Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real estate development projects. The office leasing market is recovering in spite of rising costs for construction according to the BOMA/Chicago Study tenants place greater importance on amenities and spacemaking, causing them to move away from lavish new construction to more collaborative spaces. This trend can also be seen with retrofitting of existing buildings to enable companies to use them in a variety of ways 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 proliferation of shared workspace companies such as WeWork and Regus as well as the fact that IT firms take advantage of Chicago's extensive infrastructure and proximity to other talent pools within different sectors. Furthermore, the 1871 incubator is rated as one of the premier incubators globally.
Chicago is one of the three most productive cities across the US, boasting concentrations in food and plastics, as well as metals. Manufacturing companies benefit from Chicago's central location which allows their products to be easily transported across the country or around the world. In addition, innovation in this industry is rapidly increasing and Chicago provides numerous incubators, such as the mHub.
Transportation and logistics are key economic drivers in the Chicago area, especially as companies transition away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet that includes container ports and air cargo hubs. airports, inland waterways, and rail yards, as well as extensive intermodal facilities that connect to the whole US logistics chain.
Chicago is well placed to remain a leading economic engine due to the recent expansions of 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 is a key component of regional commerce by handling bulk and container merchandise.
Tourism in Chicago region is also seeing an increase, and it is expected to get back to pre-pandemic numbers this summer as a result of several major events like NASCAR races, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and press release over the wire (pressez.substack.com) government reduces travel restrictions. However, consumers' trust could be affected as the housing market is highly unpredictable Realtors can assist buyers in understanding these complexities and ensure that informed choices are being made by buyers.
