Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is increasing even as construction costs are rising according to the BOMA/Chicago Study Tenants place more importance on amenities and location-making, thereby transferring them away from extravagant new construction to more co-operative areas. This trend is also evident by retrofitting existing buildings to facilitate flexibility in the use of firms who are relocating or downsizing into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace companies like WeWork and Regus and also due to the fact that IT firms benefit from Chicago’s extensive infrastructure and proximity to other talent pools within different industries. In addition, Illinois News joint (hashnode.Com) the 1871 incubator is rated as one of the most prestigious incubators globally.

Chicago is one of the three top manufacturing city in the US and has a strong presence in food production, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which allows their products to be easily transported across the nation or globe. Furthermore, innovation within the manufacturing industry is rapidly growing which is why Chicago has numerous incubators such as mHub.

Transportation and logistics remain key economic drivers in Chicago area, especially when companies shift away from traditional retail to online sales. Chicago boasts a diverse shipping fleet which includes container ports, air cargo hubs, airports, inland waterways, and rail yards. It also has extensive intermodal facilities that connect to the entire US the supply chain.

Chicago is well-positioned to continue to be a major economic force due to the recent expansion of Chicago Mercantile Exchange – a global hub for trading and processing of commodities – going into effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional commerce, handling containers as well as bulk merchandise.

Tourism in the Chicago region is also experiencing an increase, and it is expected to increase to pre-pandemic levels later in the summer, due to a variety of major events such as NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O’Hare airport could see a boost in flow of passengers as more airlines resume service and the government relaxes travel restrictions. However, consumers’ confidence could suffer as it is extremely unpredictable in the housing market; real estate professionals can assist buyers with these complexities and ensure informed decisions are being made by buyers.