Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is rebounding despite rising construction costs as per the BOMA/Chicago Study; tenants place greater value on amenities and location-making, thereby transferring them away from imposing new construction to more co-operative spaces; this trend is also apparent through retrofitting of existing buildings to allow for companies to use them in a variety of ways when they reduce their size or move into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the proliferation of shared workspace companies like WeWork and Regus as well as the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors. Additionally, 1871 incubator is rated as one of the most prestigious incubators in the world.

Chicago is one of the three most productive cities across the US with a high concentration of food, metals and plastics production. Manufacturing firms benefit from Chicago's central location which allows their products to be easily transported across the globe or across the nation. In addition, innovation in the industry is rapidly advancing so Chicago provides numerous incubators, such as mHub.

Transportation and logistics remain key economic drivers for the Chicago region, especially as companies transition 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. It also has strong intermodal facilities that provide access to the entire US supply chain.

Chicago is well placed to remain a leading economic engine due to the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce, handling containers as well as bulk goods.

Tourism in Chicago area is also seeing growth and will increase to pre-pandemic levels later in the summer, due to a variety of major events like NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government reduces travel restrictions. However, consumer trust could be affected as the prices for homes are extremely volatile Real estate agents can aid buyers to navigate these complexities and make sure informed decisions are being taken by buyers.