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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 despite rising construction costs according to the BOMA/Chicago Study; tenants place greater value on amenities and places to be, which is driving them away from extravagant new construction to more co-operative spaces. This trend can also be seen by retrofitting existing buildings to allow for companies to use them in a variety of ways as they downsize or relocate to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries 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 strong infrastructure and its proximity to talent pools in other industries. In addition, the 1871 incubator has been ranked as the best incubators globally.

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 Chicago's central location which makes their products easy to transport across the nation or globe. Furthermore, innovation within the industry is rapidly advancing and Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers in Chicago region, especially when businesses shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet including container ports, air cargo hubs, airports, inland waterways and rail yards. It also has extensive intermodal facilities that connect to the whole US distribution chain.

Chicago remains well placed for a long-term economic success thanks to the recent expansion of the Chicago Mercantile Exchange - a global hub for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce through handling containers as well as bulk items.

Tourism in Chicago region is also experiencing expansion, and is expected to be back to pre-pandemic levels by the end of this summer because of a number of major events like NASCAR events, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government reduces travel restrictions. Nevertheless, consumer confidence may suffer because the housing market is highly unpredictable and real estate professionals are able to help buyers navigate these nuances and make sure informed decisions are being taken by buyers.