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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing is booming in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater importance on amenities and placemaking, leading them away from imposing new construction to more collaborative areas. This trend is also apparent in retrofitting existing buildings to allow for flexibility in the use of firms that are looking to reduce or move into 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 robust infrastructure and proximity to other talent pools in different sectors. Additionally, 1871 incubator has been ranked as the best incubators around the world.

Chicago is among the three top manufacturing cities of the US with a high concentration of food and plastics, as well as metals. Manufacturing companies benefit due to the city's central press release location line (start.me), which makes their products easy to transport across the country or around the world. In addition, innovation in the industry is rapidly advancing which is why Chicago offers numerous incubators like the 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 that includes container ports and air cargo hubs. airports, inland waterways, and rail yards, as well as extensive intermodal facilities that connect to the whole US logistics chain.

Chicago remains well positioned to remain a leading economic engine thanks to the recent expansion of Chicago Mercantile Exchange - a world-class trading center and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers each day. Its port plays a vital role in the flow of regional commerce through handling both containers and bulk goods.

Tourism in Chicago region is also experiencing expansion, and is expected to 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 is expected to see increased flow of passengers as more airlines resume service, and the government eases travel restrictions; however consumer confidence could suffer as prices for homes are extremely volatile Real estate agents can aid buyers to navigate these complexities and ensure informed decisions are being taken by buyers.