Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing is booming in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater value on amenities and places to be, which is driving them away from imposing new construction and towards more collaborative spaces. This trend can also be seen with retrofitting of existing buildings to facilitate flexible use by firms as they downsize or relocate into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the proliferation of shared workspace companies like WeWork and Regus as well as the fact that IT companies benefit from Chicago’s strong infrastructure and its proximity to the talent pool in other 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 of the US with a high concentration of food, metals and plastics production. Manufacturing firms benefit from the centrality of Chicago, which allows them to easily move their goods across the country or around the world. Furthermore, technology in the industry is rapidly advancing thus Chicago offers numerous incubators like the mHub.
Logistics and transportation are the main economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago boasts a diverse shipping fleet which includes container ports, air cargo hubs, airports, press release layout – https://pressez.substack.com, waterways inland and rail yards. It also has extensive intermodal facilities that connect to the whole US supply chain.
Chicago is well placed for a long-term economic success 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 every day, while its port plays a vital role in the flow of regional trade by handling both containers and bulk products.
Tourism in 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 events, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O’Hare airport could see a boost in flow of passengers as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer due to the fact that the housing market is highly unpredictable; real estate professionals can aid buyers to navigate these complexities and ensure that well-informed decisions are made by buyers.