Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is increasing even as construction costs are rising as per the BOMA/Chicago Study and tenants place greater importance on amenities and the placemaking, leading them away from imposing new construction to more collaborative space; this trend can also be seen in retrofitting existing buildings, allowing for more flexibility in the use of firms who are relocating or downsizing to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to talent pools in other sectors; furthermore, 1871 incubator has been recognized as the top incubators globally.

Chicago is among the three most productive cities in the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from the centrality of Chicago, which allows them to easily move their goods across the country or around the world. Furthermore, innovation within this sector is rapidly progressing which is why Chicago provides numerous incubators, such as mHub.

Logistics and transportation are the main economic drivers in the Chicago region, especially when businesses shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet that includes container ports and air cargo hubs. airports, inland waterways and rail yards as well as extensive intermodal facilities that connect to the entire US logistics chain.

Chicago remains well positioned to continue to be a major economic force due to the recent expansion of 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 is a key component of regional commerce through handling containers and bulk goods.

Tourism in Chicago area is also seeing growth and will increase to pre-pandemic levels later in the summer, due to a variety of major events including NASCAR race, Lollapalooza festival, Democratic National Convention and illinois tollway press releases (https://pressez.substack.com/about) the International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government decreases travel restrictions. Nevertheless, consumer trust could be affected as the it is extremely unpredictable in the housing market; real estate professionals can aid buyers to navigate these complexities and ensure that well-informed decisions are being taken by buyers.