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 rebounding even as construction costs are rising as per the BOMA/Chicago Study; tenants place greater importance on amenities and spacemaking, causing them to move away from trophy new constructions to more collaborative areas. This trend can be observed through retrofitting of existing buildings to enable flexibility for businesses who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace companies like WeWork and Regus, but also because IT firms benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors. Additionally, 1871 incubator Pressez has been recognized as the top incubators around the world.

Chicago is among the three top manufacturing cities of the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which allows them to easily move their goods across the nation or globe. Furthermore, technology in this sector is rapidly progressing and Chicago has many incubators like mHub.

Transportation and logistics are key economic drivers in Chicago area, especially when companies shift away from traditional retailing towards online sales. Chicago has a varied shipping fleet which includes container ports airports, 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 to remain a leading economic engine due to the recent expansions 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 provides another important part of regional commerce through handling bulk and container goods.

Tourism in the Chicago region is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer because of a number of major events such as NASCAR races Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service, and the government eases travel restrictions; however consumer trust could be affected as the it is extremely unpredictable in the housing market Realtors can assist buyers in understanding these complexities and ensure that informed choices are made by buyers.