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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is rebounding despite rising construction costs as per the BOMA/Chicago Study tenants place greater value on amenities and location-making, thereby transferring them away from imposing new construction to more co-operative areas. This trend is also evident with retrofitting of existing buildings to enable flexibility in the use of firms that are looking to reduce or move to smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace operators like WeWork and Regus, but also because IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors. Additionally, 1871 incubator has been ranked as the top incubators around the world.

Chicago is among the top three manufacturing cities in the US and has a strong presence in food production, plastics and metals. Manufacturing companies profit due to the city's central location, which allows them to easily move their goods across the globe or across the nation. In addition, innovation in the industry is rapidly advancing thus Chicago offers numerous incubators like the mHub.
Logistics and transportation remain major economic drivers in the Chicago region, especially as companies transition away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet, Press Release Bluebook (Start.Me) including container ports, air cargo hubs, airports, inland waterways and rail yards. There are also robust intermodal facilities providing access to the entire US distribution chain.
Chicago remains well positioned to remain a leading economic engine with the recent expansion of Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional commerce through handling containers as well as bulk merchandise.
Tourism in the Chicago area is also seeing growth and will increase to pre-pandemic levels later this summer because of a number of important events, including NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government relaxes travel restrictions; however consumer confidence could suffer as it is extremely unpredictable in the housing market and real estate professionals are able to assist buyers with these complexities and ensure that well-informed decisions are made by buyers.
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