Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is increasing regardless of the rising cost of construction, as per the BOMA/Chicago Study tenants place greater importance on amenities and spacemaking, causing them to move away from trophy new construction to more collaborative spaces; this trend is also evident with retrofitting of existing buildings to facilitate flexibility for businesses who are relocating or downsizing to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace operators like WeWork and Regus, but also because IT firms take advantage of Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Additionally, 1871 incubator has been ranked as one of the most prestigious incubators globally.

Chicago is among the three most productive city in the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit from Chicago's central location which makes their products easily transportable throughout the United States or around the world. Additionally, the innovation in this sector is rapidly progressing which is why Chicago has numerous incubators such as the mHub.

Transportation and logistics remain key economic drivers for the Chicago area, particularly when companies shift away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet which includes container ports airports, air cargo hubs airports, waterways inland and rail yards as well as well-developed intermodal facilities which provide access to the whole US distribution chain.

Chicago remains well positioned for a long-term economic success thanks to the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional commerce by handling containers as well as bulk goods.

Tourism in the Chicago region is also experiencing expansion, and is expected to return to pre-pandemic levels this summer as a result of several major events including NASCAR races, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost 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 Realtors can aid buyers to navigate these complexities and ensure informed decisions are being taken by buyers.