Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing is booming even as construction costs are rising according to the BOMA/Chicago Study and tenants place greater importance on amenities and the location-making, thereby transferring them away from extravagant new construction to more co-operative areas. This trend is also apparent through retrofitting of existing buildings to allow for flexible use by firms as they downsize or relocate to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace companies like WeWork and Regus, but also because IT companies benefit from Chicago's infrastructure that is strong and its proximity to other talent pools in different sectors. Additionally, 1871 incubator has been ranked as one of the most prestigious incubators around the world.

Chicago is one of the top three manufacturing cities in the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit from the centrality of Chicago, which makes their products easily transportable across the nation or globe. Furthermore, technology in this industry is rapidly increasing thus Chicago has numerous incubators such as mHub.

Transportation and 38th gst Council meeting press release (www.diigo.com) logistics remain key economic drivers in the Chicago region, especially when companies shift away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet including container ports airports, air cargo hubs airports, waterways inland and rail yards, as well as well-developed intermodal facilities which provide access to the entire US the supply chain.

Chicago is well placed for a long-term economic success 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 travelers every day. The port is a key component of regional trade by handling bulk and container products.

Tourism in Chicago area is also seeing an increase, and it is expected to get back to pre-pandemic numbers this summer as a result of several important events, including NASCAR race, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government relaxes travel restrictions. However, consumer confidence could suffer as markets for housing are highly volatile and real estate professionals are able to assist buyers in understanding these complexities and ensure that well-informed decisions are being made by buyers.