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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increase in the variety of business and real development projects. The office leasing market is recovering despite rising construction costs as per the BOMA/Chicago Study and tenants place greater importance on amenities and placemaking, leading them away from lavish new constructions to more collaborative space; this trend can also be seen with retrofitting of existing buildings, allowing for more flexibility for businesses who are relocating or downsizing what to do with a press release (https://hashnode.com/) smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to other talent pools in different sectors. Furthermore, the 1871 incubator is rated as one of the premier incubators globally.

Chicago is one of the top three manufacturing cities across the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which makes their products easy to transport across the nation or globe. Additionally, the innovation in this sector is rapidly progressing which is why Chicago offers numerous incubators like the mHub.

Logistics and transportation are the main economic drivers for the Chicago region, especially when companies shift 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. There are also well-developed intermodal facilities which provide access to the entire US the supply chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce, handling both containers and bulk merchandise.

Tourism in the Chicago region is also experiencing growth and will get back to pre-pandemic numbers this summer due to several major events including NASCAR race, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government relaxes travel restrictions; however consumer confidence may suffer because the markets for housing are highly volatile Realtors can help buyers navigate these nuances and ensure informed decisions are being made by buyers.