Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an growing variety of business and real estate development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study Tenants place more importance on amenities and the places to be, which is driving them away from extravagant new constructions to more collaborative spaces; this trend can be observed by retrofitting existing buildings, allowing for more flexibility in the use of firms that are looking to reduce or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace operators like WeWork and Regus in addition to the fact that IT companies benefit from Chicago's strong infrastructure and its proximity to other talent pools within different sectors. Additionally, 1871 incubator has ranked amongst the best incubators around the world.

Chicago is one of the three top manufacturing city in the US and has a strong presence in food, metals and plastics production. Manufacturing companies profit from Chicago's central location which allows their products to be easily transported throughout the United States or around the world. In addition, innovation in the industry is rapidly advancing which is why Chicago has numerous incubators such as mHub.

Transportation and logistics remain key economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retailing towards online sales. Chicago has a wide shipping fleet, including container ports as well as air cargo hubs, airports, waterways inland and rail yards as well as strong intermodal facilities that provide access to the entire US logistics chain.

Chicago remains well positioned to remain a leading economic engine 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 travelers every day. The port is a key component of regional commerce by handling containers as well as bulk products.

Tourism in the Chicago region is also experiencing an increase, and it is expected to get back to pre-pandemic numbers this summer due to several major coca cola press release, head to pressez.substack.com, events like NASCAR races Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service, and the government eases travel restrictions. However, consumer trust could be affected as the housing market is highly unpredictable Real estate agents can help buyers navigate these nuances and ensure that well-informed decisions are made by buyers.