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Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing is booming despite rising construction costs according to the BOMA/Chicago Study Tenants place more value on amenities and places to be, which is driving them away from lavish new construction to more co-operative spaces; this trend can be observed through retrofitting of existing buildings to allow for flexibility in the use of firms 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 proliferation of shared workspace companies like WeWork and Regus, but also because IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools in different sectors. Additionally, 1871 incubator is rated as the top incubators globally.

Chicago is among the three top manufacturing cities of the US and has a strong presence in food, metals and plastics production. Manufacturing firms benefit from Chicago's central location which allows their products to be easily transported across the country or around the world. Furthermore, innovation within this industry is rapidly increasing which is why Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers in Chicago region, especially as companies transition away from traditional retail and move to online sales. Chicago has a varied 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 entire US logistics chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansions to the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional commerce, handling containers and bulk goods.

Tourism in the Chicago area is also seeing growth, and should be back to pre-pandemic levels by the end of this summer because of a number of important events, including NASCAR race, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in traffic as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the housing market is highly unpredictable Realtors can assist buyers with these complexities and ensure that well-informed decisions are being taken by buyers.