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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 estate development projects. Office leasing is booming despite rising construction costs according to the BOMA/Chicago Study; tenants place greater value on amenities and placemaking, leading them away from trophy new construction to more collaborative areas. This trend is also apparent in retrofitting existing buildings to allow for companies to use them in a variety of ways that are looking to reduce or move into smaller space.

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 companies benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator is rated as the best incubators around the world.

Chicago is one of the top

Transportation and logistics remain key economic drivers in the Chicago area, particularly when businesses shift away from traditional retail and move to online sales. Chicago has a wide shipping fleet which includes container ports and air cargo hubs. airports, waterways inland and rail yards. There are also robust intermodal facilities providing access to the entire US supply chain.

Chicago is well placed to remain an economic powerhouse with the recent expansion of the Chicago Mercantile Exchange - a global center for trading and illinois high school bench press record (www.diigo.com) processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional trade by handling containers as well as bulk goods.

Tourism in Chicago area is also seeing growth and will return to pre-pandemic levels this summer because of a number of important events, including NASCAR races, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government relaxes travel restrictions. However, consumer confidence may suffer because the markets for housing are highly volatile Real estate agents can assist buyers in understanding these complexities and ensure that well-informed decisions are made by buyers.