Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing is booming even as construction costs are rising according to the BOMA/Chicago Study; tenants place greater importance on amenities and the spacemaking, causing them to move away from lavish new constructions to more collaborative areas. This trend is also evident in retrofitting existing buildings, allowing for more flexible use by firms who are relocating or downsizing into smaller spaces.
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 as well as the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other industries. In addition, the 1871 incubator has been ranked as one of the premier incubators globally.
Chicago is one of the top three manufacturing city in the US with a high concentration of food and plastics, as well as metals. Manufacturing firms benefit from Chicago's central location which makes their products easily transportable across the nation or globe. Furthermore, innovation within the industry is rapidly advancing thus Chicago offers numerous incubators like the mHub.
Transportation and logistics are key economic drivers in the Chicago area, particularly when businesses shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet that includes container ports as well as air cargo hubs, airports, inland waterways and rail yards, as well as robust intermodal facilities providing access to the entire US supply chain.
Chicago remains well placed to continue to be a major economic force thanks to the recent expansion to the Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional commerce, handling containers as well as bulk merchandise.
Tourism in Chicago area is also seeing growth and will increase to pre-pandemic levels later in the summer, due to a variety of major eli lilly press release (https://start.me/w/mBRA6P) events like NASCAR races Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government decreases travel restrictions. However, consumer trust could be affected as the housing market is highly unpredictable Realtors can help buyers navigate these nuances and ensure informed decisions are made by prospective buyers.
