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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing is booming even as construction costs are rising according to the BOMA/Chicago Study Tenants place more importance on amenities and the placemaking, leading them away from lavish new construction to more collaborative areas. This trend can also be seen with retrofitting of existing buildings, allowing press release for product launch; pressez.substack.com, 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 industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus as well as the fact that IT firms profit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Furthermore, the 1871 incubator has been recognized as the top incubators worldwide.

Chicago is among the three top manufacturing cities in the US and has a strong presence in food production, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which allows them to easily move their goods throughout the United States or around the world. In addition, innovation in this sector is rapidly progressing so Chicago provides numerous incubators, such as the mHub.

Logistics and transportation are the main economic drivers in Chicago area, particularly in the process of transitioning businesses away from traditional retail to online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways, and rail yards as well as well-developed intermodal facilities which provide access to the entire US the supply chain.

Chicago remains well positioned to remain a leading economic engine due to the recent expansions that has seen the Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce by handling both containers and bulk items.

Tourism in Chicago region is also experiencing an increase, and it is expected to get back to pre-pandemic numbers in the summer, due to a variety of major events including NASCAR races, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government relaxes travel restrictions. However, consumer confidence could suffer as housing market is highly unpredictable; real estate professionals can assist buyers with these complexities and make sure informed decisions are made by prospective buyers.