Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, according to the BOMA/Chicago Study Tenants place more value on amenities and location-making, thereby transferring them away from lavish new constructions to more collaborative spaces. This trend is also evident through retrofitting of existing buildings, allowing for more flexible use by firms when they reduce their size or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace providers like WeWork and Regus as well as the fact that IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator has been recognized as the best incubators in the world.

Chicago is one of the three most productive cities in the US, boasting concentrations in food and plastics, as well as metals. Manufacturing companies benefit from the centrality of Chicago, which makes their products easily transportable throughout the United States or around the world. Additionally, the innovation in the industry is rapidly advancing and Chicago has many incubators like mHub.

Logistics and transportation remain major economic drivers in the Chicago region, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago has a varied shipping fleet, including container ports, air cargo hubs, airports, waterways inland and rail yards. There are also well-developed intermodal facilities which provide access to the whole US distribution chain.

Chicago is well placed to remain a leading economic engine with the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional commerce by handling both containers and Pressez (Hashnode.com) bulk merchandise.

Tourism in Chicago area is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer because of a number of major events including NASCAR events, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer trust could be affected as the markets for housing are highly volatile; real estate professionals can help buyers navigate these nuances and ensure informed decisions are made by prospective buyers.