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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study Tenants place more importance on amenities and places to be, which is driving them away from imposing new construction and towards more collaborative space; this trend can be observed through retrofitting of existing buildings to enable flexibility for businesses 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 growth of shared workspace companies such as WeWork and Regus in addition to the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors; furthermore, 1871 incubator has been recognized as one of the most prestigious incubators in the world.

Chicago is among the three top manufacturing cities in the US, boasting concentrations in food, metals and plastics production. Manufacturing firms benefit from Chicago's central location that makes their products easily transportable across the nation or globe. Furthermore, technology in this sector is rapidly progressing so Chicago offers numerous incubators like mHub.

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

Chicago remains well positioned to remain an economic powerhouse thanks to the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional commerce by handling bulk and container products.

Tourism in Chicago region is also experiencing growth, and should get back to pre-pandemic numbers this summer due to several important events, including NASCAR events, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government relaxes travel restrictions. However, consumers' confidence could suffer as housing market is highly unpredictable Real estate agents can help buyers navigate these nuances and ensure that well-informed decisions are made by buyers.