Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing is booming despite rising construction costs as per the BOMA/Chicago Study Tenants place more importance on amenities and the places to be, which is driving them away from trophy new constructions to more collaborative areas. This trend can be observed with retrofitting of existing buildings to allow for flexibility for businesses as they downsize or relocate into smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the proliferation of shared workspace operators like WeWork and Regus in addition to the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to the talent pool in other industries. In addition, the 1871 incubator is rated as the best incubators in the world.

Chicago is one of the three top manufacturing city in the US, boasting concentrations in food and plastics, as well as metals. Manufacturing companies profit due to the city's central location, which makes their products easy to transport across the globe or across the nation. In addition, innovation in this sector is rapidly progressing which is why Chicago provides numerous incubators, such as the mHub.

Logistics and transportation are the main economic drivers for the Chicago area, especially when businesses shift away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet, including container ports airports, air cargo hubs airports, waterways inland and rail yards. It also has extensive intermodal facilities that connect to the entire US the supply chain.

Chicago remains well placed to remain a leading economic engine due to the recent expansion of the Chicago Mercant