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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing even as construction costs are rising according to the BOMA/Chicago Study; tenants place greater value on amenities and location-making, thereby transferring them away from trophy new construction to more collaborative spaces. This trend is also apparent with retrofitting of existing buildings to facilitate flexibility for businesses that are looking to reduce or move to smaller spaces.
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IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace companies like WeWork and Regus and also due to the fact that IT firms benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors; furthermore, 1871 incubator has been recognized as one of the premier incubators worldwide.
Chicago is among the three top manufacturing cities across the US, boasting concentrations in food production, plastics and metals. Manufacturing companies benefit from Chicago's central location which allows them to easily move their goods across the nation or globe. Additionally, the innovation in the manufacturing industry is rapidly growing and Chicago has numerous incubators such as the mHub.
Logistics and transportation are the main economic drivers in Chicago area, especially when companies shift away from traditional retail to online sales. Chicago boasts a diverse shipping fleet that includes container ports and air cargo hubs. airports, waterways inland and rail yards. It also has strong intermodal facilities that provide access to the entire US supply chain.
Chicago remains well positioned to remain an economic powerhouse with the recent expansion of Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional trade by handling both containers and bulk merchandise.
Tourism in Chicago region is also experiencing growth, and should return to pre-pandemic levels this summer as a result of several major events including NASCAR race, Lollapalooza celebration, Democratic National Convention and 49ers press release (his comment is here) the International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service, and the government eases travel restrictions; however consumer confidence may suffer because the it is extremely unpredictable in the housing market Real estate agents can assist buyers with these complexities and ensure that informed choices are made by prospective buyers.