Assembly Plant, automaker Stellantis joined the ranks of other large companies, such as Caterpillar, making the move out of Illinois.”
- Where they moved to: Indiana
- When they moved: March 1, 2023
Tenneco
“Tenneco is moving to Northville Township near Detroit after its $7.1 billion sale to Apollo Global Management.”
- Where they moved to: Michigan
- When they moved:
Schumacher Electric
“Schumacher Electric Corporation is moving its headquarters from a Chicago suburb to Fort Worth. The company makes chargers for batteries.”
- Where they moved to: Texas
- When they moved: July 15, 2021
United Airlines
“United Airlines plans to move its primary flight control center to Arlington, the suburban Chicago town that may lure the NFL’s Bears, from its headquarters at Blackstone’s Willis Tower.”
- Where they moved to: Virginia
- When they moved: December 23, 2021
Beam Suntory
“Liquor conglomerate Beam Suntory said Tuesday it will move its corporate headquarters from Chicago to New York in mid-2022.”
- Where they moved to: New York
- When they moved: 2022
American Science & Surplus
“But at the end of October, the Jefferson Park mainstay will relocate its Chicago store from 5316 N. Milwaukee Ave. to 27 N. Northwest Highway in Park Ridge, store President Patrick Meyer said. The company has two other locations in suburban Geneva and Milwaukee. ”
- Where they moved to: Park Ridge, Illinois
- When they moved: October 31, 2021
Citibank
“Citibank is joining the branch-closing trend that the banking industry looks to be accelerating in 2021. The New York-based giant will shutter three of its 60 branches in April, including its only presence on LaSalle Street, the traditional epicenter of banking in Chicago.”
- Where they moved to: Schaumburg, Illinois
- When they moved: January 20, 2021
Great Lakes Dredge & Dock
“An Oak Brook-based dredging company announced this week that it will move its headquarters to Houston but maintain an office in Oak Brook, where it’s currently based. ‘The relocation stems in part from changing industry dynamics as the dredging market has shifted from Northern Illinois and the Great Lakes to work along the Gulf Coast and in the northeast and southeast coastal regions,’ Great Lakes Dredge & Dock said in an Oct. 22 statement.”
- Where they moved to: Texas
- When they moved: October 23, 2020
Blue Pallet
“On the heels of this round, BluePallet has announced that it is relocating the company’s headquarters to Austin. The move puts BluePallet in closer proximity to talent and resources from Houston’s robust chemical industry and Austin’s vibrant tech scene.”
- Where they moved to: Texas
- When they moved: October 21, 2021
ExteNet Systems
“Telecommunications infrastructure provider ExteNet Systems announced Tuesday that it will move its headquarters to Frisco by the beginning of next year.”
- Where they moved to: Texas
- When they moved: January 1, 2023
Parus Holdings
“Parus Holdings Plans To Leave the Chicago Suburb of Bannockburn for Texas Capital.”
- Where they moved to: Texas
- When they moved: July 8, 2022
Eleiko Sport, Inc.
“QUILA Commercial today announced Eleiko Sport, Inc. has signed a lease for 52,946 square feet at Ben White 6 at 3910 S. Industrial Blvd. in Austin, Texas. This space will serve as Eleiko Sport’s new U.S. headquarters. Its U.S. headquarters was previously located in Chicago and its main office is in Finland. Eleiko Sport, Inc. is a world-renowned provider of strength training and weightlifting equipment, with a reputation for quality and craftsmanship.”
- Where they moved to: Texas
- When they moved: February 10, 2021
XR Masters
“Immersive-tech startup XR Masters hopes to stand up new Austin HQ by year end.”
- Where they moved to: Texas
- When they moved: March 1, 2021
Spire Hospitality
“Spire Hospitality CEO Chris Russell has deep roots in DFW, so the third-party hotel management company’s decision to move its headquarters to Irving from Chicago wasn’t a huge surprise. Now that Spire’s here, it’s looking to grow, pandemic recession be damned.”
- Where they moved to: Texas
- When they moved: July 22, 2020
Which companies are threatening to move?
The following companies have gone on the record to state their displeasure with the city and their intent to look elsewhere if things don’t change.
McDonald’s
“Everywhere I go, I’m confronted by the same question,” McDonald’s President and CEO Chris Kempczinski said in a speech at the Economic Club of Chicago luncheon on Wednesday. ‘What’s going on in Chicago?’ There is a general sense out there that our city is in crisis.”
Guggenheim Partners
“Industry insiders said Guggenheim Partners CEO Mark Walter is expected to follow Citadel CEO Ken Griffin and relocate to Miami after recent reports found the company was quietly reducing operations in the Windy City. It formerly had about 1,000 employees in Chicago.”
Chicago Bears
“The Chicago Bears revealed a big update that further signals their move out of Chicago and into Arlington Heights this week, but for fans who haven’t been watching too closely, a lot has happened since news of their potential departure from Soldier Field first came out.”
Chicago White Sox
“””The White Sox are reportedly kicking around the idea of moving out of Chicago. Nothing is official yet, but Crain’s Chicago Business reports the team’s owner is considering getting out.”” ”
CME Group
“CME Group is prepared to leave Chicago if the city and state take steps that are perceived as ‘ill-conceived,’ Chief Executive Officer Terry Duffy said in an interview.”
Rabine Group
“A Chicago business owner says he is fleeing the crime-infested city because leaders are ‘supporting anarchy’ and he ‘can’t put up with it any longer.’
Sugar Bliss
“Ging has spent 12 years operating her bakery’s storefront in the downtown loop of Chicago. While she said she loves the city, she’s now strongly considering moving to the suburbs or out of state if the crime problem isn’t addressed.”
Chocolat Uzma
“‘Chicago has become Gotham City, except we don’t have the Batman;'” Pilsen chocolatier says spiking crime means she’s moving to the suburbs.”
Why are companies leaving Chicago?
Below, I’ve pulled out notable phrases that company leaders mentioned when explaining their decision to leave the Chicago. Here are some recurring themes:
- Caterpillar’s CEO “warned state leaders of business losses unless they balanced the budget, controlled workers’ comp costs and cut taxes. He was ignored.”
- “This is an opportunity to reimagine our future, a shift towards a more communicative and transparent culture that strives to succeed together.”
- “The move puts BluePallet in closer proximity to talent and resources from Houston’s robust chemical industry and Austin’s vibrant tech scene.”
- “We’ve experienced a significant drop in visitors over the last four or five years.”
- “We’ve been in Chicago for over 50 years. Taking all factors in consideration, North Carolina and Charlotte have a more business-friendly environment.”
- “Many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world.”
See Also: Every Company Leaving California | Companies Moving To Texas | Every Major Company CEO Stepping Down | California’s 4-Day Work Week Bill
Where are Chicago companies moving to? Usually, Texas.
In our list of 19 companies that have left Chicago since 2020, 9 of them moved the Texas.
- 19 moves to Texas
- Two moved elsewhere in Illinois
- Two moved to Virginia
- Six other states had one company relocate from Chicago
Did I miss a business that left Chicago? Submit an announcement.
Fill in the form on this page and we’ll add your tip to the list (and give you credit, if you want it).
