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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing in spite of rising costs for construction as per the BOMA/Chicago Study; tenants place greater value on amenities and placemaking, leading them away from imposing new construction to more collaborative spaces. This trend is also apparent with retrofitting of existing buildings to enable companies to use them in a variety of ways as they downsize or relocate to smaller areas.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace companies like WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to the talent pool in other sectors. Additionally, 1871 incubator has been ranked as one of the premier incubators worldwide.
Chicago is one of the three top manufacturing cities of the US and has a strong presence in food, metals and plastics production. Manufacturing companies benefit from Chicago's central location which makes their products easily transportable across the country or around the world. Additionally, the innovation in this industry is rapidly increasing which is why Chicago has numerous incubators such as the mHub.
Transportation and logistics remain key economic drivers for the Chicago region, especially when businesses shift away from traditional retail and move to online sales. Chicago has a wide shipping fleet including container ports and air cargo hubs. airports, waterways inland and rail yards as well as extensive intermodal facilities that connect to the whole US the supply chain.
Chicago remains well positioned for a long-term economic success thanks 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 passengers every day, while its port serves as a crucial part of regional commerce, handling containers as well as bulk items.
Tourism in the Chicago area is also seeing expansion, and is expected to increase to pre-pandemic levels later this summer because of a number of major events including NASCAR events, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government reduces travel restrictions. However, consumers' trust could be affected as the it is extremely unpredictable in the housing market Real estate agents can assist buyers with these complexities and ensure informed decisions are being made by buyers.
