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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing is booming even as construction costs are rising as per the BOMA/Chicago Study tenants place greater importance on amenities and location-making, thereby transferring them away from extravagant new construction and towards more collaborative spaces. This trend can be observed by retrofitting existing buildings to enable flexibility in the use of firms who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus, but also because IT companies benefit from Chicago's extensive infrastructure and proximity to the talent pool in other sectors. Additionally, 1871 incubator has been recognized as the top incubators in the world.

Chicago is one of the top three manufacturing cities in the US, boasting concentrations in food, metals and plastics production. Manufacturing companies benefit from the centrality of Chicago, which allows their products to be easily transported across the globe or across the nation. Furthermore, technology in this industry is rapidly increasing thus Chicago offers numerous incubators like mHub.

Logistics and transportation remain major economic drivers in the Chicago area, especially in the process of transitioning businesses away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet, including container ports, air cargo hubs, airports, waterways inland and rail yards as well as robust intermodal facilities providing access to the entire US distribution chain.

Chicago is well-positioned for a long-term economic success due to the recent expansions of Chicago Mercantile Exchange - a international center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce through handling both containers and press release Marketing (https://form.jotform.com/230100573203033) bulk merchandise.

Tourism in the Chicago area is also seeing an increase, and it is expected to increase to pre-pandemic levels later in the summer, due to a variety of major events such as NASCAR race, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government decreases travel restrictions. However, consumers' trust could be affected as the prices for homes are extremely volatile and real estate professionals are able to aid buyers to navigate these complexities and make sure informed decisions are being taken by buyers.