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Chicago Industry Trends



As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering despite rising construction costs as per the BOMA/Chicago Study and tenants place greater importance on amenities and the placemaking, leading them away from trophy new construction to more co-operative spaces. This trend can also be seen with retrofitting of existing buildings to allow for flexibility for businesses that are looking to reduce or move into smaller space.




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, but also because IT firms benefit from Chicago's robust infrastructure and proximity to other talent pools in different sectors. Additionally, 1871 incubator has ranked amongst the best incubators around the world.




Chicago is among the top three manufacturing city in the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies profit from the centrality of Chicago, which allows them to easily move their goods throughout the United States or around the world. Furthermore, technology in this industry is rapidly increasing so Chicago has many incubators like mHub.




Transportation and logistics remain key economic drivers in Chicago region, especially as companies transition away from traditional retailing and towards [[https://www.wagonindia.com/january-online-sale|online sales]]. Chicago has a wide shipping fleet, including 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 supply chain.




Chicago is well-positioned to remain an economic powerhouse thanks 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 [[https://www.faqtoids.com/lifestyle/animal-services-play-vital-role-community-health?ad=dirN&qo=serpIndex&o=740006&origq=vital+role|vital role]] in the flow of regional commerce, handling bulk and container merchandise.




Tourism in Chicago area is also seeing growth and will increase to pre-pandemic levels later this summer because of a number of major events including NASCAR race,  24-7 press release - [[https://pressez.substack.com/about|pressez.Substack.com]] - Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government relaxes travel restrictions; however consumer confidence could suffer as markets for housing are highly volatile; real estate professionals can aid buyers to navigate these complexities and make sure informed decisions are made by prospective buyers.
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