Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more importance on amenities and the placemaking, leading them away from lavish new construction to more collaborative areas. This trend can be observed in retrofitting existing buildings to allow for flexibility in the use of firms who are relocating or downsizing 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 and also due to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to the talent pool in other sectors. Furthermore, the 1871 incubator has been recognized as the top incubators worldwide.

Chicago is one of the three most productive cities of the US, boasting concentrations in food production, plastics and metals. Manufacturing firms benefit due to the city's central location, which makes their products easy to transport across the globe or across the nation. In addition, innovation in this industry is rapidly increasing which is why Chicago has many incubators like mHub.

Transportation and logistics remain key economic drivers in Chicago region, especially when companies shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet that includes container ports and Illinois Press [Related Web Page] air cargo hubs. airports, inland waterways, and rail yards. It also has robust intermodal facilities providing access to the whole US supply chain.

Chicago remains well positioned to remain a leading economic engine thanks to the recent expansion to the Chicago Mercantile Exchange - a world-class trading center and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional trade by handling containers and bulk goods.

Tourism in the Chicago region is also seeing growth, and should be back to pre-pandemic levels by the end of this summer as a result of several important events, including NASCAR races Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government decreases travel restrictions. However, consumers' trust could be affected as the it is extremely unpredictable in the housing market and real estate professionals are able to aid buyers to navigate these complexities and ensure that informed choices are made by buyers.