Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real 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 spacemaking, causing them to move away from trophy new construction to more co-operative space; this trend is also apparent with retrofitting of existing buildings, allowing for more flexible use by firms as they downsize or relocate to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace operators like WeWork and Regus in addition to the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Additionally, 1871 incubator has been ranked as the top incubators in the world.

Chicago is among the three top manufacturing cities across the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location that allows them to easily move their goods across the globe or across the nation. Furthermore, innovation within this industry is rapidly increasing which is why Chicago has many incubators like the mHub.

Transportation and logistics are key economic drivers in the Chicago area, especially when companies shift away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet, including container ports airports, air cargo hubs airports, inland waterways, and rail yards as well as well-developed intermodal facilities which provide access to the entire US logistics chain.

Chicago is well-positioned to remain an economic powerhouse due to the recent expansion to the Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional trade by handling containers and bulk merchandise.

Tourism in the Chicago region is also experiencing growth, and should increase to pre-pandemic levels later this summer as a result of several major events such as NASCAR events, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government reduces travel restrictions; however consumer confidence could suffer as markets for housing are highly volatile; real estate professionals can help buyers navigate these nuances and make sure informed decisions are being made by buyers.