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Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering even as construction costs are rising according to the BOMA/Chicago Study tenants place greater importance on amenities and places to be, which is driving them away from imposing new construction to more co-operative spaces; this trend can also be seen with retrofitting of existing buildings to enable flexibility in the use of firms that are looking to reduce or move into smaller spaces.
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IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies like WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's extensive infrastructure and 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 most productive cities across the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport throughout the United States or around the world. Furthermore, technology in this sector is rapidly progressing so Chicago has many incubators like the mHub.
Transportation and logistics remain key economic drivers in Chicago area, particularly as companies transition away from traditional retailing and towards online sales. Chicago boasts a diverse shipping fleet including container ports as well as air cargo hubs, airports, inland waterways and rail yards. There are also well-developed intermodal facilities which provide access to the entire US supply chain.
Chicago remains well placed for a long-term economic success due to the recent expansion of Chicago Mercantile Exchange - a global hub for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers each day. Its port plays a vital role in the flow of regional commerce by handling containers and bulk merchandise.
Tourism in the Chicago region is also experiencing growth and will increase to pre-pandemic levels later this summer because of a number of major events such as NASCAR events, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government reduces travel restrictions. However, consumer confidence may suffer because the prices for homes are extremely volatile and real estate professionals are able to assist buyers in understanding these complexities and make sure informed decisions are being taken by buyers.