Chicago Industry Trends

As Chicago changes in the 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 greater value on amenities and spacemaking, causing them to move away from lavish new construction to more co-operative spaces; this trend can be observed by retrofitting existing buildings, allowing for more flexibility in the use of firms as they downsize or relocate into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace operators like WeWork and Regus in addition to the fact that IT companies benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator has been ranked as the best incubators globally.

Chicago is among the top three manufacturing cities of the US that has high concentrations of food, metals and plastics production. Manufacturing firms benefit from the centrality of Chicago, which allows their products to be easily transported across the country or around the world. In addition, innovation in this sector is rapidly progressing which is why Chicago has many incubators like the mHub.

Logistics and transportation remain major economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet, including container ports, air cargo hubs, airports, inland waterways and rail yards as well as robust intermodal facilities providing access to the entire US the supply chain.

Chicago remains well positioned to continue to be a major economic force with 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 passengers every day, while its port serves as a crucial part of regional trade by handling bulk and container items.

Tourism in Chicago region is also experiencing an increase, and it is expected to get back to pre-pandemic numbers in the summer, due to a variety of major events like NASCAR events, 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 decreases travel restrictions. However, consumer confidence could suffer due to the fact that the housing market is highly unpredictable Real estate agents can help buyers navigate these nuances and make sure informed decisions are made by prospective buyers.