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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is increasing despite rising construction costs according to the BOMA/Chicago Study Tenants place more importance on amenities and the spacemaking, causing them to move away from trophy new constructions to more collaborative spaces; this trend can also be seen in retrofitting existing buildings, allowing for more flexibility for businesses that are looking to reduce or move into smaller space.
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 and also due to the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools in different industries. In addition, the 1871 incubator has ranked amongst one of the premier incubators around the world.
Chicago is one of the top three manufacturing cities in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing firms benefit due to the city's central location, which allows their products to be easily transported across the nation or globe. Furthermore, technology in this industry is rapidly increasing thus Chicago offers numerous incubators like the mHub.
Transportation and logistics are key economic drivers in the Chicago area, especially when companies shift away from traditional retail to online sales. Chicago boasts a diverse shipping fleet, including container ports, air cargo hubs, airports, waterways inland and rail yards, as well as robust intermodal facilities providing access to the whole US logistics chain.
Chicago is well-positioned to continue to be a major economic force due to the recent expansion of Chicago Mercantile Exchange - a international center for trading and illinois speed press (independent.academia.edu) processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional commerce through handling both containers and bulk products.
Tourism in the Chicago region is also experiencing expansion, and is expected to be back to pre-pandemic levels by the end of this summer as a result of several important events, including NASCAR events, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government relaxes travel restrictions. However, consumer confidence may suffer because the markets for housing are highly volatile; real estate professionals can help buyers navigate these nuances and ensure that informed choices are being taken by buyers.
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