Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing is booming in spite of rising costs for construction as per the BOMA/Chicago Study; tenants place greater importance on amenities and the places to be, which is driving them away from lavish new construction to more collaborative areas. This trend can be observed by retrofitting existing buildings to facilitate flexibility for businesses who are relocating or downsizing into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace providers like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's strong infrastructure and its proximity to the talent pool in other sectors. Furthermore, the 1871 incubator is rated as one of the premier incubators in the world.
Chicago is one of the three most productive city in the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies benefit due to the city's central location, which allows them to easily move their goods across the globe or across the nation. Furthermore, innovation within the manufacturing industry is rapidly growing thus Chicago provides numerous incubators, such as mHub.
Logistics and transportation remain major economic drivers for the Chicago area, especially when businesses shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways and rail yards. There are also strong intermodal facilities that provide access to the entire US the supply chain.
Chicago remains well positioned to remain an economic powerhouse 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 provides another important part of regional commerce, handling containers as well as bulk items.
Tourism in Chicago region is also seeing growth and will return to pre-pandemic levels this summer due to several important events, including NASCAR races Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service, and verizon press release [pressez.substack.com] the government eases travel restrictions. Nevertheless, consumer confidence could suffer as it is extremely unpredictable in the housing market Realtors can help buyers navigate these nuances and ensure that well-informed decisions are made by buyers.
