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Chicago Industry Trends

As Chicago industries evolve, 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 and tenants place greater value on amenities and location-making, thereby transferring them away from imposing new construction to more collaborative space; this trend is also evident with retrofitting State Of Illinois Press Releases (Pressez.Substack.Com) existing buildings, allowing for more flexibility for businesses when they reduce their size or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace providers like WeWork and Regus as well as 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 one of the premier incubators worldwide.

Chicago is among the three most productive cities of the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods across the country or around the world. In addition, innovation in this industry is rapidly increasing so Chicago provides numerous incubators, such as the mHub.

Logistics and transportation are the main economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet, including container ports and air cargo hubs. airports, inland waterways, and rail yards. There are also robust intermodal facilities providing access to the whole US logistics chain.

Chicago remains well positioned to remain a leading economic engine due to the recent expansion to the Chicago Mercantile Exchange - a international center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional commerce, handling containers and bulk items.

Tourism in the Chicago area is also seeing growth and will return to pre-pandemic levels in the summer, due to a variety of important events, including NASCAR race, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased circulation as more airlines begin service, and the government eases travel restrictions. However, consumers' confidence could suffer due to the fact that the markets for housing are highly volatile; real estate professionals can help buyers navigate these nuances and ensure that informed choices are being made by buyers.