Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing in spite of rising costs for construction according to the BOMA/Chicago Study and tenants place greater importance on amenities and the location-making, thereby transferring them away from trophy new construction to more collaborative spaces; this trend is also evident with retrofitting of existing buildings to facilitate flexible use by firms as they downsize or relocate into smaller space.

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 as well as the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to other talent pools within different industries. In addition, Press release platforms (hashnode.com) the 1871 incubator is rated as one of the premier incubators worldwide.

Chicago is one of the top three manufacturing cities across the US with a high concentration of food, metals and plastics production. Manufacturing companies profit from Chicago's central location which allows their products to be easily transported across the globe or across the nation. Furthermore, innovation within the industry is rapidly advancing and Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers in Chicago region, especially when businesses shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways, and rail yards as well as strong intermodal facilities that provide access to the whole US supply chain.

Chicago is well-positioned to continue to be a major economic force due to the recent expansions that has seen the Chicago Mercantile Exchange - a international center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional commerce, handling bulk and container goods.

Tourism in the Chicago region is also experiencing growth, and should increase to pre-pandemic levels later this summer due to several major events such as NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government relaxes travel restrictions. However, consumers' trust could be affected as the it is extremely unpredictable in the housing market; real estate professionals can assist buyers in understanding these complexities and ensure informed decisions are made by buyers.