Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is rebounding in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater value on amenities and spacemaking, causing them to move away from extravagant new constructions to more collaborative spaces. This trend can also be seen with retrofitting of 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 industries in Chicago due to the rise of shared workspace providers like WeWork and Regus and also due to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors; furthermore, 1871 incubator has been ranked as one of the premier incubators in the world.

Chicago is among the top three manufacturing city in the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which makes their products easily transportable across the country or around the world. In addition, innovation in this sector is rapidly progressing thus Chicago provides numerous incubators, press Release Outline such as mHub.

Transportation and logistics are key economic drivers in the Chicago area, particularly in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago has a wide shipping fleet, including container ports and air cargo hubs. airports, inland waterways and rail yards as well as extensive intermodal facilities that connect to the whole US distribution chain.

Chicago is well placed to continue to be a major economic force thanks to the recent expansion of 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, handling both containers and bulk products.

Tourism in the Chicago region is also experiencing expansion, and is expected to get back to pre-pandemic numbers this summer because of a number of major events including NASCAR races, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in flow of passengers 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 Realtors can assist buyers with these complexities and ensure that informed choices are being made by buyers.