Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is increasing despite rising construction costs according to the BOMA/Chicago Study; tenants place greater importance on amenities and the places to be, which is driving them away from imposing new constructions to more collaborative spaces; this trend can be observed with retrofitting of existing buildings, allowing for more flexibility in the use of firms 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 growth of shared workspace companies such as WeWork and Regus, but also because IT firms benefit from Chicago's extensive infrastructure and prairie press newspaper paris illinois; start.me, proximity to the talent pool in other sectors; furthermore, 1871 incubator has ranked amongst one of the most prestigious incubators around the world.

Chicago is among the three most productive city in the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location that allows their products to be easily transported throughout the United States or around the world. Additionally, the innovation in this sector is rapidly progressing so Chicago has numerous incubators such as mHub.

Transportation and logistics remain key economic drivers in Chicago area, especially when businesses shift away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet including container ports as well as air cargo hubs, airports, inland waterways and rail yards. It also has robust intermodal facilities providing access to the entire US the supply chain.

Chicago is well placed to remain an economic powerhouse due to the recent expansion of the 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 through handling containers as well as bulk products.

Tourism in Chicago region is also experiencing growth, and should be back to pre-pandemic levels by the end of in the summer, due to a variety of major events including NASCAR races, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government relaxes travel restrictions. However, consumer trust could be affected as the prices for homes are extremely volatile; real estate professionals can assist buyers with these complexities and make sure informed decisions are made by prospective buyers.