Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is increasing despite rising construction costs according to the BOMA/Chicago Study Tenants place more importance on amenities and places to be, which is driving them away from extravagant new construction to more collaborative spaces; this trend is also evident by retrofitting existing buildings to enable companies to use them in a variety of ways as they downsize or relocate to 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, but also because IT firms profit from Chicago's strong infrastructure and its proximity to talent pools in other sectors. Furthermore, the 1871 incubator is rated as one of the most prestigious incubators globally.

Chicago is one of the top three manufacturing cities of the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which allows their products to be easily transported across the country or around the world. Additionally, the innovation in the manufacturing industry is rapidly growing and Chicago has many incubators like mHub.

Logistics and transportation are the main economic drivers for the Chicago area, particularly when companies shift away from traditional retail to online sales. Chicago has a varied shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways, team fried press release; https://www.diigo.com, and rail yards, as well as well-developed intermodal facilities which provide access to the whole US distribution chain.

Chicago remains well positioned to remain a leading economic engine due to the recent expansions of Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional commerce by handling bulk and container goods.

Tourism in Chicago region is also seeing growth and will increase to pre-pandemic levels later this summer because of a number of major events such as NASCAR races Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government reduces travel restrictions. However, consumers' trust could be affected as the it is extremely unpredictable in the housing market; real estate professionals can aid buyers to navigate these complexities and ensure that well-informed decisions are being taken by buyers.