Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing is booming regardless of the rising cost of construction, as per the BOMA/Chicago Study tenants place greater value on amenities and placemaking, leading them away from imposing new construction and towards more collaborative space; this trend is also evident by retrofitting 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 proliferation of shared workspace providers like WeWork and Regus as well as the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to other talent pools in different sectors; furthermore, 1871 incubator has been ranked as one of the premier incubators around the world.

Chicago is among the three top manufacturing cities of the US and has a strong presence in food and plastics, as well as metals. Manufacturing firms benefit from Chicago's central location that allows their products to be easily transported throughout the United States or around the world. Furthermore, innovation within the industry is rapidly advancing and Chicago has numerous incubators such as mHub.

Logistics and transportation are the main economic drivers for the Chicago area, particularly when companies shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways and rail yards. There are also well-developed intermodal facilities which provide access to the whole US the supply chain.

Chicago is well placed for a long-term economic success with the recent expansion of the Chicago Mercantile Exchange - a world-class trading center and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional trade by handling bulk and container goods.

Tourism in Chicago area is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer due to several major events such as NASCAR races, Lollapalooza celebration, Democratic National Convention and press release 4th june 2019 (learn more about pressez.substack.com) the International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service and the government relaxes travel restrictions; however consumer trust could be affected as the it is extremely unpredictable in the housing market Realtors can assist buyers with these complexities and ensure informed decisions are made by prospective buyers.