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Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing is booming even as construction costs are rising according to the BOMA/Chicago Study and tenants place greater importance on amenities and the placemaking, leading them away from lavish new construction and towards more collaborative areas. This trend is also apparent in retrofitting existing buildings, allowing for more flexibility for businesses as they downsize or relocate into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the proliferation of shared workspace operators like WeWork and Regus, but also because IT firms profit from Chicago's strong infrastructure and its proximity to talent pools in other industries. In addition, the 1871 incubator is rated as the best incubators in the world.

Chicago is among the top three manufacturing cities of the US that has high concentrations of food, metals and plastics production. Manufacturing companies profit due to the city's central location, which makes their products easily transportable across the nation or globe. Furthermore, technology in this industry is rapidly increasing so Chicago has numerous incubators such as the mHub.

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

Chicago remains well positioned to remain an economic powerhouse 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 every day, while its port serves as a crucial part of regional commerce through handling containers and bulk items.

Tourism in the Chicago area is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer because of a number of major events like NASCAR races 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 relaxes travel restrictions. Nevertheless, consumer trust could be affected as the prices for homes are extremely volatile Real estate agents can aid buyers to navigate these complexities and ensure informed decisions are made by prospective buyers.