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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study; tenants place greater importance on amenities and spacemaking, causing them to move away from lavish new construction to more collaborative space; this trend can be observed by retrofitting existing buildings to facilitate flexible use by firms when they reduce their size or move to smaller areas.

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 in addition to the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools within different industries. In addition, the 1871 incubator is rated as one of the premier incubators in the world.

Chicago is among the three top manufacturing cities in the US with a high concentration of food and plastics, as well as metals. Manufacturing firms benefit from Chicago's central location that makes their products easy to transport across the globe or across the nation. Furthermore, innovation within this sector is rapidly progressing so Chicago has many incubators like mHub.

Logistics and transportation are the main economic drivers in the Chicago area, particularly in the process of transitioning businesses 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, as well as strong intermodal facilities that provide access to the whole US distribution chain.

Chicago is well placed to remain an economic powerhouse due to the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center 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 trade by handling both containers and bulk merchandise.

Tourism in Chicago area is also seeing expansion, and is expected to return to pre-pandemic levels this summer as a result of several major events such as NASCAR races, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in circulation as more airlines begin service, and the government eases travel restrictions; however consumer confidence could suffer due to the fact that the prices for homes are extremely volatile and real estate professionals are able to assist buyers with these complexities and ensure that informed choices are made by buyers.