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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 is booming in spite of rising costs for construction as per the BOMA/Chicago Study; tenants place greater importance on amenities and spacemaking, causing them to move away from trophy new constructions to more collaborative space; this trend can also be seen by retrofitting existing buildings to enable companies to use them in a variety of ways when they reduce their size or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace providers like WeWork and Regus, but also because IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors; furthermore, 1871 incubator has ranked amongst the best incubators worldwide.

Chicago is among the three top manufacturing cities 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 easy to transport across the nation or globe. Additionally, the innovation in this industry is rapidly increasing which is why Chicago has many incubators like the mHub.

Transportation and logistics remain key economic drivers in the Chicago region, especially as companies transition away from traditional retailing and towards online sales. Chicago boasts a diverse shipping fleet which includes container ports as well as air cargo hubs, airports, waterways inland and rail yards as well as strong intermodal facilities that provide access to the entire US distribution chain.

Chicago is well placed to remain an economic powerhouse due to the recent expansion of Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port serves as a crucial part of regional commerce by handling both containers and bulk 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 in the summer, due to a variety of major events such as NASCAR races, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service, and the government eases travel restrictions. However, consumer confidence may suffer because the housing market is highly unpredictable; real estate professionals can assist buyers with these complexities and ensure informed decisions are being made by buyers.