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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is increasing regardless of the rising cost of construction, according to the BOMA/Chicago Study and tenants place greater importance on amenities and the placemaking, leading them away from extravagant new construction to more collaborative space; this trend is also apparent by retrofitting existing buildings to allow for flexibility for businesses as they downsize or relocate into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms profit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been recognized as the best incubators in the world.
Chicago is one of the three most productive cities of the US and has a strong presence in food, metals and plastics production. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods throughout the United States or around the world. Additionally, the innovation in the manufacturing industry is rapidly growing which is why Chicago has numerous incubators such as the mHub.
Logistics and transportation remain major economic drivers for the Chicago area, particularly when companies shift away from traditional retail and move to online sales. Chicago has a varied shipping fleet which includes container ports as well as air cargo hubs, airports, inland waterways and rail yards as well as robust intermodal facilities providing access to the whole US logistics chain.
Chicago is well-positioned to remain a leading economic engine with the recent expansion of Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers each day. Its port provides another important part of regional commerce, handling bulk and container products.
Tourism in Chicago area is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer as a result of several major events such as NASCAR events, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government decreases travel restrictions; however consumer confidence may suffer because the prices for homes are extremely volatile and real estate professionals are able to aid buyers to navigate these complexities and ensure that informed choices are made by prospective buyers.
