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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is rebounding despite rising construction costs as per the BOMA/Chicago Study tenants place greater importance on amenities and the placemaking, leading them away from lavish new constructions to more collaborative spaces. This trend can also be seen by retrofitting existing buildings to allow for companies to use them in a variety of ways as they downsize or relocate 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, but also because IT firms profit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Furthermore, the press room chicago menu (start.me) 1871 incubator is rated as one of the premier incubators in the world.

Chicago is one of the three most productive cities of the US, boasting concentrations in food, metals and plastics production. Manufacturing firms benefit from Chicago's central location which makes their products easy to transport throughout the United States or around the world. Furthermore, innovation within the industry is rapidly advancing so Chicago has many incubators like mHub.

Transportation and logistics remain key economic drivers in the Chicago area, particularly when businesses shift away from traditional retailing towards online sales. Chicago has a varied shipping fleet, including container ports, air cargo hubs, airports, inland waterways, and rail yards. There are also well-developed intermodal facilities which provide access to the entire US supply chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansions that has seen the Chicago Mercantile Exchange - a global hub for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port serves as a crucial part of regional trade by handling containers and bulk merchandise.

Tourism in Chicago area is also seeing an increase, and it is expected to increase to pre-pandemic levels later this summer due to several important events, including NASCAR race, 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 reduces travel restrictions. However, consumer confidence may suffer because the markets for housing are highly volatile Realtors can aid buyers to navigate these complexities and ensure informed decisions are made by buyers.