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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real development projects. The office leasing market is recovering even as construction costs are rising according to the BOMA/Chicago Study and tenants place greater value on amenities and spacemaking, causing them to move away from imposing new constructions to more collaborative spaces. This trend is also apparent with retrofitting of existing buildings to allow for flexibility for businesses who are relocating or downsizing to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace companies like WeWork and Regus and also due to the fact that IT firms benefit from Chicago's extensive infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator has been recognized as the top incubators worldwide.

Chicago is among the three top manufacturing city in the US that has high concentrations of food, metals and plastics production. Manufacturing companies profit due to the city's central location, which makes their products easy to transport across the nation or globe. Furthermore, technology in this sector is rapidly progressing so Chicago has numerous incubators such as mHub.

Logistics and transportation are the main economic drivers in Chicago region, especially as companies transition away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways and rail yards, as well as well-developed intermodal facilities which provide access to the entire illinois us news (start.me

) the supply chain.

Chicago remains well

positioned to remain a leading economic engine due to the recent expansions of the Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional trade by handling containers and bulk items.

Tourism in Chicago region is also seeing growth and will be back to pre-pandemic levels by the end of this summer as a result of several important events, including NASCAR race, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service and the government relaxes travel restrictions; however consumer trust could be affected as the it is extremely unpredictable in the housing market Realtors can aid buyers to navigate these complexities and ensure informed decisions are made by prospective buyers.