Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing is booming despite rising construction costs as per the BOMA/Chicago Study and tenants place greater value on amenities and places to be, which is driving them away from extravagant new construction and towards more collaborative spaces; this trend is also evident with retrofitting of existing buildings to allow for flexibility in the use of firms that are looking to reduce or move into smaller space.

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 in addition to the fact that IT firms take advantage of Chicago's extensive infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as one of the premier incubators around the world.

Chicago is among the top three manufacturing cities of the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit from the centrality of Chicago, which makes their products easy to transport throughout the United States or around the world. Furthermore, technology in this industry is rapidly increasing and Chicago offers numerous incubators like mHub.

Transportation and logistics remain key economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways and rail yards as well as strong intermodal facilities that provide access to the entire US logistics chain.

Chicago remains well positioned for a long-term economic success thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional commerce through handling bulk and container items.

Tourism in Chicago region is also seeing growth, and should return to pre-pandemic levels this summer because of a number of major press release announcement (https://independent.academia.edu) events like NASCAR races 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. However, consumers' confidence may suffer because 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.