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Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater importance on amenities and location-making, thereby transferring them away from imposing new construction to more collaborative spaces. This trend can also be seen by retrofitting existing buildings to allow for flexibility for businesses when they reduce their size or move into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace companies like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as the top incubators globally.
Chicago is one of the top three manufacturing cities in the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing firms benefit from Chicago's central location that makes their products easily transportable across the nation or globe. Additionally, the innovation in this industry is rapidly increasing thus Chicago offers numerous incubators like mHub.
Logistics and transportation remain major economic drivers for the Chicago region, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago boasts a diverse shipping fleet, including container ports and air cargo hubs. airports, waterways inland and rail yards. There are also extensive intermodal facilities that connect to the whole US distribution chain.
Chicago remains well positioned for a long-term economic success with the recent expansion to the Chicago Mercantile Exchange - a international 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 trade by handling containers and bulk items.
Tourism in the Chicago region is also experiencing growth and will return to pre-pandemic levels this summer due to several important events, including NASCAR events, Lollapalooza Festival, Democratic National Convention and press release Microsoft; https://independent.academia.edu/Pressez, the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government relaxes travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the prices for homes are extremely volatile Real estate agents can assist buyers in understanding these complexities and ensure that well-informed decisions are made by buyers.