Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing is booming regardless of the rising cost of construction, according to the BOMA/Chicago Study and tenants place greater value on amenities and placemaking, leading them away from trophy new construction and towards more collaborative spaces; this trend is also evident through retrofitting of existing buildings, allowing for more companies to use them in a variety of ways who are relocating or downsizing to smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms profit from Chicago's infrastructure that is strong and its proximity to other talent pools in different industries. In addition, the 1871 incubator is rated as one of the premier incubators around the world.

Chicago is among the top three manufacturing cities across the US and has a strong presence in food, metals and plastics production. Manufacturing firms benefit from Chicago's central location that makes their products easy to transport across the globe or across the nation. Furthermore, innovation within the industry is rapidly advancing so Chicago provides numerous incubators, such as the mHub.

Logistics and transportation remain major economic drivers in Chicago area, particularly when businesses shift away from traditional retail and move to online sales. Chicago has a wide shipping fleet which includes container ports, air cargo hubs, airports, inland waterways and rail yards. It also has robust intermodal facilities providing access to the whole US the supply chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansion of Chicago Mercantile Exchange - a global hub for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional commerce by handling containers as well as bulk items.

Tourism in the Chicago region is also experiencing expansion, and is expected to increase to pre-pandemic levels later this summer as a result of several major events like NASCAR races, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service, and the government eases travel restrictions; however consumer trust could be affected as the prices for homes are extremely volatile; real estate professionals can help buyers navigate these nuances and ensure that well-informed decisions are made by buyers.