Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is increasing even as construction costs are rising according to the BOMA/Chicago Study tenants place greater value on amenities and placemaking, leading them away from trophy new construction to more collaborative spaces. This trend can be observed through retrofitting of existing buildings to allow for companies to use them in a variety of ways 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 companies such as WeWork and Regus, but also because IT companies benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as the best incubators in the world.

Chicago is among the three top manufacturing city in the US and has a strong presence in food manufacturing, plastics and illini press conference, https://form.jotform.com/230100573203033, metals. Manufacturing firms benefit due to the city's central location, which makes their products easy to transport across the globe or across the nation. Furthermore, innovation within this sector is rapidly progressing thus Chicago provides numerous incubators, such as the mHub.

Logistics and transportation are the main economic drivers in Chicago region, especially when companies shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet which includes container ports, 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 placed to remain an economic powerhouse due to the recent expansions of Chicago Mercantile Exchange - a global hub for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional commerce through handling bulk and container goods.

Tourism in Chicago region is also seeing growth, and should return to pre-pandemic levels this summer because of a number of important events, including NASCAR races, 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 relaxes travel restrictions. Nevertheless, consumer trust could be affected as the prices for homes are extremely volatile; real estate professionals can aid buyers to navigate these complexities and make sure informed decisions are made by buyers.