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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 rebounding despite rising construction costs according to the BOMA/Chicago Study Tenants place more value on amenities and places to be, which is driving them away from lavish new construction to more collaborative spaces. This trend can also be seen through retrofitting of existing buildings to allow for flexibility for businesses that are looking to reduce or move into smaller spaces.

IT (Information Technology) has quickly become one university of illinois press desk copy [independent.academia.edu] the fastest-growing industries in Chicago due to the proliferation of shared workspace operators like WeWork and Regus as well as the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator has been recognized as the best incubators around the world.

Chicago is one of the three most productive cities in the US that has high concentrations of food production, plastics and metals. Manufacturing firms benefit from Chicago's central location which allows them to easily move their goods across the country or around the world. Additionally, the innovation in the industry is rapidly advancing thus Chicago has numerous incubators such as mHub.

Logistics and transportation remain major economic drivers in the Chicago area, especially when businesses shift away from traditional retailing towards online sales. Chicago has a varied shipping fleet that includes container ports, air cargo hubs, airports, inland waterways, and rail yards. There are also strong intermodal facilities that provide access to the whole US supply chain.

Chicago remains well placed to remain a leading economic engine due to the recent expansions of Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional trade by handling both containers and bulk items.

Tourism in the Chicago region is also seeing growth and will return to pre-pandemic levels this summer due to several important events, including NASCAR races, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased circulation as more airlines begin service and the government reduces travel restrictions; however consumer trust could be affected as the prices for homes are extremely volatile and real estate professionals are able to assist buyers with these complexities and ensure informed decisions are made by prospective buyers.