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Chicago Industry Trends



As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real estate development projects. The office leasing market is recovering in spite of rising costs for construction according to the BOMA/Chicago Study; tenants place greater importance on amenities and the location-making, thereby transferring them away from trophy new construction and towards more collaborative areas. This trend can also be seen through retrofitting of existing buildings, allowing for more flexible use by firms as they downsize or relocate to smaller spaces.




IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace operators like WeWork and Regus, but also because IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools in different sectors. Furthermore, the 1871 incubator has ranked amongst one of the most prestigious incubators globally.




Chicago is among the three most productive cities in the US, boasting concentrations in food production, plastics and metals. Manufacturing companies profit from Chicago's central location which makes their products easily transportable across the nation or globe. Furthermore, innovation within this sector is rapidly progressing so Chicago offers numerous incubators like mHub.



Transportation and logistics are key economic drivers in the Chicago area, particularly in the process of transitioning businesses away from traditional retailing towards online sales. Chicago has a wide shipping fleet including container ports, air cargo hubs, airports, waterways inland and rail yards. There are also well-developed intermodal facilities which provide access to the whole US the supply chain.




Chicago remains well positioned to remain an economic powerhouse due to the recent expansions of the Chicago Mercantile Exchange - a global hub for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional commerce by handling containers and bulk merchandise.




Tourism in Chicago area is also seeing expansion, and is expected to get back to pre-pandemic numbers in the summer, due to a variety of major events like NASCAR races, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved 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 Realtors can assist buyers with these complexities and ensure that informed choices are made by prospective buyers.







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