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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing is booming despite rising construction costs as per the BOMA/Chicago Study Tenants place more importance on amenities and location-making, thereby transferring them away from trophy new construction to more collaborative areas. This trend is also apparent with retrofitting of existing buildings, allowing for more flexible use by firms who are relocating or downsizing to smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth 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 talent pools in other industries. In addition, the 1871 incubator has been recognized as one of the premier incubators in the world.
Chicago is one of the three top manufacturing cities of the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which makes their products easily transportable across the country or around the world. Additionally, the innovation in this sector is rapidly progressing thus Chicago provides numerous incubators, such as mHub.
Transportation and logistics are key economic drivers for the Chicago area, especially as companies transition away from traditional retail to online sales. Chicago boasts a diverse shipping fleet, including container ports, air cargo hubs, airports, waterways inland and rail yards. There are also extensive intermodal facilities that connect to the whole US logistics chain.
Chicago remains well positioned to remain a leading economic engine with the recent expansion of the Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional commerce through handling bulk and container merchandise.
Tourism in the Chicago region is also seeing expansion, and is expected to increase to pre-pandemic levels later this summer because of a number of major events such as NASCAR races, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government relaxes travel restrictions. Nevertheless, consumer confidence may suffer because the markets for housing are highly volatile Realtors can aid buyers to navigate these complexities and ensure that informed choices are being made by buyers.
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