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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing is booming despite rising construction costs as per the BOMA/Chicago Study Tenants place more importance on amenities and the placemaking, leading them away from trophy new constructions to more collaborative spaces; this trend is also evident in retrofitting existing buildings to allow for flexibility for businesses when they reduce their size or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace companies such as WeWork and Regus, but also because IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools in different sectors; furthermore, 1871 incubator has been ranked as the best incubators worldwide.

Chicago is one of the three top manufacturing cities of the US and ispr press release today (start.me) has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods across the country or around the world. Furthermore, technology in this industry is rapidly increasing which is why Chicago provides numerous incubators, such as the mHub.

Transportation and logistics remain key economic drivers in Chicago area, particularly as companies transition away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet including container ports as well as air cargo hubs, airports, inland waterways, and rail yards as well as robust intermodal facilities providing access to the whole US distribution chain.

Chicago is well-positioned to remain an economic powerhouse due to the recent expansions of the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce through handling bulk and container products.

Tourism in Chicago region is also experiencing an increase, and it is expected to increase to pre-pandemic levels later this summer due to several major events including NASCAR races, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service and the government relaxes travel restrictions. However, consumer trust could be affected as the markets for housing are highly volatile; real estate professionals can help buyers navigate these nuances and ensure that well-informed decisions are being made by buyers.