Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is increasing in spite of rising costs for construction according to the BOMA/Chicago Study; tenants place greater importance on amenities and bms press release 9dw (https://start.me/) places to be, which is driving them away from extravagant new constructions to more collaborative space; this trend is also apparent by retrofitting existing buildings to facilitate companies to use them in a variety of ways 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 companies like WeWork and Regus, but also because IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools in different sectors; furthermore, 1871 incubator has been recognized as one of the most prestigious incubators globally.
Chicago is among the top three manufacturing city in the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing firms benefit from Chicago's central location that makes their products easy to transport across the country or around the world. Furthermore, innovation within this industry is rapidly increasing so Chicago has numerous incubators such as the mHub.
Transportation and logistics are key economic drivers for the Chicago region, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago boasts a diverse shipping fleet that includes container ports and air cargo hubs. airports, inland waterways, and rail yards, as well as robust intermodal facilities providing access to the entire US supply chain.
Chicago is well-positioned for a long-term economic success with the recent expansion of Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional trade by handling bulk and container merchandise.
Tourism in Chicago region is also seeing an increase, and it is expected to increase to pre-pandemic levels later this summer due to several major events like NASCAR race, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service and the government decreases travel restrictions; however consumer confidence may suffer because the it is extremely unpredictable in the housing market; real estate professionals can aid buyers to navigate these complexities and ensure that informed choices are being made by buyers.
