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 even as construction costs are rising according to the BOMA/chicago style press release citation (click the following article) Study Tenants place more importance on amenities and the spacemaking, causing them to move away from extravagant new construction to more collaborative spaces. This trend can be observed with retrofitting of existing buildings to allow for flexible use by firms when they reduce their size or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace providers like WeWork and Regus, but also because IT companies benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Additionally, 1871 incubator has ranked amongst the best incubators in the world.

Chicago is among the top three manufacturing cities across the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which allows their products to be easily transported across the country or around the world. Furthermore, technology in this industry is rapidly increasing which is why Chicago has numerous incubators such as the mHub.

Transportation and logistics remain key economic drivers in the Chicago area, especially as companies transition away from traditional retail to online sales. Chicago has a wide shipping fleet that includes container ports, air cargo hubs, airports, inland waterways, and rail yards, as well as well-developed intermodal facilities which provide access to the whole US the supply chain.

Chicago is well placed to remain an economic powerhouse with the recent expansion of 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 plays a vital role in the flow of regional trade by handling bulk and container goods.

Tourism in Chicago area is also seeing an increase, and it is expected to return to pre-pandemic levels this summer due to several important events, including NASCAR races, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government decreases travel restrictions; however consumer trust could be affected as the prices for homes are extremely volatile and real estate professionals are able to help buyers navigate these nuances and ensure that informed choices are being made by buyers.