Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study; tenants place greater importance on amenities and location-making, thereby transferring them away from lavish new constructions to more collaborative areas. This trend can be observed in retrofitting existing buildings to allow for flexible use by firms that are looking to reduce or move 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 such as WeWork and Regus as well as the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has ranked amongst the best incubators worldwide.

Chicago is among the top three manufacturing city in the US with a high concentration of food, metals and plastics production. Manufacturing firms benefit from Chicago's central location which makes their products easy to transport across the nation or globe. Furthermore, innovation within the industry is rapidly advancing thus Chicago offers numerous incubators like mHub.

Transportation and logistics remain key economic drivers in Chicago area, particularly as companies transition away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet, including container ports and air cargo hubs. airports, inland waterways and rail yards. There are also extensive intermodal facilities that connect to the whole US distribution chain.

Chicago remains well positioned to continue to be a major economic force thanks to the recent expansion of the Chicago Mercantile Exchange - a global center for trading and Media news (simply click for source) processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional trade by handling containers and bulk merchandise.

Tourism in the Chicago region is also seeing an increase, and it is expected to increase to pre-pandemic levels later in the summer, due to a variety of major events like NASCAR race, Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government decreases travel restrictions. Nevertheless, consumer confidence may suffer because the it is extremely unpredictable in the housing market Real estate agents can help buyers navigate these nuances and ensure informed decisions are being taken by buyers.