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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. Office leasing activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more value on amenities and places to be, which is driving them away from imposing new constructions to more collaborative space; this trend can also be seen in retrofitting 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 industries in Chicago due to the proliferation of shared workspace companies such as WeWork and Illinois Local News (Https://Independent.Academia.Edu/) Regus, but also because IT companies benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different industries. In addition, the 1871 incubator is rated as one of the most prestigious incubators worldwide.

Chicago is one of the three top manufacturing cities across the US, boasting concentrations in food and plastics, as well as 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 manufacturing industry is rapidly growing thus Chicago provides numerous incubators, such as the mHub.

Logistics and transportation remain major economic drivers in Chicago area, particularly when companies shift away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet including container ports and air cargo hubs. airports, inland waterways and rail yards as well as robust intermodal facilities providing access to the entire US supply chain.

Chicago remains well placed to continue to be a major economic force with the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional commerce, handling containers as well as bulk products.

Tourism in Chicago region is also seeing expansion, and is expected to return to pre-pandemic levels 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 could see a boost in flow of passengers as more airlines resume service and the government relaxes travel restrictions. Nevertheless, consumer trust could be affected as the markets for housing are highly volatile; real estate professionals can aid buyers to navigate these complexities and ensure informed decisions are being made by buyers.