Chicago chooses London as best location out of the US to base their business

The Mayor joined by Chicago Mayor Rahm Emanuel highlighted the opportunity to strengthen trade and investment links between Chicago and London, as part of his international trade mission to the United States.

According to data compiled by London & Partners, the Mayor of London’s economic development company, London is the leading global destination city for foreign direct investment from Chicago. In the last ten years more Chicago-based companies have chosen to setup in London than any other global city including Tokyo and Singapore, and significantly more than the nearest European cities of Amsterdam and Paris.

Leading Chicago-based businesses that have invested in London include the real estate specialist Jones Lang LaSalle (JLL), the insurance giant AoN which moved its international headquarters to the capital and the world’s largest aerospace company Boeing, which has its British headquarters in London and announced ambitious UK expansion plans earlier this year.

Technology is one of the biggest sectors in Chicago investing into London. The Mayor of London said that London remains open for business, and urged digital businesses to follow the lead of a number of Chicago-based companies that have already committed to London including online food delivery company GrubHub, e-commerce marketplace Groupon and fintech company Avant.

The Mayor of London, Sadiq Khan, said: “London is the world’s most competitive city, offering expanding international companies unrivalled talent and creativity and a time zone that overlaps with other financial centres of power. Our technology sector is unparalleled across Europe, open to all and home to all manner of tech and digital companies who are helping to drive economic prosperity across the capital. I am delighted that Chicago businesses are investing in London and recognise that our great city is a true business powerhouse.”

Sir Michael Arthur, president of Boeing Europe and managing director of Boeing UK and Ireland added: “Boeing has doubled its workforce in the UK over the past five years and we intend to do so again in the years to come. London will play a crucial role in our growth plans at several sites, across our defence and commercial businesses, as well as our subsidiaries.”

London is Europe’s largest and most diverse technology hub, employing more than 200,000 people and driving investment from across the globe. There are now more than 40,000 digital technology companies in the capital, with that figure expected to exceed 50,000 by 20252.

The growth of London’s tech sector has been boosted by the 156 co-working spaces and innovation hubs now established in the capital, more than any other European city.

At the heart of the Queen Elizabeth Olympic Park, Here East is London’s home for making and one of London’s largest innovation hubs. With over a 1.2 million square feet of dedicated space for creative and digital companies, it is designed as a place for start-up, entrepreneurial businesses to co-exist and collaborate with global, established businesses and support genuine product innovation. Here East will create over 7,500 jobs as well as training and education opportunities with two world-leading universities on site.

Gavin Poole, CEO of Here East and London Technology ambassador will speak alongside 1871 CEO Howard Tullman talking about the importance of innovation hubs and how cities such as London and Chicago can share ideas and collaborate.

Gavin Poole, CEO of Here East said: “In a globalised world, innovative cities like London and Chicago can communicate and collaborate as if they are neighbours. Centres of innovation like Here East are international platforms which provide all the constituent components to allow creative businesses to scale, to pioneer new technology, share expertise and collaborate on the products of tomorrow. 1781 shares that vision held by a growing number of centres globally. That’s why we know that whether it’s Here East and 1781, our partners, or other businesses in our respective cities, we have the opportunity to learn from one another, grow together and collaborate the same way that companies based with us do.”

“Technology allows all companies to be global from day one,” said Howard Tullman, CEO of 1871. “At 1871 we are focused on helping our companies see the global marketplace and connecting them to opportunities around the world. We welcome Mayor Khan and the 30 companies joining him and we look forward to continuing our relationship with London.”