Chicago’s top trading firms are questioning their commitment to the city in the face of proposed taxes and rising crime. That’s not stopping some of them expanding their footprint.
Optiver, a market maker employing about 400 people in the city, has just moved into One Prudential Plaza in downtown Chicago. The space — a third bigger than its previous office — can house as many as 600 people, allowing the Dutch firm to grow and host 70 interns in the city every year.
Trading firms currently occupy more than 3.5 million square feet in the city, equivalent to 60 football fields. In the past three years, they’ve added about 700,000 square feet, and that doesn’t include the trading divisions of large banks such as JPMorgan Chase & Co. Those bonds have weakened recently. Ken Griffin’s Citadel quit the city last year for Miami, citing out-of-control crime and fiscal problems. In April, the city elected progressive Brandon Johnson as mayor and he’s already facing a budget gap of more than $500 million.
Finance has also led a push for workers to return to the office. In Chicago, offices are just 53% full, according to security firm Kastle Systems.
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