"The city where the economic profile most closely matches the national economy is Chicago," according to the Moody's report. The market got 95 points out of a possible 100 in a system that scores the mix of industries in a geographic area.
Moody's concludes diversity has kept the local real estate relatively healthy, as the market is not whip-sawed by fluctuations based on the fortunes of one or two industries. It notes office buildings are still being constructed.
However, such conclusions are as revealing as saying Chicago's baseball teams disappoint their fans every summer. "We've known that intuitively for some time," says CenterPoint Properties Trust CEO and co-chairman John S. Gates Jr. "This underscores why we focus on Chicago."
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