Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more value on amenities and placemaking, leading them away from trophy new constructions to more collaborative spaces; this trend is also evident in retrofitting existing buildings, allowing for more flexible use by firms who are relocating or downsizing to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace providers like WeWork and Regus and also due to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools within different sectors; furthermore, 1871 incubator has been ranked as one of the most prestigious incubators globally.

Chicago is among the three top manufacturing city in the US with a high concentration of food production, plastics and metals. Manufacturing companies profit from the centrality of Chicago, which makes their products easily transportable 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 remain major economic drivers in the Chicago area, particularly in the process of transitioning businesses away from traditional retail and move to online sales. Chicago has a wide shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways, and rail yards. There are also extensive intermodal facilities that connect to the entire US supply chain.

Chicago remains well placed for a long-term economic success due to the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce, handling containers as well as bulk items.

Tourism in the Chicago region is also seeing expansion, and is expected to increase to pre-pandemic levels later this summer as a result of several major events such as NASCAR races, Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government reduces travel restrictions. However, consumers' trust could be affected as the prices for homes are extremely volatile Real estate agents can assist buyers in understanding these complexities and ensure that well-informed decisions are made by buyers.