Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing is booming in spite of rising costs for construction as per the BOMA/Chicago Study; tenants place greater importance on amenities and places to be, which is driving them away from lavish new constructions to more collaborative spaces. This trend can be observed through retrofitting of existing buildings to facilitate flexibility for businesses when they reduce their size or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace providers like WeWork and Regus, but also because IT companies benefit from Chicago's strong infrastructure and its proximity to other talent pools within different sectors. Additionally, 1871 incubator has been ranked as the best incubators globally.

Chicago is among the three top manufacturing city in the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit due to the city's central location, which makes their products easy to transport across the country or around the world. Additionally, the innovation in this industry is rapidly increasing and Chicago provides numerous incubators, such as mHub.

Transportation and logistics are key economic drivers in Chicago area, particularly when companies shift away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet which includes container ports and air cargo hubs. airports, inland waterways and rail yards, as well as extensive intermodal facilities that connect to the whole US supply chain.

Chicago remains well placed for a long-term economic success with the recent expansion that has seen the Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce by handling both containers and bulk goods.

Tourism in the Chicago region is also experiencing an increase, and it is expected to increase to pre-pandemic levels later this summer because of a number of major events including NASCAR events, Lollapalooza festival, Democratic National Convention and trump press release (www.diigo.com) the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government reduces travel restrictions. Nevertheless, consumer confidence may suffer because the markets for housing are highly volatile Realtors can help buyers navigate these nuances and ensure that informed choices are being taken by buyers.