Chicago Industry Trends

As Chicago industries evolve, 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 as per the BOMA/Chicago Study; tenants place greater importance on amenities and location-making, thereby transferring them away from imposing new construction to more co-operative spaces. This trend can be observed by retrofitting existing buildings to enable flexibility for businesses who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace companies like WeWork and Regus, but also because IT firms benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors. Furthermore, the 1871 incubator has been recognized as the top incubators worldwide.

Chicago is among the three top manufacturing city in the US with a high concentration of food and plastics, as well as metals. Manufacturing firms benefit from Chicago's central location that makes their products easily transportable throughout the United States or around the world. In addition, innovation in this industry is rapidly increasing thus Chicago provides numerous incubators, such as the mHub.

Transportation and logistics are key economic drivers for the Chicago area, Press Release - moved here - particularly when businesses shift away from traditional retailing towards online sales. Chicago has a wide shipping fleet, including container ports, air cargo hubs, airports, inland waterways, and rail yards as well as extensive intermodal facilities that connect to the entire US the supply chain.

Chicago remains well placed for a long-term economic success with the recent expansion to the Chicago Mercantile Exchange - a global hub for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional commerce, handling bulk and container goods.

Tourism in the Chicago region is also seeing growth, and should get back to pre-pandemic numbers this summer because of a number of major events like NASCAR races Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service, and the government eases travel restrictions; however consumer confidence may suffer because the markets for housing are highly volatile Real estate agents can assist buyers with these complexities and make sure informed decisions are made by buyers.