Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real development projects. The office leasing market is recovering despite rising construction costs as per the BOMA/Chicago Study; tenants place greater value on amenities and location-making, thereby transferring them away from lavish new construction to more co-operative spaces; this trend can also be seen in retrofitting existing buildings, allowing for more flexible use by firms who are relocating or downsizing to smaller spaces.

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 and also due to the fact that IT firms take advantage of Chicago's extensive infrastructure and proximity to talent pools in other industries. In addition, the 1871 incubator has been recognized as the best incubators in the world.

Chicago is one of the top three manufacturing cities of the US, boasting concentrations in food and plastics, as well as metals. Manufacturing firms benefit from Chicago's central location that allows them to easily move their goods across the globe or across the nation. Furthermore, technology in this industry is rapidly increasing which is why Chicago provides numerous incubators, such as the mHub.

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

Chicago is well placed to continue to be a major Press Release (this content) economic force with the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional trade by handling both containers and bulk goods.

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 important events, including NASCAR races Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service, and the government eases travel restrictions. However, consumers' confidence could suffer due to the fact that the housing market is highly unpredictable Realtors can aid buyers to navigate these complexities and ensure that informed choices are being taken by buyers.