Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real estate development projects. The office leasing market is recovering despite rising construction costs as per the BOMA/Chicago Study Tenants place more importance on amenities and spacemaking, causing them to move away from trophy new constructions to more collaborative spaces; this trend can also be seen in retrofitting existing buildings, allowing for more flexible use by firms when they reduce their size or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace providers like WeWork and Regus, but also because IT firms benefit from Chicago's robust infrastructure and proximity to other talent pools within different industries. In addition, the 1871 incubator has been ranked as the best incubators in the world.

Chicago is one of the top three manufacturing cities across the US, boasting concentrations in food and plastics, as well as metals. Manufacturing firms benefit due to the city's central location, which makes their products easily transportable across the country or around the world. Furthermore, innovation within the industry is rapidly advancing thus Chicago offers numerous incubators like mHub.

Logistics and transportation remain major economic drivers in the Chicago region, especially when companies shift away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet which includes container ports, air cargo hubs, airports, inland waterways and rail yards as well as well-developed intermodal facilities which provide access to the entire US distribution chain.

Chicago is well-positioned to continue to be a major economic force due to the recent expansions that has seen 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 vital role in the flow of regional commerce by handling both containers and bulk products.

Tourism in Chicago region is also seeing expansion, and is expected to increase to pre-pandemic levels later in the summer, due to a variety of important events, including NASCAR races Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government decreases travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the prices for homes are extremely volatile; real estate professionals can aid buyers to navigate these complexities and ensure informed decisions are made by buyers.