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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering regardless of the rising cost of construction, according to the BOMA/Chicago Study and tenants place greater importance on amenities and the location-making, thereby transferring them away from lavish new construction to more collaborative space; this trend can be observed with retrofitting of existing buildings, allowing for more flexibility for businesses that are looking to reduce or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace companies like WeWork and Regus, but also because IT companies benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Additionally, 1871 incubator has been ranked as the top incubators in the world.

Chicago is one of the three most productive cities in the US, boasting concentrations in food production, plastics and metals. Manufacturing companies profit from Chicago's central location that 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 many incubators like the mHub.

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

Chicago is well-positioned to continue to be a major economic force thanks to the recent expansion of Chicago Mercantile Exchange - a global center for Illinois Press (related web-site) trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce through handling bulk and container merchandise.

Tourism in Chicago area is also seeing growth and will get back to pre-pandemic numbers this summer because of a number of major events such as NASCAR races, Lollapalooza Festival, 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 eases travel restrictions. However, consumer trust could be affected as the it is extremely unpredictable in the housing market and real estate professionals are able to assist buyers with these complexities and ensure informed decisions are made by prospective buyers.