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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and Ohio Lottery Press Release (Pressez.Substack.Com) real development projects. Office leasing activity is rebounding despite rising construction costs as per the BOMA/Chicago Study Tenants place more value on amenities and location-making, thereby transferring them away from trophy new constructions to more collaborative spaces; this trend is also evident with retrofitting of existing buildings to facilitate companies to use them in a variety of ways as they downsize or relocate into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace companies like WeWork and Regus as well as the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools in different sectors. Furthermore, the 1871 incubator is rated as the top incubators worldwide.

Chicago is one of the three top manufacturing cities of the US with a high concentration of food manufacturing, plastics and metals. Manufacturing firms benefit from the centrality of Chicago, which allows them to easily move their goods across the nation or globe. In addition, innovation in this industry is rapidly increasing thus Chicago offers numerous incubators like mHub.

Logistics and transportation are the main economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, waterways inland and rail yards. There are also strong intermodal facilities that provide access to the whole US the supply chain.

Chicago is well placed to continue to be a major economic force due to the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional trade by handling containers and bulk items.

Tourism in Chicago region is also experiencing growth and will increase to pre-pandemic levels later this summer due to several major events including NASCAR races Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service, and the government eases travel restrictions; however consumer trust could be affected as the markets for housing are highly volatile; real estate professionals can assist buyers in understanding these complexities and ensure that informed choices are made by buyers.