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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study Tenants place more importance on amenities and the places to be, which is driving them away from trophy new construction to more collaborative spaces. This trend can also be seen by retrofitting existing buildings to allow for flexibility for businesses who are relocating or downsizing to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace operators like WeWork and Regus as well as the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to the talent pool in other sectors. Furthermore, the 1871 incubator is rated as the top incubators around the world.

Chicago is one of the three top manufacturing cities of the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies profit due to the city's central location, which makes their products easy to transport throughout the United States or around the world. Furthermore, innovation within this sector is rapidly progressing which is why Chicago provides numerous incubators, such as the mHub.

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

Chicago is well placed to continue to be a major economic force due to the recent expansions of the Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional trade by handling bulk and container products.

Tourism in the Chicago region is also experiencing growth, cssf press release 15/04; independent.academia.edu, and should be back to pre-pandemic levels by the end of in the summer, due to a variety of major events like NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in flow of passengers as more airlines resume service, and the government eases travel restrictions. However, consumer confidence could suffer due to the fact that the prices for homes are extremely volatile Real estate agents can assist buyers with these complexities and ensure informed decisions are made by prospective buyers.