Citadel is moving its headquarters from Chicago to Miami. It’s a blow to the city as a metropolis of trading. Citadel is a bonafide heavyweight in trading all sorts of products, manages north of $50B in opportunistic capital, and Ken Griffin has been a face of Chicago for decades.
More broadly speaking, it is just one example of many of companies finding frustration with local government, political traps, and lack of forward municipal progress. If the old guard of US industry continue to move in the same way, it’s just signal of greater shifts to come.
There’s all sorts high multiple assets that depend on this not happening, namely urban real estate of all kinds in these city centers. Our former condo in San Francisco was likely a <2% cap rate asset, will it be that in the future?