Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing even as construction costs are rising according to the BOMA/Chicago Study tenants place greater importance on amenities and the placemaking, leading them away from extravagant new construction and towards more collaborative areas. This trend can also be seen through retrofitting of existing buildings to facilitate flexibility for businesses 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 providers like WeWork and Regus and press release yahoo finance (www.diigo.com) also due to the fact that IT firms benefit from Chicago's robust infrastructure and proximity to other talent pools in different sectors. Furthermore, the 1871 incubator has been ranked as one of the most prestigious incubators worldwide.

Chicago is one of the top three manufacturing city in the US, boasting concentrations in food, metals and plastics production. Manufacturing companies profit due to the city's central location, which allows their products to be easily transported across the globe or across the nation. Additionally, the innovation in this industry is rapidly increasing which is why Chicago offers numerous incubators like mHub.

Transportation and logistics remain key economic drivers in the Chicago area, especially as companies transition 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. It also has robust intermodal facilities providing access to the entire US distribution chain.

Chicago remains well positioned for a long-term economic success with the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional commerce through handling containers and bulk items.

Tourism in Chicago area is also seeing growth, and should get back to pre-pandemic numbers this summer as a result of several important events, including NASCAR races, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government decreases travel restrictions. However, consumer confidence could suffer as housing market is highly unpredictable Real estate agents can assist buyers with these complexities and ensure that informed choices are being made by buyers.