Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and the placemaking, leading them away from trophy new construction to more co-operative space; this trend can also be seen by retrofitting existing buildings to facilitate flexibility for businesses as they downsize or relocate to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing industries 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 robust infrastructure and proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been ranked as one of the premier incubators in the world.

Chicago is one of the top three manufacturing city in the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit due to the city's central location, which allows them to easily move their goods across the globe or across the nation. Furthermore, technology in this industry is rapidly increasing thus Chicago offers numerous incubators like mHub.

Logistics and transportation remain major economic drivers for the Chicago area, especially as companies transition away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet, including container ports and air cargo hubs. airports, waterways inland and rail yards as well as well-developed intermodal facilities which provide access to the entire US supply chain.

Chicago is well-positioned to remain a leading economic engine due to the recent expansions to the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional trade by handling containers and bulk merchandise.

Tourism in Chicago region is also experiencing an increase, and it is expected to increase to pre-pandemic levels later this summer due to several major events such as NASCAR race, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service, and the government eases travel restrictions. However, consumer trust could be affected as the markets for housing are highly volatile Real estate agents can assist buyers with these complexities and ensure that well-informed decisions are being taken by buyers.