Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, as per the BOMA/Chicago Study tenants place greater importance on amenities and the spacemaking, causing them to move away from lavish new constructions to more collaborative spaces; this trend is also apparent through retrofitting of existing buildings to enable flexibility for businesses who are relocating or 750s press release (pressez.substack.com) downsizing into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace providers like WeWork and Regus as well as the fact that IT firms take advantage of Chicago's extensive infrastructure and proximity to other talent pools within different sectors; furthermore, 1871 incubator has ranked amongst one of the most prestigious incubators globally.

Chicago is one of the three top manufacturing cities in the US with a high concentration of food, metals and plastics production. Manufacturing firms benefit due to the city's central location, which makes their products easily transportable across the country or around the world. Additionally, the innovation in this industry is rapidly increasing and Chicago has many incubators like mHub.

Transportation and logistics are key economic drivers for the Chicago region, especially as companies transition away from traditional retail to online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, waterways inland and rail yards. It also has well-developed intermodal facilities which provide access to the entire US supply chain.

Chicago is well placed for a long-term economic success with the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce through handling bulk and container items.

Tourism in Chicago area is also seeing growth, and should return to pre-pandemic levels this summer due to several major events such as NASCAR race, Lollapalooza celebration, Democratic National Convention and 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 consumer confidence may suffer because the markets for housing are highly volatile Real estate agents can assist buyers in understanding these complexities and ensure informed decisions are made by buyers.