Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing is booming despite rising construction costs according to the BOMA/Chicago Study tenants place greater importance on amenities and the spacemaking, causing them to move away from trophy new construction to more co-operative spaces; this trend is also evident by retrofitting existing buildings to enable flexible use by firms that are looking to reduce or press release image size [mirror.xyz] move into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus, but also because IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors. Furthermore, the 1871 incubator is rated as the top incubators globally.

Chicago is among the top three manufacturing cities across the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from the centrality of Chicago, which makes their products easily transportable across the country or around the world. Furthermore, innovation within the industry is rapidly advancing and Chicago provides numerous incubators, such as the mHub.

Logistics and transportation are the main economic drivers for the Chicago area, especially when businesses shift away from traditional retailing and towards online sales. Chicago boasts a diverse shipping fleet that includes container ports as well as air cargo hubs, airports, inland waterways and rail yards. It also has strong intermodal facilities that provide access to the entire US supply chain.

Chicago remains well placed for a long-term economic success due to the recent expansion to the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce through handling containers as well as bulk goods.

Tourism in the Chicago area is also seeing growth and will return to pre-pandemic levels this summer because of a number of important events, including NASCAR races, Lollapalooza celebration, 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 reduces travel restrictions. However, consumer confidence could suffer due to the fact that the markets for housing are highly volatile; real estate professionals can aid buyers to navigate these complexities and make sure informed decisions are being taken by buyers.