Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more value on amenities and places to be, which is driving them away from imposing new construction and towards more collaborative space; this trend is also evident with retrofitting of existing buildings, allowing for more flexibility in the use of firms that are looking to reduce or move to smaller areas.
IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies like WeWork and Regus in addition to the fact that IT firms profit from Chicago's robust infrastructure and proximity to other talent pools in different sectors. Additionally, 1871 incubator has been recognized as one of the premier incubators in the world.
Chicago is among the top three manufacturing city in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which allows them to easily move their goods across the globe or across the nation. Additionally, the innovation in this sector is rapidly progressing and Chicago has numerous incubators such as mHub.
Transportation and logistics remain key economic drivers in Chicago area, especially when businesses shift away from traditional retail and move to online sales. Chicago has a varied shipping fleet, including container ports and air cargo hubs. airports, waterways inland and rail yards. It also has strong intermodal facilities that provide access to the whole US logistics chain.
Chicago is well-positioned to remain an economic powerhouse due to the recent expansion to the Chicago Mercantile Exchange - a global hub for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional trade by handling containers as well as bulk merchandise.
Tourism in the Chicago region is also experiencing growth, and should get back to pre-pandemic numbers this summer because of a number of important events, including NASCAR race, Lollapalooza Festival, 3m press release (Www.diigo.com) Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in flow of passengers as more airlines resume service, and the government eases travel restrictions. However, consumer confidence could suffer as prices for homes are extremely volatile; real estate professionals can help buyers navigate these nuances and make sure informed decisions are being made by buyers.
