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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing is booming regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and the places to be, which is driving them away from extravagant new construction to more co-operative space; this trend can be observed through retrofitting of existing buildings to allow for flexible use by firms that are looking to reduce or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace operators like WeWork and Regus as well as the fact that IT firms profit from Chicago's robust infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator has ranked amongst the best incubators around the world.

Chicago is one of the three most productive cities of the US with a high concentration of food production, plastics and metals. Manufacturing companies benefit due to the city's central location, which makes their products easily transportable across the nation or globe. Furthermore, technology in the manufacturing industry is rapidly growing thus Chicago has many incubators like the mHub.

Transportation and Press Release; https://independent.academia.edu/, logistics are key economic drivers in the Chicago area, particularly when businesses shift away from traditional retailing and towards online sales. Chicago has a wide shipping fleet including container ports as well as air cargo hubs, airports, inland waterways and rail yards as well as strong intermodal facilities that provide access to the entire US logistics chain.

Chicago remains well placed for a long-term economic success thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce, handling both containers and bulk products.

Tourism in the Chicago area is also seeing growth, and should return to pre-pandemic levels this summer due to several major events like NASCAR events, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government relaxes travel restrictions; however consumer confidence could suffer due to the fact that the markets for housing are highly volatile Realtors can help buyers navigate these nuances and make sure informed decisions are being taken by buyers.