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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study tenants place greater importance on amenities and location-making, thereby transferring them away from extravagant new construction and towards more collaborative areas. This trend is also apparent through retrofitting of existing buildings to facilitate flexible use by firms as they downsize or relocate to smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace companies like WeWork and Regus as well as the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other sectors; furthermore, 1871 incubator has been ranked as one of the premier incubators around the world.

Chicago is one of the three top manufacturing cities of the US, boasting concentrations in food production, plastics and metals. Manufacturing companies profit from the centrality of Chicago, which makes their products easily transportable across the nation or globe. Furthermore, technology in the industry is rapidly advancing which is why Chicago has numerous incubators such as the mHub.

Transportation and logistics are key economic drivers for the Chicago region, especially as companies transition away from traditional retail and move to online sales. Chicago has a wide shipping fleet, including container ports, air cargo hubs, airports, waterways inland and rail yards. It also has robust intermodal facilities providing access to the whole US the supply chain.

Chicago is well-positioned to continue to be a major economic force due to the recent expansions of Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional commerce through handling both containers and bulk items.

Tourism in the Chicago area is also seeing growth and will be back to pre-pandemic levels by the end of in the summer, due to a variety of major events like NASCAR races, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service, and the government eases travel restrictions. However, consumer trust could be affected as the prices for homes are extremely volatile; real estate professionals can aid buyers to navigate these complexities and ensure that well-informed decisions are made by buyers.