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Chicago Industry Trends

As Chicago changes in the industry, press release media contact (www.diigo.com) Chicago is welcoming an increase in the 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 Tenants place more importance on amenities and places to be, which is driving them away from trophy new construction to more co-operative areas. This trend is also apparent in retrofitting existing buildings to enable companies to use them in a variety of ways when they reduce their size or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace companies like WeWork and Regus, but also because IT companies benefit from Chicago's robust infrastructure and proximity to other talent pools within different sectors; furthermore, 1871 incubator has been ranked as the best incubators globally.

Chicago is one of the top three manufacturing cities of the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies profit due to the city's central location, which allows them to easily move their goods across the country or around the world. Furthermore, innovation within the industry is rapidly advancing so Chicago offers numerous incubators like mHub.

Logistics and transportation remain major economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet which includes container ports, air cargo hubs, airports, inland waterways, and rail yards, as well as robust intermodal facilities providing access to the whole US distribution chain.

Chicago remains well placed to continue to be a major economic force thanks to the recent expansion of Chicago Mercantile Exchange - a global hub for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional trade by handling both containers and bulk merchandise.

Tourism in Chicago region is also experiencing growth, and should get back to pre-pandemic numbers this summer because of a number of major events such as NASCAR events, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer as housing market is highly unpredictable Real estate agents can assist buyers with these complexities and ensure that informed choices are made by prospective buyers.