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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is increasing regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and the location-making, thereby transferring them away from imposing new construction to more collaborative spaces; this trend can also be seen by retrofitting existing buildings to enable flexibility in the use of firms that are looking to reduce or move into smaller spaces.
IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace operators like WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's extensive infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator has ranked amongst the best incubators in the world.
Chicago is one of the top three manufacturing cities across the US with a high concentration of food, metals and plastics production. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport across the globe or across the nation. In addition, innovation in this industry is rapidly increasing and illinois basketball post game press conference (hashnode.com) Chicago offers numerous incubators like the mHub.
Transportation and logistics are key economic drivers in the Chicago area, especially as companies transition away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet, including container ports and air cargo hubs. airports, waterways inland and rail yards. There are also well-developed intermodal facilities which provide access to the whole US supply chain.
Chicago remains well placed to remain a leading economic engine with the recent expansion of Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional commerce through handling bulk and container items.
Tourism in Chicago area is also seeing growth, and should return to pre-pandemic levels this summer due to several major events like NASCAR races Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased circulation as more airlines begin service and the government decreases travel restrictions; however consumer trust could be affected as the it is extremely unpredictable in the housing market Realtors can assist buyers with these complexities and ensure that well-informed decisions are being made by buyers.
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