Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study; tenants place greater value on amenities and spacemaking, causing them to move away from extravagant new construction and towards more collaborative spaces. This trend is also apparent by retrofitting existing buildings to enable flexibility in the use of firms who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Additionally, 1871 incubator is rated as the top incubators around the world.

Chicago is one of the top three manufacturing

cities of the US with a high concentration of food production, plastics and metals. Manufacturing companies benefit from Chicago's central location that allows their products to be easily transported across the globe or across the nation. In addition, innovation in the manufacturing industry is rapidly growing thus Chicago has many incubators like mHub.

Transportation and logistics are key economic drivers for the Chicago area, especially when companies shift away from traditional retailing towards online sales. Chicago has a varied shipping fleet that includes container ports as well as air cargo hubs, airports, inland waterways, and rail yards. It also has strong intermodal facilities that provide access to the whole US supply chain.

Chicago is well placed for a long-term economic success thanks to the recent expansion of the Chicago Mercantile Exchange - a global hub for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce through handling containers and bulk products.

Tourism in Chicago region is also experiencing growth, and should return to pre-pandemic levels in the summer, due to a variety of major events including NASCAR events, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and 8k vs press release (form.jotform.com) the government relaxes travel restrictions. However, consumers' confidence could suffer due to the fact that the housing market is highly unpredictable; real estate professionals can help buyers navigate these nuances and make sure informed decisions are being taken by buyers.