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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 activity is increasing in spite of rising costs for construction according to the BOMA/Chicago Study; tenants place greater importance on amenities and the spacemaking, causing them to move away from extravagant new constructions to more collaborative areas. This trend is also apparent by retrofitting existing buildings to allow for companies to use them in a variety of ways who are relocating or downsizing to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace companies like WeWork and Regus as well as the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors; furthermore, 1871 incubator is rated as the top incubators around the world.

Chicago is one of the top three manufacturing city in the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which makes their products easily transportable across the nation or globe. Furthermore, innovation within the manufacturing industry is rapidly growing so Chicago has many incubators like mHub.

Transportation and logistics are key economic drivers in Chicago area, particularly as companies transition away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet that includes container ports and air cargo hubs. airports, inland waterways and rail yards. There are also strong intermodal facilities that provide access to the whole US distribution chain.

Chicago is well-positioned for a long-term economic success thanks to the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port provides another important part of regional trade by handling containers and bulk goods.

Tourism in Chicago region is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer as a result of several major events such as NASCAR race, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government decreases travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the housing market is highly unpredictable and real estate professionals are able to assist buyers with these complexities and ensure that well-informed decisions are being taken by buyers.