Chicago Industry Trends



As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study; tenants place greater value on amenities and places to be, which is driving them away from extravagant new construction and towards more collaborative space; this trend can also be seen by retrofitting existing buildings to allow for flexibility for businesses that are looking to reduce or move to smaller spaces.



IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace companies like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's robust infrastructure and proximity to other talent pools in different sectors; furthermore, 1871 incubator  press release instagram post ([[https://pressez.substack.com/about|https://pressez.substack.com]]) has been recognized as the top incubators worldwide.

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Chicago is among the three most productive cities across the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies profit from Chicago's central location that allows their products to be easily transported across the nation or globe. Additionally, the innovation in this sector is rapidly progressing thus Chicago provides numerous incubators, such as the mHub.




Logistics and transportation remain major economic drivers in the Chicago area, particularly when businesses shift away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet including container ports and air cargo hubs. airports, inland waterways and rail yards. It also has well-developed intermodal facilities which provide access to the whole US the supply chain.




Chicago remains well positioned to remain a leading economic engine with the recent expansion to the Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional trade by handling containers and bulk products.




Tourism in Chicago area is also seeing an increase, and it is expected to get back to pre-pandemic numbers in the summer, due to a variety of major events like NASCAR races, Lollapalooza celebration, 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; however consumer trust could be affected as the markets for housing are highly volatile Real estate agents can assist buyers with these complexities and ensure that well-informed decisions are made by buyers.