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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing is booming despite rising construction costs as per the BOMA/Chicago Study; tenants place greater importance on amenities and places to be, which is driving them away from imposing new construction to more collaborative spaces; this trend is also evident in retrofitting existing buildings to enable companies to use them in a variety of ways who are relocating or downsizing to smaller spaces.

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 firms take advantage of Chicago's robust infrastructure and proximity to the talent pool in other sectors. Furthermore, the 1871 incubator has been recognized as one of the most prestigious incubators worldwide.

Chicago is one of the three top manufacturing cities of the US with a high concentration of food and plastics, as well as metals. Manufacturing firms benefit from Chicago's central location that makes their products easy to transport across the country or around the world. Furthermore, technology in this industry is rapidly increasing which is why Chicago has numerous incubators such as the mHub.

Transportation and logistics are key economic drivers for the Chicago area, especially in the process of transitioning businesses away from traditional retail to online sales. Chicago boasts a diverse shipping fleet, including container ports airports, air cargo hubs airports, waterways inland and rail yards. It also has robust intermodal facilities providing access to the entire US distribution chain.

Chicago remains well positioned to continue to be a major economic force due to the recent expansion that has seen the news release chicago police department (start.me) Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce by handling containers and bulk goods.

Tourism in Chicago region is also experiencing growth and will be back to pre-pandemic levels by the end of in the summer, due to a variety of important events, including NASCAR events, Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in flow of passengers as more airlines resume service and the government reduces travel restrictions. However, consumer confidence may suffer because the it is extremely unpredictable in the housing market and real estate professionals are able to help buyers navigate these nuances and make sure informed decisions are being made by buyers.