Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study and tenants place greater importance on amenities and placemaking, leading them away from lavish new construction to more co-operative areas. This trend can be observed through retrofitting of existing buildings to facilitate flexibility press release quotes for new employees (https://form.jotform.com/) businesses 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 growth of shared workspace providers like WeWork and Regus in addition to the fact that IT firms profit from Chicago's robust infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator has been recognized as one of the most prestigious incubators globally.

Chicago is among the three most productive cities of the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies benefit due to the city's central location, which allows their products to be easily transported across the country or around the world. Furthermore, technology in the manufacturing industry is rapidly growing thus Chicago has numerous incubators such as mHub.

Logistics and transportation are the main economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet, including container ports as well as air cargo hubs, airports, waterways inland and rail yards. There are also strong intermodal facilities that provide access to the whole US logistics chain.

Chicago remains well placed to continue to be a major economic force due to the recent expansion to 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 plays a vital role in the flow of regional commerce through handling containers and bulk merchandise.

Tourism in the Chicago region is also experiencing an increase, and it is expected to increase to pre-pandemic levels later this summer as a result of several major events including NASCAR races Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in traffic as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer as housing market is highly unpredictable; real estate professionals can assist buyers with these complexities and ensure that informed choices are being made by buyers.