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Chicago Industry Trends



As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing is booming regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater importance on amenities and placemaking, leading them away from extravagant new construction and towards more collaborative space; this trend is also apparent in retrofitting existing buildings to enable flexibility in the use of firms as they downsize or relocate to smaller spaces.




IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace companies like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools within different industries. In addition, the 1871 incubator is rated as the best incubators globally.




Chicago is one of the three top manufacturing cities in the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location that allows their products to be easily transported across the nation or globe. Additionally, the innovation in this industry is rapidly increasing which is why Chicago has numerous incubators such as 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 is home to a broad shipping fleet that includes container ports, air cargo hubs, airports, inland waterways and rail yards as well as extensive intermodal facilities that connect to the whole US supply chain.




Chicago is well placed to remain a leading economic engine with the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional commerce through handling containers and bulk products.




Tourism in Chicago region is also seeing expansion, and is expected to be back to pre-pandemic levels by the end of in the summer, due to a variety of important events, including NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government relaxes travel restrictions. However, consumers' confidence could suffer due to the fact that the housing market is highly unpredictable Realtors can aid buyers to navigate these complexities and ensure informed decisions are made by prospective buyers.