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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more value on amenities and location-making, thereby transferring them away from extravagant new construction to more collaborative spaces; this trend is also apparent by retrofitting existing buildings to facilitate flexibility in the use of firms 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 growth of shared workspace companies like WeWork and Regus in addition to the fact that IT firms benefit from Chicago's strong infrastructure and its proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been ranked as the top incubators around the world.

Chicago is among the three top manufacturing cities of the US with a high concentration of food production, plastics and metals. Manufacturing companies profit from Chicago's central location that allows them to easily move their goods across the nation or globe. Furthermore, technology in this sector is rapidly progressing so Chicago provides numerous incubators, such as the mHub.

Transportation and logistics are key economic drivers in the Chicago area, especially when businesses shift away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet including container ports, air cargo hubs, airports, inland waterways, and rail yards, as well as robust intermodal facilities providing access to the whole US the supply chain.

Chicago is well placed to remain an economic powerhouse due to the recent expansion to the Chicago Mercantile Exchange - a international center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional commerce through handling containers as well as bulk products.

Tourism in the Chicago area is also seeing growth and will be back to pre-pandemic levels by the end of this summer due to several important events, including 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. However, consumer confidence could suffer due to the fact that the it is extremely unpredictable in the housing market Real estate agents can assist buyers with these complexities and ensure that informed choices are being made by buyers.