Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increasing diversity of new business and real development projects. The office leasing market is recovering in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater importance on amenities and location-making, thereby transferring them away from trophy new construction and towards more collaborative spaces. This trend can be observed with retrofitting italica university of illinois press (start.me) existing buildings, allowing for more flexible use by firms who are relocating or downsizing into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace providers like WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to other talent pools in different sectors. Furthermore, the 1871 incubator is rated as one of the premier incubators globally.

Chicago is one of the three most productive cities of the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from the centrality of Chicago, which allows their products to be easily transported across the nation or globe. Furthermore, innovation within this industry is rapidly increasing so Chicago offers numerous incubators like mHub.

Transportation and logistics are key economic drivers in Chicago region, especially as companies transition away from traditional retail to online sales. Chicago boasts a diverse shipping fleet that includes container ports as well as air cargo hubs, airports, inland waterways and rail yards. There are also extensive intermodal facilities that connect to the entire US distribution chain.

Chicago remains well positioned to remain a leading economic engine thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce, handling containers and bulk goods.

Tourism in the Chicago area is also seeing growth, and should return to pre-pandemic levels in the summer, due to a variety of important events, including NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government decreases travel restrictions; however consumer trust could be affected as the housing market is highly unpredictable and real estate professionals are able to assist buyers with these complexities and ensure that well-informed decisions are being taken by buyers.