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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real estate development projects. The office leasing market is recovering in spite of rising costs for construction according to the BOMA/Chicago Study; tenants place greater importance on amenities and the location-making, thereby transferring them away from imposing new construction to more collaborative spaces. This trend is also apparent with retrofitting of existing buildings, zoom press release (https://hashnode.com) allowing for more 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 like WeWork and Regus as well as the fact that IT firms benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator has been ranked as one of the most prestigious incubators around the world.

Chicago is one of the three top manufacturing cities of the US that has high concentrations of food and plastics, as well as metals. Manufacturing firms benefit from the centrality of Chicago, which makes their products easily transportable across the nation or globe. Furthermore, innovation within this industry is rapidly increasing thus Chicago has many incubators like mHub.

Logistics and transportation are the main economic drivers in the Chicago area, particularly when companies shift away from traditional retail and move to 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 extensive intermodal facilities that connect to the whole US distribution chain.

Chicago remains well placed to remain a leading economic engine with the recent expansion 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 is a key component of regional commerce by handling both containers and bulk merchandise.

Tourism in Chicago region is also experiencing growth and will be back to pre-pandemic levels by the end of this summer as a result of several major events including 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 relaxes travel restrictions. However, consumers' confidence could suffer as prices for homes are extremely volatile and real estate professionals are able to assist buyers in understanding these complexities and ensure that well-informed decisions are being taken by buyers.