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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is increasing regardless of the rising cost of construction, according to the BOMA/Chicago Study; tenants place greater importance on amenities and the spacemaking, causing them to move away from imposing new construction to more co-operative space; this trend can be observed in retrofitting existing buildings to enable flexibility for businesses 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 and also due to the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to talent pools in other industries. In addition, the 1871 incubator is rated as the best incubators around the world.

Chicago is among the three most productive cities across the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport across the nation or globe. In addition, innovation in the manufacturing industry is rapidly growing and Chicago has numerous incubators such as 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 boasts a diverse shipping fleet that includes container ports as well as air cargo hubs, airports, inland waterways and rail yards as well as well-developed intermodal facilities which provide access to the entire US supply chain.

Chicago is well placed to remain an economic powerhouse with the recent expansion of Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port plays a vital role in the flow of regional commerce by handling containers as well as bulk products.

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 like NASCAR events, 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 Press Release the government reduces travel restrictions; however consumer trust could be affected as the it is extremely unpredictable in the housing market Real estate agents can help buyers navigate these nuances and ensure informed decisions are made by prospective buyers.