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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real development projects. The office leasing market is recovering even as construction costs are rising as per the BOMA/Chicago Study Tenants place more value on amenities and placemaking, leading them away from extravagant new construction to more collaborative spaces; this trend is also apparent by retrofitting existing buildings to enable flexibility for businesses that are looking to reduce or Press Release 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 companies such as WeWork and Regus and also due to the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Furthermore, the 1871 incubator is rated as the best incubators worldwide.

Chicago is one of the three top manufacturing cities of the US, boasting concentrations in food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which makes their products easily transportable across the country or around the world. Additionally, the innovation in the industry is rapidly advancing and Chicago provides numerous incubators, such as the mHub.

Logistics and transportation remain major economic drivers in the Chicago area, particularly when companies shift away from traditional retail and move to online sales. Chicago has a varied shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways, and rail yards as well as strong intermodal facilities that provide access to the whole US the supply chain.

Chicago is well placed for a long-term economic success with the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional commerce, handling containers and bulk goods.

Tourism in Chicago region is also experiencing growth and will return to pre-pandemic levels this summer due to several major events such as NASCAR races Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government reduces travel restrictions. However, consumers' confidence could suffer due to the fact that the it is extremely unpredictable in the housing market and real estate professionals are able to assist buyers in understanding these complexities and ensure that informed choices are made by buyers.