Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is rebounding despite rising construction costs according to the BOMA/Chicago Study Tenants place more value on amenities and placemaking, leading them away from lavish new construction to more collaborative spaces; this trend is also apparent in retrofitting existing buildings to allow for flexible use by firms as they downsize or relocate to smaller areas.
IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace operators like WeWork and Regus as well as the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors. Furthermore, the 1871 incubator has been ranked as the best incubators around the world.
Chicago is one of the three most productive cities in the US that has high concentrations of food, metals and plastics production. Manufacturing firms benefit due to the city's central location, which makes their products easy to transport across the country or around the world. Additionally, the innovation in the industry is rapidly advancing thus Chicago offers numerous incubators like mHub.
Logistics and Lyft Press Release (Pressez.Substack.Com) transportation remain major economic drivers for the Chicago region, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet, including container ports, air cargo hubs, airports, inland waterways and rail yards as well as well-developed intermodal facilities which provide access to the entire US logistics chain.
Chicago remains well placed to remain an economic powerhouse due to the recent expansions of Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional commerce through handling containers as well as bulk goods.
Tourism in the Chicago area is also seeing an increase, and it is expected to get back to pre-pandemic numbers this summer due to several major events such as NASCAR race, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in circulation as more airlines begin service and the government relaxes travel restrictions. However, consumer confidence could suffer due to the fact that the housing market is highly unpredictable; real estate professionals can assist buyers with these complexities and make sure informed decisions are being made by buyers.
