Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, according to the BOMA/Chicago Study Tenants place more importance on amenities and the placemaking, leading them away from imposing new construction to more collaborative spaces; this trend can also be seen through retrofitting of existing buildings, allowing for more flexibility for businesses that are looking to reduce or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace operators like WeWork and Regus, but also because IT firms take advantage of Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors; furthermore, 1871 incubator is rated as one of the most prestigious incubators around the world.

Chicago is among the top three manufacturing city in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location that allows their products to be easily transported across the globe or across the nation. Additionally, the innovation in the industry is rapidly advancing and Chicago has numerous incubators such as mHub.

Transportation and logistics are key economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago has a wide shipping fleet including container ports as well as air cargo hubs, airports, inland waterways, and rail yards. It also has well-developed intermodal facilities which provide access to the whole US the supply chain.

Chicago is well placed to continue to be a major economic force due to the recent expansions to the Chicago Mercantile Exchange - a global hub for 53 gst council meeting press release pdf - pressez.substack.com, trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional trade by handling containers as well as bulk goods.

Tourism in the Chicago region is also experiencing growth, and should get back to pre-pandemic numbers in the summer, due to a variety of major events including NASCAR events, Lollapalooza festival, Democratic National Convention and 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 could suffer due to the fact that the it is extremely unpredictable in the housing market Realtors can aid buyers to navigate these complexities and ensure that informed choices are made by buyers.