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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real estate development projects. The office leasing market is recovering in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater importance on amenities and places to be, press release icon (pressez.substack.com) which is driving them away from extravagant new construction and towards more collaborative spaces; this trend can also be seen with retrofitting of existing buildings to enable companies to use them in a variety of ways that are looking to reduce or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace companies like WeWork and Regus, but also because IT firms benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors; furthermore, 1871 incubator has ranked amongst one of the premier incubators around the world.

Chicago is one of the top three manufacturing cities in the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which makes their products easy to transport across the globe or across the nation. Furthermore, innovation within the manufacturing industry is rapidly growing so Chicago offers numerous incubators like mHub.

Logistics and transportation remain major economic drivers in the Chicago area, particularly when companies shift away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet, including container ports as well as air cargo hubs, airports, waterways inland and rail yards. There are also extensive intermodal facilities that connect to the whole US logistics chain.

Chicago is well-positioned to remain an economic powerhouse with the recent expansion to the Chicago Mercantile Exchange - a world-class trading center and processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional commerce by handling containers as well as bulk products.

Tourism in Chicago area is also seeing growth, and should be back to pre-pandemic levels by the end of in the summer, due to a variety of important events, including NASCAR race, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service, and the government eases travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the it is extremely unpredictable in the housing market Real estate agents can assist buyers with these complexities and ensure that well-informed decisions are made by buyers.