Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is increasing 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 to more collaborative spaces; this trend is also apparent in retrofitting existing buildings to facilitate 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 operators like WeWork and Regus, but also because IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been recognized as one of the premier incubators in the world.
Chicago is among the three most productive cities of the US and has a strong presence in food production, plastics and metals. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods throughout the United States or around the world. Furthermore, innovation within this industry is rapidly increasing thus Chicago offers numerous incubators like mHub.
Logistics and transportation remain major economic drivers in Chicago area, particularly in the process of transitioning businesses away from traditional retail and move to online sales. Chicago has a varied shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways, and rail yards, as well as strong intermodal facilities that provide access to the whole US distribution chain.
Chicago remains well positioned for a long-term economic success thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center press release johnson and johnson [pressez.blog.fc2.com] processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional trade by handling containers and bulk items.
Tourism in the Chicago region is also seeing growth and will increase to pre-pandemic levels later this summer due to several major events like NASCAR races, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in circulation as more airlines begin service and the government relaxes travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the housing market is highly unpredictable Realtors can assist buyers with these complexities and ensure that well-informed decisions are made by prospective buyers.
