Chicago Industry Trends
As chicago pmi press release, pressez.substack.com, industry trends change, Chicago is welcoming an increasing diversity of new business and real development projects. The office leasing market is recovering despite rising construction costs according to the BOMA/Chicago Study tenants place greater value on amenities and location-making, thereby transferring them away from extravagant new construction to more collaborative spaces. This trend can be observed with retrofitting of existing buildings to allow for 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 industries in Chicago because of the proliferation of shared workspace operators like WeWork and Regus as well as the fact that IT firms profit from Chicago's strong infrastructure and its proximity to the talent pool in other sectors. Additionally, 1871 incubator is rated as one of the most prestigious incubators in the world.
Chicago is one of 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 that makes their products easily transportable across the globe or across the nation. In addition, innovation in the manufacturing industry is rapidly growing so Chicago has many incubators like mHub.
Transportation and logistics remain key economic drivers for the Chicago area, especially as companies transition away from traditional retail to online sales. Chicago is home to a broad shipping fleet including 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 is well placed for a long-term economic success thanks to the recent expansion to the Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers each day. Its port plays a vital role in the flow of regional trade by handling both containers and bulk products.
Tourism in the Chicago region is also seeing expansion, and is expected to return to pre-pandemic levels in the summer, due to a variety of important events, including NASCAR race, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased circulation as more airlines begin service and the government reduces travel restrictions. Nevertheless, consumer confidence could suffer as it is extremely unpredictable in the housing market; real estate professionals can assist buyers in understanding these complexities and ensure informed decisions are made by prospective buyers.
