Chicago Industry Trends

As Chicago shifts in its industry, 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 according to the BOMA/Chicago Study and tenants place greater importance on amenities and spacemaking, causing them to move away from lavish new construction to more collaborative areas. This trend is also evident through retrofitting of existing buildings, allowing for more companies to use them in a variety of ways as they downsize or relocate into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace companies like WeWork and Regus as well as the fact that IT firms profit from Chicago's robust infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator is rated as one of the most prestigious incubators worldwide.

Chicago is one of the three most productive cities of the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit from Chicago's central location that allows them to easily move their goods throughout the United States or around the world. Furthermore, technology in this sector is rapidly progressing which is why Chicago offers numerous incubators like mHub.

Transportation and logistics remain key economic drivers in Chicago area, especially when businesses shift away from traditional retailing and towards online sales. Chicago has a wide shipping fleet, including container ports and air cargo hubs. airports, waterways inland and rail yards. There are also extensive intermodal facilities that connect to the entire US logistics chain.

Chicago remains well positioned for a long-term economic success due to the recent expansions that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional commerce by handling bulk and container items.

Tourism in Chicago region is also seeing an increase, and it is expected to return to pre-pandemic levels this summer as a result of several important events, including NASCAR race, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer as it is extremely unpredictable in the housing market and real estate professionals are able to help buyers navigate these nuances and make sure informed decisions are made by prospective buyers.