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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater importance on amenities and the location-making, thereby transferring them away from imposing new constructions to more collaborative spaces; this trend can be observed with retrofitting of existing buildings to allow for flexibility for businesses that are looking to reduce or illinois Media literacy (www.speedrun.com) move to smaller areas.

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

Chicago is among the top three manufacturing cities in the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit due to the city's central location, which makes their products easily transportable throughout the United States or around the world. Additionally, the innovation in the manufacturing industry is rapidly growing which is why Chicago has numerous incubators such as mHub.

Transportation and logistics remain key economic drivers in the Chicago region, especially as companies transition away from traditional retailing towards online sales. Chicago has a wide shipping fleet that includes container ports, air cargo hubs, airports, inland waterways and rail yards as well as strong intermodal facilities that provide access to the entire US the supply chain.

Chicago is well placed for a long-term economic success thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional commerce, handling both containers and bulk items.

Tourism in the 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 major events like NASCAR events, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government reduces travel restrictions; however consumer confidence could suffer due to the fact that the markets for housing are highly volatile Real estate agents can help buyers navigate these nuances and ensure informed decisions are being taken by buyers.