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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is increasing regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater importance on amenities and places to be, which is driving them away from trophy new constructions to more collaborative areas. This trend is also evident by retrofitting existing buildings to enable flexibility for businesses as they downsize or relocate to smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace providers like WeWork and Regus, but also because IT firms profit from Chicago's robust infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator has been recognized as one of the most prestigious incubators globally.
Chicago is among the three top manufacturing city in the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies benefit due to the city's central location, which makes their products easily transportable across the globe or across the nation. Furthermore, technology in the manufacturing industry is rapidly growing so Chicago has many incubators like mHub.
Logistics and transportation are the main economic drivers in Chicago region, especially as companies transition away from traditional retailing towards online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, waterways inland and rail yards, as well as extensive intermodal facilities that connect to the entire US the supply chain.
Chicago remains well placed to remain a leading economic engine due to the recent expansions of the Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional trade by handling containers and bulk merchandise.
Tourism in the Chicago region is also experiencing growth, and should be back to pre-pandemic levels by the end of this summer due to several major events including NASCAR race, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service and the government reduces travel restrictions. However, consumer trust could be affected as the prices for homes are extremely volatile Realtors can aid buyers to navigate these complexities and ensure informed decisions are being taken by buyers.