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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 in spite of rising costs for construction as per the BOMA/Chicago Study and tenants place greater value on amenities and places to be, which is driving them away from imposing new construction to more collaborative spaces. This trend is also apparent through retrofitting of existing buildings to allow for 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 due to the proliferation of shared workspace operators like WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to talent pools in other sectors; furthermore, 1871 incubator has ranked amongst the top incubators in the world.

Chicago is among the three most productive cities in the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport across the globe or across the nation. Additionally, the innovation in this sector is rapidly progressing thus Chicago has many incubators like mHub.

Transportation and logistics are key economic drivers for the Chicago area, particularly when businesses shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet that includes container ports as well as air cargo hubs, airports, waterways inland and rail yards, as well as strong intermodal facilities that provide access to the entire US logistics chain.

Chicago remains well placed to continue to be a major economic force 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 daily while its port is a key component of regional trade by handling containers as well as bulk merchandise.

Tourism in the Chicago region is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer due to several major events like NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government reduces travel restrictions. However, consumer confidence may suffer because the prices for homes are extremely volatile and real estate professionals are able to aid buyers to navigate these complexities and make sure informed decisions are being taken by buyers.