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Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is increasing despite rising construction costs as per the BOMA/Chicago Study; tenants place greater value on amenities and placemaking, leading them away from lavish new construction to more co-operative spaces. This trend can be observed in retrofitting existing buildings to allow for flexibility for businesses when they reduce their size or move to smaller areas.

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, but also because IT firms benefit from Chicago's strong infrastructure and its proximity to the talent pool in other sectors. Furthermore, the 1871 incubator has been recognized as the best incubators worldwide.

Chicago is among the three most productive cities across the US with a high concentration of food production, plastics and 997 turbo press release - pressez.substack.com - metals. Manufacturing companies profit from Chicago's central location that allows their products to be easily transported throughout the United States or around the world. Furthermore, technology in this industry is rapidly increasing which is why Chicago offers numerous incubators like the mHub.

Transportation and logistics remain key economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways, and rail yards. There are also extensive intermodal facilities that connect to the whole US supply chain.

Chicago remains well positioned to remain an economic powerhouse due to the recent expansion to the Chicago Mercantile Exchange - a global hub 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, handling bulk and container products.

Tourism in Chicago area is also seeing growth and will return to pre-pandemic levels this summer as a result of several major events such as NASCAR races, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government reduces travel restrictions. However, consumer confidence may suffer because the markets for housing are highly volatile and real estate professionals are able to assist buyers in understanding these complexities and ensure informed decisions are made by prospective buyers.