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Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing regardless of the rising cost of construction, as per the BOMA/Chicago Study; tenants place greater value on amenities and places to be, which is driving them away from lavish new construction and towards more collaborative space; this trend can also be seen by retrofitting existing buildings to allow for flexible use by firms 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 rise of shared workspace operators like WeWork and Regus, but also because IT firms profit from Chicago's infrastructure that is strong and its proximity to the talent pool in other industries. In addition, the 1871 incubator has been recognized as the best incubators in the world.
Chicago is one of the three most productive cities across the US and has a strong presence in food production, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which makes their products easily transportable across the nation or globe. In addition, innovation in the manufacturing industry is rapidly growing so Chicago has numerous incubators such as the mHub.
Transportation and logistics are key economic drivers in Chicago area, especially as companies transition away from traditional retail and move to online sales. Chicago has a varied shipping fleet including container ports as well as air cargo hubs, airports, inland waterways and rail yards, as well as strong intermodal facilities that provide access to the entire US distribution chain.
Chicago is well-positioned for a long-term economic success thanks to the recent expansion of Chicago Mercantile Exchange - a global hub for trading and imd press release; mirror.xyz, processing commodities - taking effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional commerce through handling containers and bulk merchandise.
Tourism in Chicago region is also experiencing expansion, and is expected to be back to pre-pandemic levels by the end of this summer due to several major events such as NASCAR events, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in 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 it is extremely unpredictable in the housing market and real estate professionals are able to help buyers navigate these nuances and ensure that informed choices are being made by buyers.