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 is booming despite rising construction costs as per the BOMA/Chicago Study; tenants place greater importance on amenities and spacemaking, causing them to move away from imposing new constructions to more collaborative areas. This trend can be observed by retrofitting existing buildings to allow for flexibility for businesses as they downsize or relocate to smaller spaces.

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, but also because IT firms benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors. Furthermore, the 1871 incubator is rated as the best incubators globally.

Chicago is one of the top

three manufacturing cities across the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which allows them to easily move their goods across the nation or globe. In addition, innovation in the manufacturing industry is rapidly growing so Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers for the Chicago area, especially when businesses shift away from traditional retail and move to online sales. Chicago has a varied shipping fleet which includes container ports as well as air cargo hubs, airports, waterways inland press release draft (mirror.xyz) and rail yards. There are also extensive intermodal facilities that connect to the whole US supply chain.

Chicago remains well positioned to continue to be a major economic force due to the recent expansions of Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port plays a vital role in the flow of regional commerce through handling both containers and bulk products.

Tourism in Chicago region is also seeing growth, and should return to pre-pandemic levels this summer due to several major events like NASCAR races, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in traffic as more airlines resume service and the government reduces travel restrictions. However, consumers' confidence may suffer because the housing market is highly unpredictable; real estate professionals can aid buyers to navigate these complexities and make sure informed decisions are being taken by buyers.