Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is increasing despite rising construction costs as per the BOMA/Chicago Study and tenants place greater importance on amenities and the places to be, which is driving them away from extravagant new construction to more collaborative spaces. This trend can be observed with retrofitting of existing buildings to allow for flexibility in the use of firms as they downsize or relocate into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus as well as the fact that IT firms benefit from Chicago’s strong infrastructure and its proximity to the talent pool in other sectors. Additionally, 1871 incubator has been recognized as the top incubators globally.

Chicago is one of the three most productive cities of the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit due to the city’s central location, which makes their products easy to transport across the globe or across the nation. Furthermore, innovation within this sector is rapidly progressing so Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers in the Chicago area, especially when businesses shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet which includes container ports and air cargo hubs. airports, waterways inland and rite aid press release – pop over here, rail yards. There are also well-developed intermodal facilities which provide access to the whole US supply chain.

Chicago remains well positioned to continue to be a major economic force due to the recent expansions of Chicago Mercantile Exchange – a world-class trading center and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional trade by handling bulk and container merchandise.

Tourism in the Chicago region is also experiencing growth, and should get back to pre-pandemic numbers in the summer, due to a variety of important events, including NASCAR race, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O’Hare airport will see an increase in travel as more airlines resume service, and the government eases travel restrictions; however consumer confidence could suffer due to the fact that the it is extremely unpredictable in the housing market Real estate agents can assist buyers in understanding these complexities and ensure informed decisions are being taken by buyers.