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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study and tenants place greater importance on amenities and places to be, which is driving them away from imposing new constructions to more collaborative spaces. This trend can also be seen through retrofitting of existing buildings, allowing for more flexibility for businesses 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 such as WeWork and Regus, but also because IT firms benefit from Chicago's extensive infrastructure and proximity to talent pools in other sectors. Furthermore, the 1871 incubator has ranked amongst the top incubators around the world.

Chicago is among the top three manufacturing cities in the US that has high concentrations of food production, plastics and metals. Manufacturing companies benefit from the centrality format of press release Chicago, which makes their products easy to transport across the globe or across the nation. In addition, innovation in the manufacturing industry is rapidly growing so Chicago has many incubators like the mHub.

Logistics and transportation are the main economic drivers in Chicago region, especially when businesses shift away from traditional retail and move to online sales. Chicago has a wide shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways, and rail yards. There are also extensive intermodal facilities that connect to the entire US logistics chain.

Chicago is well-positioned to continue to be a major economic force due to the recent expansion of Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional trade by handling containers as well as bulk items.

Tourism in the Chicago region is also experiencing growth and will return to pre-pandemic levels in the summer, due to a variety of important events, including NASCAR races, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service and the government relaxes travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the housing market is highly unpredictable Realtors can assist buyers in understanding these complexities and ensure informed decisions are being made by buyers.