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 regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater value on amenities and spacemaking, causing them to move away from imposing new construction to more collaborative space; this trend is also evident in retrofitting existing buildings to allow for companies to use them in a variety of ways 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 companies such as WeWork and Regus and also due to the fact that IT companies benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Furthermore, the 1871 incubator has been recognized as the best incubators globally.

Chicago is among the three most productive cities of the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies benefit from Chicago's central location that allows them to easily move their goods across the nation or globe. In addition, innovation in this industry is rapidly increasing thus Chicago provides numerous incubators, such as mHub.

Transportation and logistics remain key economic drivers for the Chicago region, especially when businesses shift away from traditional retail to online sales. Chicago has a varied shipping fleet including container ports, air cargo hubs, airports, waterways inland and rail yards. It also has extensive intermodal facilities that connect to the whole US supply chain.

Chicago remains well positioned to continue to be a major economic force due to the recent expansion to the Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce by handling both containers and bulk items.

Tourism in Chicago region is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer due to several major events including NASCAR races Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer due to the fact that the prices for homes are extremely volatile and real estate professionals are able to help buyers navigate these nuances and ensure that well-informed decisions are being made by buyers.