Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing is booming despite rising construction costs according to the BOMA/Chicago Study and tenants place greater importance on amenities and spacemaking, causing them to move away from lavish new construction to more collaborative space; this trend is also apparent by retrofitting existing buildings, allowing for more flexibility in the use of firms when they reduce their size or move to smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace providers like WeWork and Regus as well as the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Furthermore, the 1871 incubator has been ranked as one of the most prestigious incubators worldwide.
Chicago is among the three most productive cities across the US with a high concentration of food, metals and plastics production. Manufacturing companies profit from the centrality of Chicago, which allows their products to be easily transported across the globe or across the nation. In addition, innovation in this industry is rapidly increasing which is why Chicago offers numerous incubators like the mHub.
Transportation and logistics are key economic drivers in the Chicago region, especially as companies transition away from traditional retail to online sales. Chicago is home to a broad shipping fleet, including container ports, air cargo hubs, airports, waterways inland and rail yards, as well as robust intermodal facilities providing access to the entire US the supply chain.
Chicago remains well placed to continue to be a major economic force due to the recent expansion to the Chicago Mercantile Exchange - a world-class trading center 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, handling containers as well as bulk merchandise.
Tourism in Chicago region is also seeing an increase, and it is expected to get back to pre-pandemic numbers this summer because of a number of major events including NASCAR races, 750s press release www.diigo.com] Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government decreases travel restrictions. Nevertheless, consumer trust could be affected as the prices for homes are extremely volatile; real estate professionals can assist buyers with these complexities and make sure informed decisions are made by prospective buyers.