Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing is booming even as construction costs are rising according to the BOMA/Chicago Study Tenants place more importance on amenities and places to be, which is driving them away from imposing new construction to more co-operative spaces. This trend can be observed in retrofitting existing buildings, allowing for more flexibility for businesses as they downsize or relocate into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace operators like WeWork and Regus as well as the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools in different sectors. Additionally, 1871 incubator is rated as the best incubators worldwide.

Chicago is one of the three top manufacturing cities in the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies benefit from Chicago's central location that makes their products easily transportable across the nation or globe. Furthermore, technology in the manufacturing industry is rapidly growing so Chicago provides numerous incubators, such as mHub.

Logistics and transportation remain major economic drivers in the Chicago area, particularly in the process of transitioning businesses away from traditional retail and move to online sales. Chicago has a wide shipping fleet which includes container ports as well as 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 remains well positioned to continue to be a major economic force due to the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional commerce, handling both containers and bulk goods.

Tourism in the Chicago area is also seeing an increase, and it is expected to return to pre-pandemic levels this summer because of a number of major events including NASCAR races, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer due to the fact that the it is extremely unpredictable in the housing market; real estate professionals can assist buyers with these complexities and ensure that informed choices are made by buyers.