Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increase in the variety of business and real estate development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study; tenants place greater importance on amenities and the location-making, thereby transferring them away from extravagant new construction to more collaborative areas. This trend is also evident with retrofitting of existing buildings to enable flexibility in the use of firms that are looking to reduce or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies like WeWork and Regus as well as 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 worldwide.

Chicago is one of the three most productive city in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies profit from Chicago's central location which makes their products easily transportable across the country or around the world. Furthermore, innovation within the industry is rapidly advancing and Chicago provides numerous incubators, such as the mHub.

Transportation and logistics are key economic drivers for the Chicago region, especially as companies transition away from traditional retail to online sales. Chicago has a varied shipping fleet including container ports airports, air cargo hubs airports, inland waterways and rail yards, as well as strong intermodal facilities that provide access to the whole US supply chain.

Chicago is well-positioned for a long-term economic success due to the recent expansion that has seen the Chicago Mercantile Exchange - a global hub for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional commerce by handling both containers and bulk goods.

Tourism in the Chicago area is also seeing expansion, and is expected to increase to pre-pandemic levels later in the summer, due to a variety of important events, including NASCAR races Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service, and the government eases travel restrictions. However, consumers' trust could be affected as the markets for housing are highly volatile and real estate professionals are able to help buyers navigate these nuances and ensure that informed choices are being made by buyers.