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Chicago Industry Trends

As Chicago shifts in its industry, lufthansa press release (independent.academia.edu) Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is increasing even as construction costs are rising as per the BOMA/Chicago Study; tenants place greater importance on amenities and the places to be, which is driving them away from extravagant new construction to more collaborative space; this trend can also be seen with retrofitting of existing buildings to facilitate flexibility in the use of firms that are looking to reduce or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of 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 talent pools in other industries. In addition, the 1871 incubator is rated as the top incubators worldwide.

Chicago is among the top three manufacturing cities of the US, boasting concentrations in food, metals and plastics production. Manufacturing companies benefit from Chicago's central location that allows their products to be easily transported across the nation or globe. Additionally, the innovation in the manufacturing industry is rapidly growing so Chicago offers numerous incubators like the mHub.

Logistics and transportation remain major economic drivers in the Chicago region, especially when companies shift away from traditional retail to online sales. Chicago has a wide shipping fleet including container ports, air cargo hubs, airports, inland waterways and rail yards. It also has strong intermodal facilities that provide access to the whole US the supply chain.

Chicago remains well positioned to remain a leading economic engine due to the recent expansions of Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce through handling containers as well as bulk goods.

Tourism in the Chicago area is also seeing expansion, and is expected to increase to pre-pandemic levels later this summer as a result of several major events like NASCAR races, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government relaxes travel restrictions. Nevertheless, consumer trust could be affected as the markets for housing are highly volatile Real estate agents can assist buyers in understanding these complexities and make sure informed decisions are being made by buyers.