The world is becoming more urbanized, a trend that will welcome new cities into the ranks of so-called ‘megacities’ across the next decade.
Among the expected newcomers—Chicago.
A new whitepaper from market research firm Euromonitor outlined six new cities expected to reach the status of a megacity by 2030. A megacity, according to the report, is defined as an urbanized area housing more than 10 million people. Megacities are hubs of investment, education, innovation, and economic opportunity in their respective countries.
Across the next 11 years, six new cities are expected to reach the status of megacity: Bogota, Colombia; Chennai, India; Luanda, Angola; Dar es Salaam, Tanzania; Baghdad, Iraq; and Chicago, United States.
The Euromarket report expects Chicago’s GDP in 2030 to reach nearly $600 billion, which would more than double the combined GDP of the other five cities. As the city grows, the report suggests the need for more “smart city initiatives” to deal with the added strain on waste management, public transportation, sustainability, energy, and housing.
“What’s attractive about Chicago, from a real estate and investment perspective, is that all the major firms that you find in the gateway cities on the coasts also have a presence in Chicago,” says Thomas Toepke, Head of Acquisitions at Convene. “Furthermore, given Chicago’s central location in the U.S., it serves as a major hub for businesses and conferences. The city’s future is incredibly bright.”