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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an growing variety of business and real estate development projects. The office leasing market is recovering despite rising construction costs according to the BOMA/Chicago Study; tenants place greater value on amenities and spacemaking, causing them to move away from extravagant new construction and towards more collaborative space; this trend is also apparent in retrofitting existing buildings, allowing for more companies to use them in a variety of ways who are relocating or downsizing into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing sectors 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; furthermore, 1871 incubator has ranked amongst the best incubators around the world.

Chicago is one of the top three manufacturing cities across the US with a high concentration of food, metals and plastics production. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods throughout the United States or around the world. Furthermore, technology in the industry is rapidly advancing so Chicago provides numerous incubators, such as the mHub.

Logistics and transportation are the main economic drivers for the Chicago area, particularly in the process of transitioning businesses away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet, including container ports and air cargo hubs. airports, inland waterways, and rail yards as well as strong intermodal facilities that provide access to the whole US logistics chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansions of Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional commerce, handling containers as well as bulk items.

Tourism in Chicago region is also seeing expansion, and is expected to return to pre-pandemic levels in the summer, due to a variety of major events including NASCAR race, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in circulation as more airlines begin service and the government reduces travel restrictions; however consumer confidence may suffer because the prices for lilly press release (pressez.blog.fc2.com) homes are extremely volatile; real estate professionals can aid buyers to navigate these complexities and ensure that informed choices are made by prospective buyers.