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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study; tenants place greater importance on amenities and the location-making, thereby transferring them away from trophy new construction to more co-operative spaces. This trend is also evident with retrofitting of existing buildings to allow for flexibility for businesses when they reduce their size or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace companies like WeWork and Regus as well as the fact that IT firms take advantage of Chicago's extensive infrastructure and proximity to the talent pool in other sectors. Additionally, 1871 incubator has been recognized as one of the most prestigious incubators in the world.

Chicago is among the top three manufacturing city in the US and has a strong presence in food, metals and plastics production. Manufacturing firms benefit from Chicago's central location that allows them to easily move their goods across the country or around the world. Furthermore, technology in the industry is rapidly advancing and Chicago offers numerous incubators like the mHub.

Logistics and transportation are the main economic drivers in Chicago area, particularly when companies shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways, and rail yards as well as robust intermodal facilities providing access to the whole US the supply chain.

Chicago is well-positioned to continue to be a major economic force with the recent expansion of the Chicago Mercantile Exchange - a world-class trading center and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional trade by handling containers and bulk goods.

Tourism in the Chicago region is also seeing growth, and should be back to pre-pandemic levels by the end of this summer due to several major events like NASCAR events, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service, and the government eases travel restrictions. Nevertheless, consumer trust could be affected as the markets for housing are highly volatile Realtors can assist buyers with these complexities and ensure that informed choices are made by buyers.