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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. The office leasing market is recovering regardless of the rising cost of construction, according to the BOMA/Chicago Study and tenants place greater importance on amenities and the places to be, which is driving them away from trophy new construction to more collaborative spaces; this trend is also evident through retrofitting of existing buildings to facilitate flexible use by firms as they downsize or relocate into smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the proliferation of shared workspace providers like WeWork and Regus in addition to the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors. Additionally, 1871 incubator has ranked amongst the top incubators worldwide.
Chicago is one of the top three manufacturing cities across the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport across the nation or globe. Furthermore, technology in the industry is rapidly advancing and Chicago has many incubators like the mHub.
Logistics and transportation remain major economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet which includes container ports and air cargo hubs. airports, inland waterways and rail yards, as well as well-developed intermodal facilities which provide access to the entire US supply chain.
Chicago is well-positioned for a long-term economic success due to the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional trade by handling both containers and bulk items.
Tourism in Chicago region is also experiencing growth and will increase to pre-pandemic levels later this summer due to several important events, including NASCAR races Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government reduces travel restrictions; however consumer confidence may suffer because the housing market is highly unpredictable Realtors can assist buyers with these complexities and make sure informed decisions are made by buyers.
