Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is rebounding even as construction costs are rising according to the BOMA/Chicago Study tenants place greater importance on amenities and location-making, thereby transferring them away from lavish new construction to more co-operative spaces. This trend can also be seen through retrofitting of existing buildings, allowing for more flexibility in the use of firms that are looking to reduce or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace providers like WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Furthermore, the 1871 incubator has been recognized as one of the premier incubators globally.

Chicago is one of the three top manufacturing cities of the US with a high concentration of food, metals and plastics production. Manufacturing firms benefit from Chicago's central location which makes their products easily transportable across the country or around the world. Furthermore, innovation within this sector is rapidly progressing so Chicago has many incubators like mHub.

Transportation and logistics are key economic drivers in Chicago area, particularly as companies transition 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. It also has extensive intermodal facilities that connect to the entire US distribution chain.

Chicago remains well positioned to continue to be a major economic force due to the recent expansions of Chicago Mercantile Exchange - a world-class trading center and yellowstone press release - mirror.xyz, processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers each day. Its port provides another important part of regional commerce by handling containers and bulk merchandise.

Tourism in the Chicago region is also seeing growth and will increase to pre-pandemic levels later this summer due to several major events including NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government decreases travel restrictions. However, consumer confidence may suffer because the prices for homes are extremely volatile and real estate professionals are able to aid buyers to navigate these complexities and ensure informed decisions are made by prospective buyers.