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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 activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more importance on amenities and the location-making, thereby transferring them away from trophy new constructions to more collaborative spaces; this trend can be observed in retrofitting existing buildings, allowing for more companies to use them in a variety of ways that are looking to reduce or move into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace companies like WeWork and Regus as well as the fact that IT firms benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Furthermore, the 1871 incubator has been recognized as one of the most prestigious incubators worldwide.

Chicago is among the three top manufacturing cities of the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies benefit from Chicago's central location that makes their products easily transportable across the nation or globe. Furthermore, technology in this sector is rapidly progressing which is why Chicago has numerous incubators such as mHub.

Logistics and transportation remain major economic drivers in Chicago area, especially when businesses shift away from traditional retail to online sales. Chicago has a wide shipping fleet that includes container ports as well as air cargo hubs, airports, waterways inland and rail yards, as well as robust intermodal facilities providing access to the whole US the supply chain.

Chicago remains well placed to remain an economic powerhouse 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 each day. Its port plays a vital role in the flow of regional commerce, handling bulk and container merchandise.

Tourism in Chicago region is also experiencing expansion, and is expected to be back to pre-pandemic levels by the end of this summer as a result of several major events like NASCAR race, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased circulation as more airlines begin service, and the government eases travel restrictions. However, consumer confidence could suffer due to the fact that the prices for homes are extremely volatile; real estate professionals can assist buyers with these complexities and ensure informed decisions are made by prospective buyers.