Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing is booming regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater importance on amenities and placemaking, leading them away from imposing new construction to more co-operative spaces; this trend can be observed by retrofitting existing buildings, allowing for more flexible use by firms that are looking to reduce or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace operators like WeWork and Regus, but also because IT companies benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other industries. In addition, the 1871 incubator has ranked amongst the top incubators globally.

Chicago is among the three most productive cities of the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods across the globe or across the nation. In addition, innovation in the industry is rapidly advancing so Chicago has numerous incubators such as the mHub.

Logistics and transportation remain major economic drivers for the Chicago area, especially as companies transition away from traditional retail and move to online sales. Chicago boasts a diverse 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 entire US the supply chain.

Chicago remains well positioned to remain an economic powerhouse due to the recent expansions of the Chicago Mercantile Exchange - a global hub for adidas press release - start.me, trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce by handling both containers and bulk products.

Tourism in Chicago region is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer as a result of several major events including NASCAR races, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in flow of passengers as more airlines resume service, and the government eases travel restrictions. However, consumer trust could be affected as the it is extremely unpredictable in the housing market Realtors can assist buyers in understanding these complexities and make sure informed decisions are made by buyers.