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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study and tenants place greater value on amenities and spacemaking, causing them to move away from extravagant new construction to more collaborative space; this trend is also apparent through retrofitting of existing buildings to facilitate flexibility for businesses who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator has been ranked as one of the premier incubators around the world.

Chicago is one of the three most productive city in the US and has a strong presence in food, metals and hsbc press release (speedrun.com) plastics production. Manufacturing firms benefit 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 so Chicago offers numerous incubators like the mHub.

Transportation and logistics remain key economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet which includes container ports as well as air cargo hubs, airports, waterways inland and rail yards as well as robust intermodal facilities providing access to the whole US distribution chain.

Chicago is well-positioned for a long-term economic success due to the recent expansions of 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 is a key component of regional commerce by handling bulk and container goods.

Tourism in the Chicago area is also seeing growth and will get back to pre-pandemic numbers this summer due to several important events, including NASCAR races Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service, and the government eases travel restrictions. However, consumers' confidence may suffer because the housing market is highly unpredictable; real estate professionals can help buyers navigate these nuances and ensure that informed choices are made by buyers.