World Business Chicago
  WBC         
April 2008 :: Volume 42
Chicago by the Numbers



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Ventas Names Chicago As Headquarters

Ventas, Inc. (NYSE:VTR) recently announced their headquarters will be relocated to Chicago, Illinois. The change from Louisville, Kentucky to Chicago will take effect at the May 19, 2008 annual meeting of shareholders.

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April CEO Spotlight:
Vikram Sharma

World Business Chicago continues to interview the city's business leaders on why they chose Chicago and what they love about the city. This month the CEO Spotlight is on Vikram Sharma, CEO of ShopLocal.

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CTA Travel Information Available on Google

Chicago Transit Authority riders can now plan their trips using the Google Transitâ„¢ Web site. A new partnership between CTA and Google allows users to find mapping and directions for CTA bus and rail services in 11 languages on the Google Transit Web site or through a link from CTA's site.

Read More

Ventas Names Chicago As Headquarters
Ventas, Inc. (NYSE:VTR) recently announced their headquarters will be relocated to Chicago, Illinois. The change from Louisville, Kentucky to Chicago will take effect at the May 19, 2008 annual meeting of shareholders.

"As a $10 billion NYSE-listed real estate investment trust with assets in two countries and 43 states, we believe that identifying Chicago as our headquarters will provide the Company with increased visibility and access to the city's robust real estate community, including other REITs, private real estate companies and real estate investors important to our success," Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. "We look forward to becoming active members of the Chicago business community."
 
Ventas said its Louisville office will continue to be the Company's largest location. Three of the Company's five members of its Management Committee, and over 60 percent of its employees, will remain based in Louisville. Also, Ventas recently agreed to expand its Louisville office space by about 50 percent to provide capacity for its growing workforce. The Company's Chicago employees will continue to be based in its offices in Chicago's central business district.

"We're delighted that Ventas selected Chicago for its corporate headquarters and welcome the Company to our vibrant and highly-engaged business community," said Rita Athas, Executive Director of World Business Chicago. "Companies that have moved their headquarters here cite numerous business advantages to locating in Chicago, including our strong pro-business environment, talented workforce and convenient access to North American and global markets. A company as strong as Ventas with a demonstrated track record of success is an excellent addition to our corporate community."
 
Ventas, Inc. is a leading healthcare real estate investment trust. Its diverse portfolio of properties located in 43 states and two Canadian provinces includes senior housing communities, skilled nursing facilities, hospitals and medical office and other properties. More information about Ventas can be found on its website at http://www.ventasreit.com/.


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April CEO Spotlight: Vikram Sharma

World Business Chicago continues to interview the city's business leaders on why they chose Chicago and what they love about the city. This month the CEO Spotlight is on Vikram Sharma, CEO of ShopLocal.

How long have you lived in Chicago?
I have lived in Chicago most of my adult life, moving here for graduate school after completing an undergraduate degree in Electrical Engineering at the Indian Institute of Technology in 1980. Ever since receiving my MBA and Masters in Computer Science from the University of Illinois/Chicago, I have worked in downtown Chicago.

Much of my early career was spent working with a group of entrepreneurs building an information business at IRI, and we were fortunate in the early 1990's to be the number one market research firm in the United States.

Today, I am CEO of ShopLocal, the leader in multi-channel advertising and shopping services for retailers and consumers. ShopLocal is located in the Illinois Center near Michigan Ave. and Lake St.

What is your favorite place to visit in Chicago?
Chicago is such a great city, with extraordinary diversity and so many choices in music, theatre, museums, sporting events, restaurants or shopping that choosing a favorite place is a challenge. However, if I were to select just one, it would have to be Chicago's lakefront. The park and lake, particularly in the summer, are absolutely fabulous. 

What area do you live in and why did you choose it?
We specifically chose to live in the Lincoln Park/Lakeview East area to take advantage of the park, bike paths, public tennis courts, golf course and lake. Living in this location affords us a connection with the outdoors as well as easy access to all the great resources of downtown Chicago.

When entertaining important clients or business associates, where do you go and what do you do?
ShopLocal holds a Client-Partner Summit each summer in Chicago where we entertain some of the biggest retailers and media publishers in the U.S. Our clients and partners particularly enjoy staying at first-class hotels in Chicago -- this year the event will be held at the Trump International Hotel and Tower. We treat them to a host of great "Chicago" activities such as attending a Cubs game in the privacy of the Batter's Eye club at Wrigley Field and enjoying the nighttime fireworks from a chartered boat on Lake Michigan.

What is the best thing about running a business in Chicago? 
Chicago is a leading commerce hub and it provides outstanding infrastructure to run a business -- talent, universities, transportation, experts in financial and legal services and affordable real estate. All of this is supplemented by strong support from the city for both early stage companies and multi-national conglomerates. In the technology sector in particular, there has been tremendous progress in recent years and strong support from the city.

Do you follow any pro sports teams?
As a Northsider, my allegiance is with the Cubs all the way. This could be the year!

Are you personally involved in any recreational activities?
I enjoy riding my bike along the lake, but my favorite activity is playing nine holes of golf on early summer mornings at Chicago's own "Pebble Beach," the Sydney R. Marovitz public golf course off Addison and Lake Shore.

If you were to describe Chicago to a friend or family member that has not visited, what would you say? The unique combination of Chicago's world class offerings in culture, education, business, entertainment, dining and shopping coupled with sound Midwestern values make it both fun to visit and also the most livable big city in the U.S.

How would you explain to your owners that Chicago is the best location for your company?
Well, one of our owners is based in Chicago (Tribune Company), so it's a very easy conversation with them! The city of Chicago is committed to economic growth and prosperity and helping businesses grow and expand, which makes it a perfect location for a growing technology company. Chicago is a vibrant city with top notch universities, and it is an economic powerhouse that courts businesses from small to large. We benefit from everything that comes from those characteristics. Also, being in the middle of the country and having two large airports, Chicago makes it relatively easy to get to either coast to visit with clients and partners. Finally, it has a low cost of living relative to other big US cities. 

If money was no object, what would you do to spend a perfect Saturday downtown?
A perfect Saturday would be spent by the lakefront with my family, enjoying a "tapas" menu of the offerings on and around it. I have traveled to many wonderful places, but there is nothing like the Chicago lakefront on the weekend. Great energy, great food, and the perfect place to relax -- and very little money needed to enjoy it all.


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CTA Travel Information Available on Google

Chicago Transit Authority riders can now plan their trips using the Google Transitâ„¢ Web site.  A new partnership between CTA and Google allows users to find mapping and directions for CTA bus and rail services in 11 languages on the Google Transit Web site or through a link from CTA's site.

"The ease with which people can access information via Google demonstrates the true value of technology -- it makes the world a global community," Chicago Mayor Richard M. Daley said at a news conference held recently at CTA headquarters.

"Regardless of whether you want to travel three miles or 3,000 miles from home, the tools to plan the most convenient and easiest way to reach your destination is captured all in one space. The CTA is now a part of that global community and offers people the opportunity to choose a more environmentally friendly way to get where they want to go," he said.

Daley announced the new technology alongside CTA president Ron Huberman and Google central region managing director Jim Lecinski. The initiative expands on Google's popular mapping features and driving instructions to provide useful information for transit riders. Chicago is now the largest U.S. city to offer this service to transit riders, joining Seattle, San Francisco, Portland and others.

"Having CTA service information on the universally familiar Google Web site allows CTA to reach a broader audience and introduce them to the convenience of public transit at no cost to the agency," said Huberman.

"With Google Transit, travelers can find both driving and public transit information in the same location without visiting multiple web sites. Even existing CTA customers will find the site useful as it complements the RTA trip planner on CTA's home page by providing maps and stop location information," Huberman added.

"We are happy to welcome the second largest transit agency in the country to Google Transit. The CTA is one of the most recognizable transit systems in the country with the 'L' trains traveling throughout the Loop and across the city," said Jim Lecinski. "Google Maps seeks to provide users with tools to help them explore the world around them -- not just virtually, but by equipping them with information that will serve their daily lives, and providing public transit information is an important piece of that."

To access travel information, customers enter an originating address and a destination address. Tabs will allow customers to obtain public transit directions, and provide the ability to customize the date and time of the transit trip.

When accessing the public transit data, step-by-step written directions will appear with fare information included. The mapped out route will include a schedule for the departure of the next train or bus. The Google Transit page will also link to CTA's web site for additional CTA information.

The CTA provided Google with scheduling data, bus stop and rail station locations. CTA is not incurring any costs for the partnership with Google; the partnership provides Google users with more transportation options and integrates valuable local information into Google Maps. The initiative creates opportunities for the CTA to reach out to potential riders who may not have realized the availability, cost-effectiveness, and convenience of public transit.

Google Transit has information on public transit options for nine countries available in 11 languages. In addition, the Google Transit site is accessible for visually impaired users.

"In February, after the transportation funding crisis had been averted, we held a news conference to talk about next steps the CTA would take to provide better quality services to riders of the system," Daley said. 

"One of the things I said was that customers need a better way to get information about the entire system -- its schedules, its routes and its problems. I said the CTA needs to enhance its online information capability.

"The partnership we're announcing today is a good step in that direction. We have a good transit system here and it's getting better. This is exactly the kind of creative thinking and partnering with the private sector we must employ to make sure Chicago has a transit system that provides quality, safe and reliable service into the future," the Mayor said.

-- Mayor's Press Office

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Chicago by the Numbers
 Indicator - MSA
Feb. '08
Jan. '08
Dec. '07
Feb. '07
Total Employment
4,480.8
4,479.6
4,596.7
4,450.3
     Total Private Sector
3,908.9
3,917.6
4,024.4
3,881.7
     Construction
188.7
194.4
210.0
188.5
     Manufacturing
478.9
480.2
482.4
483.3
     Wholesale Trade
248.2
247.7
250.7
247.6
     Retail Trade
470.7
480.3
502.1
462.5
     Transportation & Utilities
202.2
201.6
208.2
201.6
     Information
91.1
90.6
91.2
90.5
     Financial Activities
325.3
325.6
328.5
329.4
     Prof. & Business Services
722.3
720.7
750.1
713.9
     Education & Health Services
597.6
593.5
600.0
586.1
     Leisure & Hospitality
385.3
384.3
399.5
381.1
     Other Services
196.4
196.5
199.0
194.4
     Government
571.9
562.0
572.6
568.5
     Mining
2.2
2.2
2.4
2.1
Unemployment Rate
5.7
5.8
5.0
4.9
Midwest Housing Starts
154.0
157.0
137.0
163.0
Office Availability Rate
-
-
11.3
-
Office Net Absorption
-
-
446,499.0
-
Producer's Price Index
173.9
173.3
171.6
162.9
Consumer Price Index -U
212.6
212.5
211.7
204.2
Consumer Confidence
76.4
87.3
90.6
111.2
National Purchasing
     Managers Index
48.3
50.7
48.4
51.5
Chicago Purchasing
     Managers Index
44.5
51.5
56.4
47.9
Chicago Midwest
     Manufacturing Index
101.0
101.5
101.1
103.4
New Automobile Sales
5.0
5.1
5.5
5.1
New Truck Sales
6.6
6.7
6.9
7.6

Footnotes
The new Chicago MSA (metropolitan statistical area) consists of a fourteen-county, tri-state region: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties in Illinois; Jasper, Lake, Newton, and Porter counties in Indiana; and Kenosha County in Wisconsin. The Producer Price Index figures for February 2008, January 2008 and December 2007 are preliminary only. The office absorption and availability rate are 2007 fourth quarter numbers for the downtown Chicago market. Data is from CB Richard Ellis. Net Absorption is the change in available space in square feet. Availability rate is space that is currently vacant or in the process of being marketed. Consumer confidence, automobile and truck sales are U.S. numbers. The Chicago Midwest Manufacturing Index is a monthly estimate of manufacturing output in the 7th Federal Reserve district (Illinois, Indiana, Iowa, Michigan, and Wisconsin). It is a composite index of sixteen manufacturing industries that use electrical power and hours worked data to measure monthly changes in regional activity. The employment, housing, and net absorption numbers are listed in thousands.


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