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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 in spite of rising costs for construction according to the BOMA/Chicago Study tenants place greater value on amenities and location-making, thereby transferring them away from trophy new construction and towards more collaborative spaces. This trend is also apparent by retrofitting existing buildings to enable flexibility in the use of firms when they reduce their size or move into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus as well as the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to talent pools in other industries. In addition, the 1871 incubator is rated as one of the premier incubators around the world.

Chicago is one of the top three manufacturing cities in the US with a high concentration of food production, plastics and metals. Manufacturing firms benefit from Chicago's central location that allows their products to be easily transported across the globe or across the nation. Furthermore, technology in the manufacturing industry is rapidly growing which is why Chicago offers numerous incubators like mHub.

Transportation and logistics remain key economic drivers in the Chicago region, especially when businesses shift away from traditional retailing and towards online sales. Chicago has a wide shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways and rail yards as well as well-developed intermodal facilities which provide access to the entire US distribution chain.

Chicago remains well placed to continue to be a major economic force due to the recent expansion to 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 bulk and container products.

Tourism in the Chicago region is also experiencing growth, and should get back press release how to (form.jotform.com) pre-pandemic numbers this summer due to several important events, including NASCAR race, Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased circulation as more airlines begin service and the government decreases travel restrictions. Nevertheless, consumer confidence may suffer because the markets for housing are highly volatile and real estate professionals are able to help buyers navigate these nuances and ensure informed decisions are being made by buyers.