Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing is booming regardless of the rising cost of construction, according to the BOMA/Chicago Study; tenants place greater importance on amenities and the placemaking, leading them away from imposing new construction and towards more collaborative space; this trend is also evident with retrofitting of existing buildings to allow for companies to use them in a variety of ways who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace companies such as WeWork and Regus as well as the fact that IT firms profit from Chicago's extensive infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as one of the premier incubators worldwide.

Chicago is among the top three manufacturing city in the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport across the nation or globe. Furthermore, innovation within the manufacturing industry is rapidly growing and Chicago offers numerous incubators like mHub.

Transportation and logistics remain key economic drivers for the Chicago region, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet which includes container ports airports, air cargo hubs airports, waterways inland and rail yards. There are also extensive intermodal facilities that connect to the whole US the supply chain.

Chicago is well placed to continue to be a major economic force thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional commerce through handling containers and bulk items.

Tourism in the Chicago region is also experiencing growth and will increase to pre-pandemic levels later this summer as a result of several major moe press release (hashnode.com) events including NASCAR races Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government relaxes travel restrictions. However, consumers' trust could be affected as the markets for housing are highly volatile and real estate professionals are able to assist buyers in understanding these complexities and ensure that well-informed decisions are made by buyers.