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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing even as construction costs are rising as per the BOMA/Chicago Study; tenants place greater importance on amenities and the places to be, which is driving them away from imposing new construction to more collaborative areas. This trend can also be seen by retrofitting existing buildings to facilitate flexible use by firms who are relocating or downsizing into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace providers like WeWork and Regus in addition to the fact that IT firms benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Furthermore, the 1871 incubator has been ranked as one of the premier incubators in the world.
Chicago is among the three most productive cities in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing firms benefit from Chicago's central location that makes their products easily transportable across the country or around the world. Additionally, the innovation in this sector is rapidly progressing which is why Chicago provides numerous incubators, such as mHub.
Transportation and logistics are key economic drivers in Chicago area, especially as companies transition away from traditional retailing towards online sales. Chicago has a wide shipping fleet that includes container ports, air cargo hubs, airports, inland waterways, and rail yards. There are also well-developed intermodal facilities which provide access to the whole US distribution chain.
Chicago remains well positioned for a long-term economic success thanks to the recent expansion of 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 trade by handling bulk and 99 cents only press release (https://independent.academia.edu/Pressez) container goods.
Tourism in Chicago region is also experiencing growth and will be back to pre-pandemic levels by the end of this summer as a result of several important events, including NASCAR events, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service and the government relaxes travel restrictions; however consumer confidence may suffer because the housing market is highly unpredictable Real estate agents can aid buyers to navigate these complexities and make sure informed decisions are made by prospective buyers.