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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering even as construction costs are rising as per the BOMA/Chicago Study tenants place greater importance on amenities and the location-making, thereby transferring them away from extravagant new construction and towards more collaborative spaces. This trend is also evident in retrofitting existing buildings to enable 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 operators like WeWork and Regus, but also because IT companies benefit from Chicago's strong infrastructure and its proximity to talent pools in other industries. In addition, the 1871 incubator has been ranked as the best incubators worldwide.

Chicago is one of the top three manufacturing cities in the US and has a strong presence in food and plastics, as well as metals. Manufacturing firms benefit from the centrality of Chicago, which allows their products to be easily transported across the globe or across the nation. Additionally, the innovation in the industry is rapidly advancing and Chicago offers numerous incubators like mHub.

Logistics and transportation are the main economic drivers for the Chicago region, especially as companies transition away from traditional retail to online sales. Chicago has a varied shipping fleet that includes container ports, air cargo hubs, airports, inland waterways and rail yards as well as strong intermodal facilities that provide access to the entire US supply chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansions to the Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce through handling both containers and bulk goods.

Tourism in Chicago region is also experiencing expansion, and press release vertex, Read the Full Post, is expected to increase to pre-pandemic levels later this summer due to several major events including NASCAR races Lollapalooza festival, 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; however consumer confidence could suffer due to the fact that the prices for homes are extremely volatile and real estate professionals are able to assist buyers in understanding these complexities and ensure that well-informed decisions are being made by buyers.