Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing is booming despite rising construction costs according to the BOMA/Chicago Study Tenants place more value on amenities and placemaking, leading them away from extravagant new constructions to more collaborative space; this trend can be observed through retrofitting of 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 proliferation of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools within different industries. In addition, the 1871 incubator has been recognized as one of the premier incubators globally.

Chicago is one of the three most productive cities in the US that has high concentrations of food production, plastics and metals. Manufacturing companies benefit due to the city's central location, which allows their products to be easily transported throughout the United States or around the world. In addition, innovation in this sector is rapidly progressing so Chicago has many incubators like the mHub.

Logistics and transportation are the main economic drivers for the Chicago region, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet, including container ports, air cargo hubs, airports, inland waterways and rail yards as well as robust intermodal facilities providing access to the whole US supply chain.

Chicago is well-positioned for a long-term economic success thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center 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 trade by handling both containers and bulk merchandise.

Tourism in Chicago region is also experiencing growth and will increase to pre-pandemic levels later this summer because of a number of major events such as NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service, and the government eases travel restrictions. Nevertheless, consumer confidence could suffer as 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.