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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering in spite of rising costs for construction as per the BOMA/Chicago Study Tenants place more value on amenities and places to be, which is driving them away from trophy new construction to more co-operative spaces; this trend can also be seen with retrofitting of existing buildings to facilitate companies to use them in a variety of ways as they downsize press release or news release, speedrun.com, 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 and also due to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors. Additionally, 1871 incubator has been ranked as one of the premier incubators worldwide.

Chicago is among the three top manufacturing cities of the US, boasting concentrations in food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location which allows their products to be easily transported across the globe or across the nation. In addition, innovation in the manufacturing industry is rapidly growing thus Chicago has numerous incubators such as mHub.

Logistics and transportation remain major economic drivers in Chicago area, especially when companies shift away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet, including container ports, air cargo hubs, airports, waterways inland and rail yards. It also has strong intermodal facilities that provide access to the entire US the supply chain.

Chicago remains well positioned to continue to be a major economic force due to the recent expansions that has seen the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional trade by handling bulk and container items.

Tourism in the Chicago region is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer because of a number of important events, including NASCAR races Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer confidence could suffer as prices for homes are extremely volatile and real estate professionals are able to help buyers navigate these nuances and make sure informed decisions are made by buyers.