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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing in spite of rising costs for construction as per the BOMA/Chicago Study and tenants place greater importance on amenities and the placemaking, leading them away from imposing new construction and towards more collaborative spaces; this trend is also apparent in retrofitting existing buildings, allowing for more companies to use them in a variety of ways that are looking to reduce or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace operators like WeWork and Regus, but also because IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools within different sectors; furthermore, 1871 incubator has ranked amongst the best incubators globally.

Chicago is one of the three top manufacturing city in the US and has a strong presence in food, metals and plastics production. Manufacturing firms benefit due to the city's central location, which makes their products easily transportable across the globe or across the nation. Furthermore, technology in this industry is rapidly increasing which is why Chicago offers numerous incubators like mHub.

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

Chicago is well placed for a long-term economic success thanks to the recent expansion of Chicago Mercantile Exchange - a world-class trading center and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional commerce through handling containers as well as bulk items.

Tourism in the Chicago area is also seeing expansion, and is expected to return to pre-pandemic levels this summer due to several important events, including NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service, and the government eases travel restrictions; however consumer confidence may suffer because the housing market is highly unpredictable and real estate professionals are able to assist buyers in understanding these complexities and ensure that informed choices are being taken by buyers.