Is Chicago the country's next big tech hub? Introducing 'Silicon Prairie'

San Francisco, New York City and even the state of Georgia have been deemed technology hubs of the country, but a Wall Street Journal article suggests that Chicago may be climbing its way up to join this list of tech-centered cities.

The WSJ report outlined a number of recent property investment sales that may indicate the Midwestern city's growth surrounding technology, such as One South Wacker, which John Hancock Real Estate acquired last week for $344 million.

While Chicago rents are still low compared to other major cities, they are appreciating faster than other big cities, according to the report. The average price for one square foot of office property in Chicago has risen 73 percent since 2012, compared to 65 percent in New York, 21 percent in San Francisco and 37 percent in Boston, according to Real Capital Analytics.

"Pricing has gotten so aggressive in coastal markets, now demand has started to shift out to markets like Chicago that offer some of those attributes but you can pick up office buildings at a discount," Jed Reagan, senior research analyst at Green Street Advisors, told the WSJ.

Partnered with the lower costs, other attractive elements drawing investors to Chicago include the city's high number of Fortune 500 companies and a "24-7 urban landscape," Mr. Reagan said.

The combination of low costs, urban landscape and a corporate hub lend themselves to Chicago becoming the "Silicon Prairie," according to the WSJ.

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