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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is increasing regardless of the rising cost of construction, as per the BOMA/Chicago Study tenants place greater importance on amenities and the places to be, which is driving them away from imposing new construction to more collaborative spaces; this trend is also apparent with retrofitting of existing buildings, allowing for more companies to use them in a variety of ways who are relocating or press release wire services - https://pressez.substack.com/p/the-importance-of-press-releases - downsizing into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace companies like WeWork and Regus, but also because IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools in different sectors; furthermore, 1871 incubator has ranked amongst one of the premier incubators worldwide.
Chicago is among the top three manufacturing cities of the US that has high concentrations of food, metals and plastics production. Manufacturing companies benefit from Chicago's central location that makes their products easily transportable across the nation or globe. Furthermore, innovation within this industry is rapidly increasing thus Chicago has many incubators like the mHub.
Transportation and logistics remain key economic drivers in the Chicago region, especially when businesses shift away from traditional retailing and towards 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 well-developed intermodal facilities which provide access to the whole US the supply chain.
Chicago remains well positioned to remain a leading economic engine due to the recent expansions that has seen the 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 commerce, handling containers and bulk merchandise.
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Tourism in Chicago area is also seeing growth, and should be back to pre-pandemic levels by the end of this summer as a result of several major events such as NASCAR race, Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the markets for housing are highly volatile and real estate professionals are able to aid buyers to navigate these complexities and ensure informed decisions are made by buyers.