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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing in spite of rising costs for construction according to the BOMA/Chicago Study tenants place greater value on amenities and spacemaking, causing them to move away from imposing new construction to more collaborative spaces; this trend is also evident by retrofitting existing buildings to facilitate companies to use them in a variety of ways who are relocating or downsizing into smaller space.

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, 1871 incubator has been ranked as one of the premier incubators globally.

Chicago is among the three most productive cities across the US, boasting concentrations in food and plastics, as well as metals. Manufacturing companies profit due to the city's central location, which allows their products to be easily transported across the globe or across the nation. Furthermore, technology in this industry is rapidly increasing thus Chicago has numerous incubators such as the mHub.

Logistics and transportation are the main economic drivers in Chicago area, Earnings release 8-k (https://pressez.substack.com/) particularly as companies transition away from traditional retail to online sales. Chicago has a wide shipping fleet including container ports as well as air cargo hubs, airports, inland waterways, and rail yards. It also has extensive intermodal facilities that connect to the entire US logistics chain.

Chicago is well-positioned to remain a leading economic engine due to the recent expansion that has seen the Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional trade by handling both containers and bulk goods.

Tourism in Chicago region is also experiencing expansion, and is expected to increase to pre-pandemic levels later this summer as a result of several important events, including NASCAR race, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in traffic as more airlines resume service and the government relaxes travel restrictions. However, consumer confidence could suffer due to the fact that the markets for housing are highly volatile Realtors can assist buyers in understanding these complexities and ensure that informed choices are being made by buyers.