Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real development projects. The office leasing market is recovering in spite of rising costs for construction according to the BOMA/Chicago Study and tenants place greater value on amenities and spacemaking, causing them to move away from lavish new construction to more collaborative spaces. This trend is also evident in retrofitting existing buildings to enable flexible use by firms that are looking to reduce or move to smaller areas.

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 in addition to the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to other talent pools in different sectors. Furthermore, the 1871 incubator has ranked amongst the best incubators globally.

Chicago is one of the three top manufacturing cities across the US and has a strong presence in food and plastics, as well as metals. Manufacturing firms benefit from Chicago's central location that allows them to easily move their goods across the nation or globe. Additionally, the innovation in the manufacturing industry is rapidly growing so Chicago provides numerous incubators, such as mHub.

Transportation and Illinois Press logistics remain key economic drivers in the Chicago area, particularly when companies shift away from traditional retailing towards online sales. Chicago has a wide shipping fleet that includes container ports and air cargo hubs. airports, inland waterways and rail yards. There are also well-developed intermodal facilities which provide access to the whole US the supply chain.

Chicago is well-positioned to remain an economic powerhouse with the recent expansion of the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional commerce by handling containers and bulk merchandise.

Tourism in the Chicago region is also seeing expansion, and is expected to increase to pre-pandemic levels later this summer because of a number of important events, including NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government decreases travel restrictions. However, consumers' confidence could suffer due to the fact that the it is extremely unpredictable in the housing market Realtors can assist buyers with these complexities and ensure that informed choices are made by buyers.