Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real estate development projects. The office leasing market is recovering in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more importance on amenities and the placemaking, leading them away from lavish new construction and towards more collaborative space; this trend can be observed through retrofitting of existing buildings to allow for flexible use by firms when they reduce their size or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the proliferation of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors; furthermore, 1871 incubator is rated as one of the most prestigious incubators globally.

Chicago is among the three most productive cities of the US, boasting concentrations in food, metals and plastics production. Manufacturing firms benefit due to the city's central location, which makes their products easily transportable across the nation or globe. Furthermore, technology in the manufacturing industry is rapidly growing which is why Chicago provides 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 has a wide shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways and rail yards as well as extensive intermodal facilities that connect to the entire US distribution chain.

Chicago remains well positioned to remain an economic powerhouse due to the recent expansions of Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port provides another important part of regional commerce, handling containers and bulk items.

Tourism in Chicago region is also seeing growth and will get back to pre-pandemic numbers this summer as a result of several important events, including NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government decreases travel restrictions. However, consumer trust could be affected as the it is extremely unpredictable in the housing market Real estate agents can help buyers navigate these nuances and ensure informed decisions are made by prospective buyers.