Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real estate development projects. The office leasing market is recovering despite rising construction costs according to the BOMA/Chicago Study tenants place greater value on amenities and placemaking, leading them away from lavish new construction to more collaborative areas. This trend is also apparent by retrofitting existing buildings to allow for flexibility in the use of firms that are looking to reduce or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace providers like WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Furthermore, the 1871 incubator is rated as the best incubators in the world.

Chicago is one of the three top manufacturing cities in the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit from Chicago's central location which makes their products easy to transport throughout the United States or around the world. Additionally, the innovation in this industry is rapidly increasing which is why Chicago has numerous incubators such as the mHub.

Transportation and logistics remain key economic drivers in the Chicago area, particularly when companies shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet including container ports, air cargo hubs, airports, waterways inland and rail yards. It also has strong intermodal facilities that provide access to the whole US supply chain.

Chicago is well-positioned to remain a leading economic engine thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a international 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 through handling containers and bulk merchandise.

Tourism in the Chicago region is also experiencing an increase, and it is expected to get back to pre-pandemic numbers in the summer, due to a variety of important events, including NASCAR events, Lollapalooza Festival, Democratic National Convention and 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. Nevertheless, consumer trust could be affected as the housing market is highly unpredictable Real estate agents can assist buyers with these complexities and ensure informed decisions are made by buyers.