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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increasing diversity of new business and real estate 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 location-making, thereby transferring them away from extravagant new constructions to more collaborative areas. This trend can be observed with retrofitting of existing buildings, allowing for more flexibility in the use of firms that are looking to reduce or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace operators like WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's strong infrastructure and its proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been ranked as the top incubators in the world.

Chicago is one of the three top manufacturing cities in the US and has a strong presence in food and plastics, as well as metals. Manufacturing firms benefit due to the city's central location, which makes their products easily transportable across the nation or globe. In addition, innovation in this industry is rapidly increasing which is why Chicago provides numerous incubators, such as the mHub.

Transportation and logistics are key economic drivers for the Chicago area, particularly when companies shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways, and rail yards. There are also well-developed intermodal facilities which provide access to the whole US logistics chain.

Chicago is well-positioned to remain a leading economic engine due to the recent expansions of Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port provides another important part of regional commerce by handling both containers and bulk products.

Tourism in Chicago region is also seeing growth, and should increase to pre-pandemic levels later this summer because of a number of major events like 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 housing market is highly unpredictable; real estate professionals can assist buyers in understanding these complexities and make sure informed decisions are made by prospective buyers.