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Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is increasing even as construction costs are rising according to the BOMA/Chicago Study tenants place greater value on amenities and press release governor (www.speedrun.com) places to be, which is driving them away from extravagant new construction and towards more collaborative spaces; this trend is also evident through retrofitting of existing buildings to allow for companies to use them in a variety of ways when they reduce their size or move into smaller spaces.

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 as well as the fact that IT firms profit from Chicago's robust infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator is rated as the best incubators worldwide.

Chicago is one of the top three manufacturing cities of the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which makes their products easy to transport across the globe or across the nation. Additionally, the innovation in the industry is rapidly advancing and Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers in the Chicago region, especially when businesses shift away from traditional retail to online sales. Chicago has a wide shipping fleet that includes container ports as well as air cargo hubs, airports, waterways inland and rail yards. There are also strong intermodal facilities that provide access to the entire US the supply chain.

Chicago remains well placed to continue to be a major economic force due to the recent expansions that has seen the Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port plays a vital role in the flow of regional commerce through handling containers as well as bulk products.

Tourism in Chicago area is also seeing expansion, and is expected to return to pre-pandemic levels this summer because of a number of major events like NASCAR races, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government reduces travel restrictions. However, consumer confidence could suffer as it is extremely unpredictable in the housing market and real estate professionals are able to assist buyers with these complexities and make sure informed decisions are made by buyers.