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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. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and spacemaking, causing them to move away from trophy new construction to more collaborative spaces. This trend is also apparent in retrofitting existing buildings to allow for companies to use them in a variety of ways as they downsize or relocate into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace providers like WeWork and Regus, but also because IT firms take advantage of Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Additionally, 1871 incubator has ranked amongst the best incubators worldwide.

Chicago is among the three most productive cities across the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport across the globe or across the nation. In addition, innovation in the industry is rapidly advancing thus Chicago offers numerous incubators like mHub.

Transportation and logistics are key economic drivers in the Chicago area, especially when businesses shift away from traditional retailing and towards online sales. Chicago boasts a diverse 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 logistics chain.

Chicago is well-positioned to continue to be a major economic force due to the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional commerce, handling containers as well as bulk products.

Tourism in Chicago region is also experiencing growth and will return to pre-pandemic levels this summer due to several major qualcomm press release (pressez.substack.com) events such as NASCAR races, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government relaxes travel restrictions. Nevertheless, consumer confidence could suffer as housing market is highly unpredictable and real estate professionals are able to assist buyers in understanding these complexities and ensure informed decisions are made by buyers.