Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is increasing even as construction costs are rising as per the BOMA/Chicago Study and tenants place greater importance on amenities and the spacemaking, causing them to move away from imposing new construction to more collaborative spaces. This trend is also apparent in 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 providers like WeWork and Regus as well as the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors; furthermore, 1871 incubator is rated as the top incubators globally.

Chicago is one of the top three manufacturing cities of the US and has a strong presence in food, metals and plastics production. Manufacturing firms benefit from the centrality of Chicago, which allows their products to be easily transported throughout the United States or around the world. Furthermore, technology in this industry is rapidly increasing and Chicago offers numerous incubators like the mHub.

Logistics and transportation remain major economic drivers in the Chicago area, especially when businesses shift away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet which includes container ports and air cargo hubs. airports, waterways inland and rail yards. It also has extensive intermodal facilities that connect to the entire US logistics chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansion of the Chicago Mercantile Exchange - a international 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, handling containers as well as bulk goods.

Tourism in the Chicago region is also seeing expansion, and is expected to be back to pre-pandemic levels by the end of in the summer, due to a variety of important events, including NASCAR events, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government decreases travel restrictions. However, consumer confidence could suffer due to the fact that the prices for Press Release homes are extremely volatile Real estate agents can assist buyers in understanding these complexities and ensure informed decisions are being made by buyers.