Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is rebounding despite rising construction costs according to the BOMA/Chicago Study; tenants place greater importance on amenities and the placemaking, leading them away from trophy new constructions to more collaborative areas. This trend is also evident with retrofitting of existing buildings to enable flexible use by firms as they downsize or relocate to smaller areas.
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 as well as the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different industries. In addition, the 1871 incubator has been recognized as one of the premier incubators around the world.
Chicago is among the three most productive cities across the US and sec press release; www.diigo.com, has a strong presence in food, metals and plastics production. Manufacturing companies profit from the centrality of Chicago, which allows them to easily move their goods across the country or around the world. In addition, innovation in the industry is rapidly advancing so Chicago offers numerous incubators like mHub.
Transportation and logistics remain key economic drivers in the Chicago area, especially when businesses shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways and rail yards as well as extensive intermodal facilities that connect to the whole US logistics chain.
Chicago remains well placed to remain an economic powerhouse due to the recent expansion of the Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into 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 products.
Tourism in the Chicago region is also seeing an increase, and it is expected to increase to pre-pandemic levels later this summer due to several major events including NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service, and the government eases travel restrictions; however consumer confidence could suffer as 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 taken by buyers.