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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study tenants place greater importance on amenities and the placemaking, leading them away from imposing new construction and towards more collaborative spaces; this trend is also evident by retrofitting existing buildings to facilitate companies to use them in a variety of ways that are looking to reduce or move into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace companies such as WeWork and Regus, but also because IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors; furthermore, 1871 incubator has been ranked as the best incubators in the world.
Chicago is one of the three top manufacturing cities of the US that has high concentrations of food, metals and incyte press release (independent.academia.edu) plastics production. Manufacturing companies benefit due to the city's central location, which allows their products to be easily transported throughout the United States or around the world. Additionally, the innovation in this sector is rapidly progressing and Chicago has numerous incubators such as mHub.
Transportation and logistics remain key economic drivers in the Chicago area, especially when companies shift away from traditional retail to online sales. Chicago has a wide shipping fleet including container ports and air cargo hubs. airports, inland waterways, and rail yards. There are also extensive intermodal facilities that connect to the entire US logistics chain.
Chicago remains well positioned for a long-term economic success thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional trade by handling bulk and container goods.
Tourism in Chicago area is also seeing expansion, and is expected to increase to pre-pandemic levels later this summer due to several major events including NASCAR races, Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service and the government decreases travel restrictions. However, consumer trust could be affected as the it is extremely unpredictable in the housing market and real estate professionals are able to aid buyers to navigate these complexities and make sure informed decisions are made by prospective buyers.
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