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Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is increasing despite rising construction costs according to the BOMA/Chicago Study; tenants place greater importance on amenities and the location-making, thereby transferring them away from lavish new constructions to more collaborative spaces. This trend is also evident with retrofitting of existing buildings to facilitate companies to use them in a variety of ways who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace providers like WeWork and Regus and also due to the fact that IT firms benefit from Chicago's robust infrastructure and proximity to the talent pool in other sectors; furthermore, 1871 incubator has ranked amongst one of the most prestigious incubators globally.

Chicago is one of the top three manufacturing cities in the US, boasting concentrations in food, metals and plastics production. Manufacturing companies profit from Chicago's central location which allows them to easily move their goods across the nation or globe. In addition, innovation in this sector is rapidly progressing which is why Chicago offers numerous incubators like the mHub.

Transportation and logistics remain key economic drivers for the Chicago region, especially in the process of transitioning businesses away from traditional retail to online sales. Chicago boasts a diverse shipping fleet including container ports, air cargo hubs, airports, inland waterways and rail yards as well as strong intermodal facilities that provide access to the entire US logistics chain.

Chicago is well-positioned to remain an economic powerhouse with the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional commerce through handling bulk and container goods.

Tourism in the Chicago region is also experiencing growth and will be back to pre-pandemic levels by the end of in the summer, Media news [click here to visit Jotform for free] due to a variety of major events such as NASCAR events, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government decreases travel restrictions. However, consumer trust could be affected as the housing market is highly unpredictable Realtors can help buyers navigate these nuances and ensure that informed choices are made by prospective buyers.