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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study and tenants place greater importance on amenities and the spacemaking, causing them to move away from extravagant new construction to more co-operative spaces; this trend is also apparent with retrofitting of existing buildings to facilitate flexible use by firms who are relocating or downsizing to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies like WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as one of the most prestigious incubators around the world.

Chicago is among the top three manufacturing cities of the US and has a strong presence in food and plastics, as well as metals. Manufacturing firms benefit due to the city's central location, which allows them to easily move their goods throughout the United States or around the world. Furthermore, Press Release 45Th Gst Council (Pressez.Substack.Com) technology in the industry is rapidly advancing and Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers in the Chicago region, especially as companies transition away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways and rail yards as well as robust intermodal facilities providing access to the entire US logistics chain.

Chicago is well placed to remain a leading economic engine due to the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional commerce by handling containers as well as bulk merchandise.

Tourism in Chicago region is also seeing expansion, and is expected to be back to pre-pandemic levels by the end of this summer as a result of several important events, including NASCAR races, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government decreases travel restrictions. However, consumers' confidence could suffer due to the fact that the markets for housing are highly volatile and real estate professionals are able to aid buyers to navigate these complexities and ensure informed decisions are being made by buyers.