Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering despite rising construction costs according to the BOMA/Chicago Study Tenants place more value on amenities and spacemaking, causing them to move away from extravagant new construction to more co-operative space; this trend can be observed in retrofitting existing buildings to enable companies to use them in a variety of ways that are looking to reduce or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the proliferation of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to other talent pools within different industries. In addition, the 1871 incubator has been recognized as one of the premier incubators globally.

Chicago is one of the top three manufacturing cities in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing firms benefit from Chicago's central location which allows them to easily move their goods across the nation or globe. Furthermore, technology in the industry is rapidly advancing so Chicago provides numerous incubators, such as the mHub.

Transportation and logistics remain key economic drivers for the Chicago area, particularly when companies shift away from traditional retail to online sales. Chicago has a varied shipping fleet including container ports as well as air cargo hubs, airports, Illinois Press waterways inland and rail yards. There are also robust intermodal facilities providing access to the whole US the supply chain.

Chicago remains well positioned to remain a leading economic engine due to the recent expansion that has seen the Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port serves as a crucial part of regional commerce through handling containers as well as bulk goods.

Tourism in Chicago region is also experiencing growth and will get back to pre-pandemic numbers this summer because of a number of major events including NASCAR races Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in traffic as more airlines resume service and the government relaxes travel restrictions; however consumer trust could be affected as the markets for housing are highly volatile Realtors can aid buyers to navigate these complexities and ensure that well-informed decisions are made by buyers.