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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is increasing in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater importance on amenities and the location-making, thereby transferring them away from lavish new constructions to more collaborative spaces. This trend can also be seen in retrofitting existing buildings to allow for companies to use them in a variety of ways as they downsize or relocate into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to other talent pools in different sectors. Additionally, 1871 incubator is rated as one of the premier incubators globally.
Chicago is one of the three most productive cities in the US that has high concentrations of food, metals and plastics production. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods across the nation or globe. Furthermore, technology in this industry is rapidly increasing thus Chicago offers numerous incubators like the mHub.
Logistics and transportation remain major economic drivers in Chicago area, particularly as companies transition 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, as well as robust intermodal facilities providing access to the whole US distribution chain.
Chicago remains well positioned to remain an economic powerhouse due to the recent expansions of the Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional trade by handling containers and bulk merchandise.
Tourism in Chicago region is also experiencing growth and will be back to pre-pandemic levels by the end of this summer as a result of several major events such as NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government reduces travel restrictions. However, consumer trust could be affected as the prices for homes are extremely volatile Real estate agents can help buyers navigate these nuances and ensure informed decisions are being made by buyers.
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