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Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is increasing even as construction costs are rising as per the BOMA/Chicago Study and tenants place greater importance on amenities and location-making, thereby transferring them away from trophy new construction to more co-operative spaces. This trend can also be seen with retrofitting of existing buildings, allowing for irs press release (independent.academia.edu) more companies to use them in a variety of ways as they downsize or relocate to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace operators like WeWork and Regus as well as 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 has been ranked as one of the premier incubators worldwide.

Chicago is among the top three manufacturing cities across the US with a high concentration of food and plastics, as well as metals. Manufacturing firms benefit due to the city's central location, which allows their products to be easily transported throughout the United States or around the world. Furthermore, innovation within the manufacturing industry is rapidly growing so Chicago offers numerous incubators like the mHub.

Logistics and transportation remain major economic drivers in the Chicago area, especially as companies transition away from traditional retailing towards online sales. Chicago has a varied shipping fleet that includes container ports, air cargo hubs, airports, waterways inland and rail yards, as well as well-developed intermodal facilities which provide access to the whole US the supply chain.

Chicago remains well positioned to continue to be a major economic force with the recent expansion of Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional commerce, handling containers and bulk items.

Tourism in the Chicago region is also experiencing growth and will get back to pre-pandemic numbers this summer because of a number of important events, including NASCAR races, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government relaxes travel restrictions. However, consumers' trust could be affected as the prices for homes are extremely volatile and real estate professionals are able to aid buyers to navigate these complexities and ensure informed decisions are made by prospective buyers.