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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is increasing in spite of rising costs for construction as per the BOMA/Chicago Study; tenants place greater value on amenities and places to be, which is driving them away from imposing new constructions to more collaborative areas. This trend can also be seen by retrofitting existing buildings to enable flexible use by firms 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 growth of shared workspace operators like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Furthermore, the 1871 incubator is rated as the top incubators around the world.

Chicago is one of the three top manufacturing cities of the US, boasting concentrations in food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which makes their products easy to transport throughout the United States or around the world color press effingham illinois (pressez.substack.com). Furthermore, technology in the manufacturing industry is rapidly growing which is why Chicago offers numerous incubators like the mHub.

Transportation and logistics remain key economic drivers for the Chicago area, especially as companies transition away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet that includes container ports and air cargo hubs. airports, waterways inland and rail yards. It also has strong intermodal facilities that provide access to the whole US logistics chain.

Chicago is well placed to continue to be a major economic force thanks to the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional commerce through handling containers as well as bulk products.

Tourism in the Chicago region is also seeing growth and will increase to pre-pandemic levels later this summer because of a number of major events like NASCAR races, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in flow of passengers as more airlines resume service and the government relaxes travel restrictions. However, consumer confidence could suffer as it is extremely unpredictable in the housing market Realtors can help buyers navigate these nuances and ensure that informed choices are being taken by buyers.