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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing is booming regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and spacemaking, causing them to move away from extravagant new construction and towards more collaborative spaces. This trend can be observed in retrofitting existing buildings, allowing for more flexibility in the use of firms who are relocating or downsizing to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace companies like WeWork and Regus and also due to the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to talent pools in other sectors; furthermore, 1871 incubator has been recognized as one of the most prestigious incubators globally.

Chicago is among the three most productive cities in the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies profit from Chicago's central location that allows their products to be easily transported across the country or around the world. Furthermore, technology in the industry is rapidly advancing thus Chicago has many incubators like the mHub.

Transportation and logistics remain key economic drivers in Chicago area, samsung press release (start.me) particularly as companies transition away from traditional retail and move to online sales. Chicago has a varied shipping fleet which includes container ports airports, air cargo hubs airports, waterways inland and rail yards, as well as strong intermodal facilities that provide access to the whole US logistics chain.

Chicago remains well positioned to remain an economic powerhouse due to the recent expansions that has seen the Chicago Mercantile Exchange - a global center 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 commerce through handling bulk and container items.

Tourism in Chicago region is also seeing growth, and should get back to pre-pandemic numbers in the summer, due to a variety of major events like NASCAR events, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service, and the government eases travel restrictions. Nevertheless, consumer confidence could suffer as it is extremely unpredictable in the housing market Realtors can assist buyers with these complexities and ensure that informed choices are being made by buyers.